Your client's age
Marital status
Health issues
Job changes
New assets or debt
Is time to add an annuity to your client's retirement plan?

As a financial professional, you understand that no financial plan is static, especially when it comes to retirement. But your clients may take a more set-it-and-forget-it approach that could lead to trouble when it comes time to retire. It's critical to communicate why it's important to regularly review their retirement plan.

One approach for this conversation is framing it as "refinancing" their retirement. Your clients may refinance their mortgage, car note or credit card debt, so why not their retirement? This regular review also allows you to connect with clients and identify potential opportunities, such as adding an annuity to complement their retirement income strategy.

Here are six factors to consider as you discuss refinancing retirement with your clients.

Your client's age

The first factor to consider is your client's age. Their investment, spending and savings strategy should adjust as they get closer to retirement and when big life changes happen, which come at any age. As your clients approach their 60s, discuss their plans and help them build a Social Security timeline.

Each review is a great time to spot potential red flags on savings or spending habits that may make reaching retirement goals more difficult. If they're worried they may not have saved enough to last in retirement, you can explore supplemental options, like an annuity.

Be sure to ask the following questions:

• Will your client be able to convert their invested assets into future retirement income?
• Will your client's plans for Social Security result in enough income to fund their retirement lifestyle?

Marital status

One of the most significant financial changes impacting clients is often their marital status. After a new marriage, divorce or the death of a spouse, your client's financial plans and outlook could be very different. For example, they may now worry about not having a spouse's full Social Security benefit or pension to provide income after a divorce.

Checking in with your clients after a change in marital status is a chance to primarily connect to see how they're doing both financially and emotionally. From there, you can gently discuss how it may be the right time for a conversation about refinancing their retirement plan to reflect their new circumstances.

Health issues

As you know, being able to plan and pay for potential health care needs is a critical part of any long-term savings plan. However, potential health issues concern many, especially since some health problems may have severe financial impacts and can derail even the best-laid plans.

When health issues arise, connect with your clients to revisit their plans and make adjustments. For example, it may be time to consider a new strategy if clients have to pull from savings for health or long-term care needs, impacting their potential retirement income.

Job changes

Changes in employment can be so common that it may not occur to your client to tell you when it happens. A new job, leaving a job or getting let go can impact your client's potential retirement income and savings.

When meeting with clients, remind them to keep you in the loop if their employment status changes. Discuss the options if they're thinking about a change. Highlight how it may impact their savings, health insurance and tax strategy, which could impact financial goals.

New assets or debt

Major changes to assets and debt or expenses should also trigger your client to get in touch with you to review their retirement plans. If your clients purchase a vacation home, receive an inheritance or have new medical debt, it may disrupt their cash flow and other financial plans.

Here's another area where refinancing their retirement plan may help. Any new assets or debt may also change their retirement goals and income requirements, life insurance needs and potential tax consequences. Ask your clients if they are considering or have plans to acquire new assets or debt during your next review.

Is it time to add an annuity to your client's retirement plan?

Life is unpredictable. And your clients will likely face a number of events that could impact their retirement income. Longevity risk, health, market volatility and lifestyle changes can all significantly affect whether they will have enough income to last throughout retirement.

If you've reviewed their plan, listened to their concerns and see a need for guaranteed income in retirement, an annuity may be something to discuss with them.

There are a variety of life changes that can impact your client's savings strategy, retirement plans and income goals. And they may not understand how these changes could play a role in their long-term financial objectives.

If they aren't meeting their potential needs, an annuity may be a good addition. Learn more about how guaranteed income can help your clients in retirement.