Will Seniors Still Buy Annuities?

Last week, while at the MDRT conference in California, I had the opportunity to speak with a couple of seniors to get their thoughts on retirement, long-term care, annuities, their health and a myriad of other topics. We’ll bring you more information from those interviews, but for now I wanted to share a couple of the highlights.

First, we spoke to Wallace M. who is located in the Greater Los Angeles area. Wallace is an entrepreneur who still runs his own business although he is in his 70s. Like many of the seniors we’ve spoken to recently, he’s not working because he has to, but because he wants to. He could have retired 10 years ago if he’d wanted. But something got in the way of that: He loves to work.

During our conversation, the most striking thing Wallace said related to his assets. He’s a self-described “gold bug” and doesn’t want to get near the stock market or even safer products such as annuities. Because of the way the market remains volatile, he wants to keep what he calls “tangible assets.”

In addition to gold, Wallace is bullish on other precious metals as well as real estate. The Southern California real estate market has been hurting for roughly half a decade now and he’s seeing opportunities to grab property. You can see highlights from Wallace’s interview on our website.

Sarah M., Wallace’s wife, spoke with us about her plans for long-term care. Although Sarah’s mother bought long-term care, and it helped her in an assisted living facility, Sarah has other thoughts about her own care.

She says in an exclusive online video that she wants to make sure she has enough money when she finally retires to be able to be cared for in her own home. As she put it, that’s what seniors really want—to be able to live out their days in the familiar surroundings of their own home, not a care facility.

As you talk to your senior clients, what are you hearing from them regarding products such as annuities and long-term care insurance? Are they receptive or is the market too volatile? Are places such as assisted-living facilities not something they desire?

You can leave a comment below or send me an email at dwilliams@sbmedia.com. I look forward to hearing from you.

For more from Daniel Williams, see:

About the Author
Daniel Williams

Daniel Williams

Daniel Williams, Editor-in-Chief of the new Retirement Advisor magazine (formerly Senior Market Advisor) and Annuities Channel Editor for LifeHealthPro.com, is an award-winning journalist and business editor with extensive experience in print, online and trade shows. Prior to joining Senior Market Advisor, Daniel was editor of Real Estate Southern California magazine and West Coast South Bureau Chief of GlobeSt.com, both are divisions of Real Estate Media. Previously, he covered the commercial real estate beat for the Orange County Business Journal. While there, he received a certificate of merit from SABEW (the Society of American Business Editors and Writers Inc.) for a story on "OCs Cash Economy." A native of the Deep South, Daniel relocated from Los Angeles to Denver with his wife and daughter and can be reached at dwilliams@SummitProNets.com or on Twitter @LHPro_Annuities.

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