Have you ever wondered what it’s like for people who make millions of dollars early in life and seem to take an early retirement? Most of us wish there were a way to enjoy all that free time while we’re still young and vigorous without missing out on anything today. While this has always been a possibility, millennials as the youngest currently adult generation has a real chance of achieving it. New lifestyles are already developing based on a greater freedom of travel and remote jobs that pay well no matter where you set up your office. However, the one thing every millennial and, admittedly, most of the working world dreams of is the ability to achieve passive income earlier than retirement.
Early Retirement and Financial Freedom
If that happened, some people would use the financial freedom to take a few risks and become great at their job while others would buy a waterside cottage and read every book in the English language. Others might even take up a second or third career simply because they have the passive income to fall back on if it doesn’t work out. Many people would probably still prefer to live a normal working life and save up for big, extravagant vacations. Most millennials would jump at the chance to guarantee themselves a little relaxation early or intermittently and annuities are the perfect answer.
The Early Retirement Annuity
Most millennials have watched previous generations struggle with retirement finances and are already thinking about their own plans, wondering how the gig economy and remote work will reflect on retirement income in the future. Of course, many are also increasingly aware that work financial unsurety doesn’t start at the age of 65. Illness, disability, and even just burning out on your first career are all possible and a backup early retirement plan is looking pretty smart these days. Because annuities can be custom-built, you can work with your client to find the perfect ratio of pay-in time to pay-out time based on how old they want to be when life starts to get a little easier. An early retirement annuity essentially provides added financial freedom and security for a few extra years before the official retirement age and can then extend into retirement income afterward.
The Yearly Vacation Annuity
Another version of a millennial-friendly custom annuities plan is a guaranteed yearly vacation. Rather than receiving modest monthly payments, an annuities plan could arrange for a millennial and their family to receive a yearly payment during a favorite time of year. This ensuring that no matter what financial situation the family was in, at least one annual vacation is always assured. This is particularly appealing for millennials with young children who remember their own parent’s holiday financial insecurity and want to do better for the next generation.
Ask Your Millennial Clients What They Want
One of the great things about annuities is that they can cover almost any situation that can be solved with money. Lost your job? Recovering from surgery? Mid-life career change? Millennials are one of the most ‘prepper’ oriented generations since the world wars. Most millennials don’t have a lot of personal insurance yet but they do have ideas about what they want to prepare for. An early retirement annuity is a great balm for worries about slowing down and making career changes later in life but there will be other concerns as well. They may want a plan that pays out just in case the house they’re buying or building takes non-insurance-covered damage or a contingency plan in case a child is unusually ill in a world where health insurance is not always an assured thing.
Selling annuities is your opportunity to get creative. Find a need that’s not covered by standard insurance or a way to cover more bases than normal insurance is willing to do. For millennials, the best angle is to offer custom-tailored contingency plans and early retirement is a fantastic place to start. After all, who doesn’t want financial freedom earlier than usual?