Story time: if you’ve spent any time working with retirees—or those preparing for retirement—you already know their primary fear: running out of money. It’s a powerful fear, and lately it’s creating a new problem that advisors need to address head‑on.
Let’s explore that problem, and how a simple story can help your clients avoid falling into the scarcity trap.
The Desert Hiker and the Scarcity Reflex
Imagine you’re heading out for a long hike in a desert climate. You pack everything you need: a hat, sunglasses, sunscreen, sturdy shoes, and plenty of water. You’re prepared.
But then something goes wrong. Maybe you twist an ankle or lose the trail. Suddenly you think, I might be out here longer than I planned.
What’s your instinct? Conserve your water and cut back.
This reaction is natural—and it’s exactly what many retirees are doing with their money. They’ve saved well. They’ve packed their “supplies.” But all they hear is:
- Inflation is coming for you
- Social Security is unstable
- The stock market is on the verge of collapse
- Taxes are rising
- Healthcare costs are exploding
With a constant stream of bad news, it’s no wonder people start tightening their belts.
The Shift From Saving to Spending
One advisor put it perfectly: it takes a few years for retirees to transition from a lifetime of saving to a mindset of spending. The turning point often comes when they look at their account balance and realize… it’s still going up. That’s when couples finally say, We better spend some of this money before we’re too old to enjoy it. And that’s when everything changes.
The Dream Car in the Garage
Another advisor uses a story that always resonates. If you had a dream car waiting for you in retirement—a Corvette, a Mustang, a Shelby, whatever muscle car makes your heart race—would you leave it sitting in the garage forever? Of course not. That would be sad.
But that’s exactly what many retirees do with their money. They leave their dream car parked, untouched. No one enjoys it—not them, not their family, not anyone.
Become the Advisor Who Gives Permission to Enjoy Life
What if you positioned yourself not as the fear‑based advisor who warns of doom, but as the guide who helps people actually enjoy their retirement? What if your message was: “You’ve worked hard. You’ve saved well. Now let’s make sure you enjoy the life you planned for.” That’s a far more powerful—and far more human—story than fear‑mongering.
So tell your clients: Get that Corvette out of the garage. Feel the wind in your hair—if you have any left.
This story is part of our Selling With Stories series. If you’re looking for inspiration for your next client meeting or presentation, browse our YouTube channel. You might find the spark you need.
