Client-Advisor Priorities Don’t Always Match in Retirement

Baby Boomers Rank Health Care as their No. 1 Concern in Retirement; Advisors Say Longevity

Online PR News – 09-April-2010 – – OMAHA, Neb., – Baby Boomers and their financial advisors could be getting their wires crossed when it comes to planning for risks in retirement, according to LIMRA’s Retirement Income Reference Book.

The study showed that Baby Boomers view Health Care Risk as their No. 1 concern as they enter retirement. Their advisors, on the other hand, rank Longevity Risk as the No. 1 concern they address with their clients. With health care costs rising faster than inflation, company retiree benefits disappearing and life spans increasing, health care has become a major cost for retirees.

Joe Elsasser, CFP®, a Financial Advisor in Omaha, Neb., was interviewed on this subject in the Journal of Financial Planning’s March 2010 issue, where he expressed his concern that advisors have been slow to catch up to this new reality facing their clients.

“The data suggests that many advisors still do not consider health care to be a financial issue for their clients,” said Elsasser, whose financial planning practice focuses on helping people plan for Retirement Outcomes. “Most advisors are looking at financial planning and health care costs in a vacuum, when in reality the two are inextricably linked.”

Elsasser’s claim is supported by another report, the 2009 First Command Financial Behaviors Index™. It showed that, despite the fact that 72 percent of Americans are at least somewhat concerned about their ability to pay for health care costs in retirement, less than one-third of respondents had included health care costs as part of their retirement planning.

That is troubling, Elsasser says, when you consider that today’s retirees can expect to pay somewhere between $100,000 and $300,000 in out-of-pocket expenses in retirement when you include Medicare premiums, deductibles and co-pays on prescriptions.

“The decisions people make while transitioning from employer-based health insurance to Medicare can have a huge impact on their overall retirement income plan.” Elsasser said. “Baby Boomers approaching retirement need an advisor who not only understands both health and wealth products, but has the expertise and willingness to integrate both into a single plan.”

About Joe Elsasser, CFP®
Joe Elsasser, CFP® has been involved in the insurance and financial services industry since 2001 as an Advisor, a Marketer and a Coach. Since 2006 he has served as the Associate Director of Annuities for Senior Market Sales, Inc. (SMS) Joe launched his financial planning practice in 2008, implementing many of the concepts he had been developing in his prior role. A Certified Financial Planner®, Registered Health Underwriter, licensed Investment Advisor Representative of Brookstone Capital Management LLC (BCM), and licensed insurance agent, Joe helps retirees maximize their resources in support of their ideal Retirement Outcomes. To learn more about Joe and his practice, visit

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