When advising younger clients about estate planning it is often difficult to get across the needs and wants that might come about in the future. The health and vigor of youth make it difficult for many to imagine a time when those traits will be on the decline and that they will not be able to maintain their usual lifestyle. Because of this disconnect, it is a good idea to paint a picture of the future for young people seeking advice on savings ranging from the ravages of age on the body to the power that compounded interest can have on savings. Bank of America has recently come out with a website that does just those things including aging photos to the age of 67 as well as facts concerning savings and other relevant information about life after retirement. But no matter what tool is used, making sure youthful clients have a firm focus on the future is always a good thing to shoot for.
See Michelle Singletary, Motivate young savers with a bit of time travel to old age, The Washington Post, April 29, 2016.
Special thanks to Lewis Saret for bringing this article to my attention.
