In a separate survey, T. Rowe Price found that the retirement savings gap in the U.S. is close to $4 trillion.
Emily Balcetis, associate professor of psychology at New York University, suggests in her book "Clearer, Closer, Better" that there are certain perceptual habits and practices that, when adopted, can effectively help individuals reach their goals.
According to T. Rowe Price, 78% of American workers rely on their workplace for guidance on how to reach their lifetime financial goals
Consider these figures: According to the U.S. Census Bureau, there are over 90,000 centenarians in the U.S. today; by 2060, this demographic is expected to reach about 600,000, a growth rate of roughly 570%.
Also ask to what extent your clients want to support loved ones or charitable causes. Clarity on these issues can help you personalize retirement strategies for your clients.
Another strategy that Balcetis recommends in her book is to "widen the bracket" for any goal in view. It's easy for clients to get distracted by short-term events, such as a double-digit drawdown in the market.
– Help clients visualize retirement plans and progress. – Focus on big-picture goals for retirement. – Personalize retirement conversations. – Have clients "meet" the retiree version of themselves. – Plan for setbacks in retirement saving.