If a person lives to be 65, there is a 70 percent chance of needing long-term care at some point, but 79 percent of people underestimate the cost of long-term care, says Carter.

Education is the key for both clients and advisors, notes Greg Cicotte, president of Jackson National Life Distributors LLC and an IRI board member. “Retirement planning goes beyond age 65.”

The need to work with an advisor for retirement planning presents a huge opportunity for advisors to gain new clients and educate current ones, says Rob Kron, director and head of investment and retirement education at BlackRock. Picking the place to start the conversation is the decision the advisor has to make.

The current situation is also an opportunity for advisors because employers are increasingly considering retirement financial planning and education as a benefit they want to provide for employees, and it is becoming a benefit employees are coming to expect, says Charlotte Mooney, head of individual markets marketing at ING U.S. Retirement.

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