- Milestone ages can help clients remember important dates for Wealth + Health.
- Take age into consideration when having conversations about retirement and healthy habits.
- Let clients know important recommendations for health screenings at certain ages.
- Help clients understand how age affects their retirement strategy when it comes to social security and other factors.
"Age is just a number” is a nice sentiment. Regardless of how young or old you are, you can accomplish anything if you set your mind to it. If you want to become the youngest CEO in the history of your company, go for it! If you want to start training for your first marathon well after you are eligible for senior discounts at the movies, that’s amazing! However, sometimes we should take these phrases with a grain of salt.
When it comes to planning for Wealth + Health, age is absolutely more than just a number. It is routinely recommended that everyone start getting their cholesterol checked as early as 35. Many physicians say women should start getting regular mammograms as early as 40. The American Cancer Society has recommended that men with above average risk for prostate cancer get screened as early as 40. Other examples of when a number is more than just a number were brilliantly profiled in a campaign put forth by the American Heart Association called Know Your Numbers.
Much like in health, age matters a great deal when it comes to wealth and helping your clients prepare for their financial futures. There are certain ages that represent turning points. For example, most retirement plan options have a catch-up provision at age 50 that allows for increased contributions above normal limits. These benchmark ages are also important when it comes to collecting Social Security and contributing to Health Savings Accounts. They are often determinants for what clients and financial professionals decide to do (or not to do in some cases).
Other key birthdays are identified in the Transamerica Advanced Markets flyer The Milestones of Retirement. As always, we are here to help. If you would like to have a conversation about these topics or others that might be important to your clients, please reach out to your Transamerica wholesaler so that we can get the ball rolling.
Things to Consider:
- Know your clients’ age and factor that into their retirement strategy.
- Have conversations about important ages for health care screenings as preventive medicine.
- Review “Milestones of Retirement” with your clients so they understand how age impacts wealth management.
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Neither Transamerica nor its agents or representatives may provide tax or legal advice. Anyone to whom this material is promoted, marketed, or recommended should consult with and rely on their own independent tax and legal advisors regarding their particular situation and the concepts presented herein.
Transamerica Resources, Inc. is an Aegon company and is affiliated with various companies which include, but are not limited to, insurance companies and broker dealers. Transamerica Resources, Inc. does not offer insurance products or securities. The information provided is for educational purposes only and should not be construed as insurance, securities, ERISA, tax, legal or financial advice or guidance. Please consult your personal independent advisors for answers to your specific questions.