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During a recent conversation with a friend she admitted, “I still don’t really understand what you do. So, you sell insurance?”

To make it easier, I suggested the image of a laundry tub. I said to her, “If you want to fill your laundry tub with water, what’s the first thing you do?”

“Turn the water on?”

“What will happen if you turn the water on? Will it fill up?”

“Oh, first you have to plug it up. Plug the drain.”

That’s what I do. I help people fill their tub by plugging the drain. I manage risk. The plug is the insurance that your tub fills up and stays full.

“So, I make sure the tub can be filled. Once it’s filled I help make sure it stays filled.”

“So, you do sell insurance.”

“I help people buy it. There’s a difference. First, I help people determine if they even need insurance. If they do, we discuss how much, what type, and then I help them get it from the place that provides them the best value, flexibility and guarantees.”

When it comes to retirement income planning, too many boomers focus on trying to fill up their laundry tub, without first taking the time to plug the drain.

We don’t live on our assets. We live on income. Once we retire, it becomes critically important that we manage the risks that can jeopardize the savings that we must rely on if we are to live better, longer.

The time to start is now! Whether you are already retired, or still in the planning stages, let’s have a conversation.

Otherwise, it could be “throwing good money down the drain”.