What is your retirement identity?
By National Underwriter
By Michael K. Stanley
Individuals have varying ideas of type of retirement they want to have. While some will spend their years picking up grandchildren from school and playing golf at the local course, others may elect a more itinerant lifestyle, reaching every section of the globe they ever dreamed of.
Planning for either of these two extremes and everything in between requires a careful and honest analysis between clients and their financial advisor.
Keeping all this in mind, The Guardian Life Insurance Company of America (Guardian) has launched their Retirement Style Matters website in order to coincide with National Retirement Planning Week, which started on April 8.
Retirement Style Matters functions as a tool used to gauge incoming retirees’ needs while simultaneously incorporating them into the retirement planning process with the advisor.
It has been oft-reported that American workers are seriously underprepared for retirement. While the economic crisis is surely a contributing factor due to the fact that many people had their defined contribution and individual retirement accounts decimated when the market crashed, there is evidence that before 2008, people were significantly underprepared for retirement.
The Retirement Style Matters site contains a feature called, “What’s My Retirement Style,” an assessment that is used to assist individuals and their financial advisors to get a stronger grasp of the financial behaviors that accompany an individuals’ personality.
Dr. Daniel Crosby, a behavioral finance expert, has identified four distinct retirement styles based on personalities that give incoming retirees and their advisors an idea of how they should invest.
Finding out which of the four types an individual falls into, the Connector; the Analyst; the Seeker or the Adventurer can help an advisor take a focused approach to retirement planning.
In addition to the helping you find your retirement identity, the Retirement Style Matter website also includes financial literacy tools.
Originally published on LifeHealthPro.com