Last updated: August 06 2008

The Strategist & The Sweetspot: The emerging need for retirement income planning requires an underst

Would it surprise you to know that Canada has the largest baby boom generation in the world and that people of this generation are either already in retirement or are galloping towards it over the next 10 years? Nearly 1 in 3 Canadians is now a baby boomer (age 41 ñ 60) and 1 in every 7 is now a senior. This demographic offers you huge opportunities in your practice ñ to retain current clients and attract new ones. Prepare now to meet the boomer's retirement needs!

The most recent Canadian Census tells us that:

  • The growth of the elderly population will accelerate in 2011 when the first of the baby boomers reach 65.
  • Seniors will outnumber children within 10 years.
  • The life expectancy of Canadians is now 82.5 years for women and 77.7 years for men, resulting in more reaching age 65 and living longer after.
  • The average age of Canada's seniors is also rising. The proportion of the very elderly (age 80 and above) increased by 25% between 2001 and 2006 and has surpassed the 1 million mark.

What is the definition of retirement today? According to Statistics Canada, retirement used to refer to someone who is:

  • aged 55 and older
  • is not in the labour force
  • receives at least 50% of their income from retirement-like sources

This definition is no longer relevant. Retirement for boomers can really be best described as "transitional" as many  start to think about career and lifestyle changes. Some may begin to transition by cutting back on the number of days they work, others may leave one career to pursue another, start a small business or do volunteer work.

As boomers move into retirement, they are looking for several things ñ tax efficient retirement income planning, solutions on how to transition to financial independence and one trusted advisor to work with an interadvisory team to deliver a fully integrated plan.

Resources for Distinguished Advisors in Retirement Income Planning for Boomers: Position yourself as that trusted advisor by ensuring you have the knowledge and the tools for engagement and the sophisticated processes you will need to take your practice into the future. The Knowledge Bureau can help. Enroll in the Retirement Income Specialist program leading to the Master Financial Advisor designation. This program is available by self study for individuals or study groups.

Join us at the Distinguished Advisor Conference November 2 ñ 5 where you will explore the leading practice management issues with leaders and colleagues and think strategically about your business. The Theme? Transitioning: The Path to Reciprocity ... the two triggers to help you capture the trust of retiring boomers. Register today!