Program Encourages New Way to View Retirement and Enable Successful Planning
RICHMOND, Va., Sept 22, 2010 /PRNewswire via COMTEX/ -- Genworth Financial is expanding its national 'Let's Talk' campaign, which was launched in 2009 to motivate productive conversations about long term care, to include strategies that also help families discuss their realistic income needs in retirement. 'Let's Talk Retirement Income' offers families a different approach to starting the conversation about retirement income planning, by first helping them define their "aging style," and then set realistic goals to fund this lifestyle. The earlier families engage in these conversations, the greater confidence they can have that the retirement they envision can become a reality.
Genworth believes that pre-retirees who define their "aging style," which includes identifying the activities they'd like to pursue after they stop working, have a greater chance of achieving retirement readiness than those who simply focus on reaching a retirement savings number as the central planning goal. This approach to preparing for retirement, especially for couples, is helpful in creating a retirement income plan that is more closely aligned with the true costs associated with funding their unique lifestyle.
"'Let's Talk Retirement Income' encourages families to agree upon a shared vision for what life will be like after they stop working," said Colleen Goldhammer, senior vice president, financial services distribution, at Genworth. "Retirement planning shouldn't solely focus on hitting a number for accumulated wealth. It should also be a result of thoughtful conversations about the day-to-day life we want to live when work is no longer the primary focus," she added.
Couples often don't realize until they're near or actually in retirement that their savings may not generate sufficient income to support the life they expected. They are also often surprised to learn that their spouse has vastly different views on what their retirement picture might look like. In fact, according to a Genworth survey, 6 percent of Americans believe retirement will be a period of winding down, while 57 percent view it as an opportunity for a new exciting chapter in life.(1)
This disparity often presents challenges when planning how much can be withdrawn from retirement savings without running out of money.
Before speaking to an advisor, 'Let's Talk Retirement Income' encourages pre-retirees to first consider some common aging styles that can result in vastly different planning outcomes:
- World Traveler or Backyard Gardener?
- Part Time Worker/ New Business Owner or Volunteer?
- Second Home Buyer or Downsizer?
Creating a plan that provides guaranteed income for life can help families mitigate two of the biggest risks to their retirement income - longevity and an unexpected health event requiring long term care. 'Let's Talk Retirement Income' is designed to provide a framework to help consumers start their own holistic "living in retirement" conversations with family members, and their advisor.
The 'Let's Talk Retirement Income' interactive website (www.genworth.com/lets-talk) features downloadable retirement income information, Let's Talk Magazine, as well as guidance from experts, and helpful advice from those who have already been down the retirement planning path. It also offers tips and insights for couples to help them create their personal aging style, and how they can replace the psychological rewards associated with working.
In preparation for meeting with an advisor, Genworth offers helpful interactive worksheets, including, Match Your Dreams to Dollars which can calculate the potential gaps in retirement income, and Ten Things To Consider With Your Financial Professional in 2010, which was designed to create a framework for that discussion.
Suggested questions include:
- How should I consider paying for essential expenses in retirement?
- How should I consider paying for "nice-to-have" expenses in retirement?
- How will I plan for an unexpected health care and/or long-term care need?
"When couples agree to a shared vision for retirement, they can better engage their financial advisor to help them get there," said Goldhammer.
About 'Let's Talk'
'Let's Talk Retirement Income' is an extension of Genworth's national 'Let's Talk' campaign, which was launched in 2009 to provide families with the resources, education and motivation to have productive conversations about their long term care plans. The campaign's Web site, http://www.caringtalk.com/, offers tips and advice on how to break the ice with family members, guidance from experts, helpful 'Do's and Don'ts,' and advice from people who have taken the important first step of discussing long term care with their own families.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 global financial security company. Genworth employs approximately 6,000 people with a presence in more than 25 countries. Its products and services help meet the investment, protection, retirement and lifestyle needs of more than 15 million customers. Genworth operates through three segments: Retirement and Protection, U.S. Mortgage Insurance and International. Its products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth Financial, which traces its roots back to 1871, became a public company in 2004 and is headquartered in Richmond, Virginia. For more information, visit Genworth.com. From time to time Genworth releases important information via postings on its corporate website. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information is found under the "Investors" section of Genworth.com.
(1) America Talks: Protecting Our Families' Financial Futures, an online survey of 2,939 U.S. consumers, conducted between January 12 -15, 2010, by Age Wave/Harris Interactive, and sponsored by the Genworth Financial companies.
SOURCE: Genworth Financial