Known for research on the 40-plus population, the MetLife Mature Market Institute is the insurance company's center on aging and longevity. Director Sandra Timmermann spoke with contributor Michelle Lodge about its latest study on grandparents and how advisors can best serve these early baby boomers as they plan their retirement.
1. What is a common mistake that advisors make in dealing with the generational transfer of assets? Some clients may choose to help their children and grandchildren now, rather than leave them an inheritance. That's one conversation that financial advisors need to have with clients and may not. They also need to make sure that what the client does for his or her children and grandchildren financially is tempered with setting up funds for a client's future. A client could be laid off unexpectedly at 62, live to age 100 or end up with a number of chronic health conditions. The advisor must strive to make sure that the client has enough money to have a secure retirement and take care of healthcare needs, so that it doesn't come back and bite the family later. If the client gives away too much early on to family members, those relatives could in turn have to support the overly generous client.
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