Academic research shows that, over our lifecycle, we can generate income from three major sources: human capital, social capital and financial capital.
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Retirement income is in the news and several companies have responded to the increasingly visible shift from investment accumulation to income distribution by announcing new products, including :
• The addition of principal protection and/or payout features to investment products
• The availability of income guarantees as optional riders in variable insurance contracts
• The extension of traditional advice processes to include income projections, ladders and systematic withdrawal plans.
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By now we should all know, given the press coverage on the issue, that the first of our 76 million baby boomer generation turned 60 two years ago on January 1, 2006. Turning 60 is an important milestone in our lives as we start to look ever more closely at the reality of our retirement.
• What resources do we have that will generate income during retirement?
• How can we turn these resources into income?
• Is there a gap between our expectations and the actual amount of income our resources should be able to generate?
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Traditionally, financial companies and financial advisors have asked the following question of investors: “What is your tolerance to the variance of returns of risky assets?” This question was particularly appropriate during the investment accumulation phase and the matching diversification-based investing approaches.
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