By Rich Lane, Director, Sales and Marketing, Standard Insurance Company
Reprinted with permission
The oldest baby boomers are approaching age 70. As this segment of the demographic — which spans the two decades from 1946 to 19641 — moves deeper into their post-retirement years, many are starting to think about how to pass on their wealth. And they have a lot of wealth to transfer. A study from Accenture found baby boomers' net worth equals nearly $7 trillion.2
Although clients might have initially chosen to invest in an annuity to accumulate retirement savings, a fixed annuity also can be used as a wealth transfer strategy.
1 U.S. Census Bureau. The Baby Boom Cohort in the United States: 2012 to 2060. http://www.census.gov/prod/2014pubs/p25-1141.pdf. Published May 2014. Accessed November 11, 2014.
2 The "Greater" Wealth Transfer, Capitalizing on the Intergenerational Shift in Wealth. Accenture, 2012.