J.P. Morgan Asset Management has expanded its award-winning Guide to Retirement this year. The changes set the stage for advisors to talk to clients about life after work and the best strategies for saving.
The 2013 guide includes a savings checkpoint grid that shows investors if they are on track to meet their retirement goals. The guide also includes models for structuring retirement income streams. This will help advisors talk to clients about their portfolio construction.
J.P. Morgan also has expanded its sections on health-care costs, savings trends and spending analyses, and it compares the tax ramifications of choosing a traditional IRA over a Roth.
Katherine Roy, the chief retirement strategist at J.P. Morgan Asset Management, says that the section on health-care costs, a key concern for retirees, has been broken down to show annual costs. This allows advisors to demonstrate to clients how their costs will inflate and give them a better basis for taking action.
“We also fine-tuned our information on inflation,” Roy said, “because advisors say their clients are concerned about their purchasing power and its effect on those in their 50s.
“The section on housing costs was also fine-tuned because we found those over 65 often spend more of their share of wallet on housing than those who are younger.”
The 2012 version of the guide was given the Retail Retirement Income Communications Award by the non-profit Retirement Income Industry Association.