Instead of typical retirement planning, Lincoln Financial wants consumers to be asking, “Will I have enough money to ensure my pastimes last a lifetime?”
That’s the gist of a new marketing campaign debuting this week called “The Action Plan,” meant to reframe the way the financial category perceives and talks about the new era of retirees.
Based on the latest research from the firm, those in their 50s and early 60s are healthier and more active than any generation prior—they will likely live longer, healthier lives—and retirement will not slow them down. With this insight, alongside advertising agency partner Havas and media agency partner, Crossmedia, the new campaign is based on the theme, “Make Your Pastimes Last a Lifetime.”
“The research and insight that influenced this campaign strategy is important from not only a marketing perspective, but from a human perspective,” said Kathy Kavanaugh, SVP, CMO, Individual Solutions & Brand at Lincoln Financial. “We dug deep into the mindset of our pre-retiree audience to understand what they want their retirement to look like—our research revealed that 64% of (affluent) 50-60-year-olds say they anticipate spending the same or more amount of time on their activities and pastimes in retirement. All in all, we found that they have no plans to slow down, big dreams for the future, and pastimes they want to explore more.”
“Our strategy came to life when we realized this group needs more than a retirement plan, they need an action plan.”
Tim Maleeny, Havas Creative North America
The research shows that the new generation of retirees will require their money to go further than ever before, but the retirement conversation is broken. Not only so, but the way this demographic is portrayed is broken as well. Two in every three of adults 50+ agree that the media often rely on outdated stereotypes to portray people their age. This opens a completely new conversation around retirement planning and, the company says, presents an opportunity for Lincoln to showcase retirees outside of category norms.
“Our strategy came to life when we realized this group needs more than a retirement plan, they need an action plan,” said Tim Maleeny, Chief Strategy Officer of Havas Creative North America. “We want consumers to be asking: ‘Will I have enough money to ensure my pastimes last a lifetime?’ And we believe this white space in the category ensures that Lincoln will be the financial services brand for people who never want to slow down.”
The campaign urges consumers to rethink the way they approach the concept of retirement, shifting from “retirement planning” to “action planning.” The campaign’s new reframe of retirement advertising features The Hiking Plan, The Wellness Plan, The Sailing Plan, and essentially any pastime consumers will need to financially plan for.
“The Action Plan campaign challenges people to self-reflect on what their pastimes are, taking an untraditional approach to spark conversations around retirement planning: What am I passionate about doing? What have I always had to make time for in my working years but will have more time to enjoy in retirement?” said Angela Laubmeier, Vice President of Corporate Brand & Advertising at Lincoln Financial. “This campaign is deeply reflective and demonstrates the uniqueness of the individuals that our brand and company help each day.”
Click here to watch the campaign “Anthem.” More of The Pastime Series includes: Culinary Plan, Explorer Plan, and the Sailing Plan.
Establishing plans with a pro
Many Americans approaching retirement work with a financial professional to ensure accurate planning, saving and investing, yet Lincoln’s research shows they are not spending the time needed to ensure a lifetime of enjoying their passions. To create a lifestyle, complete with time and funds to explore these passions and pastimes, and to ensure that loved ones can be part of this plan, more energy must be put toward a plan for these activities.
- The research shows that 87% of individuals in their 50s and 60s who work with a financial professional have discussed an investment strategy for retirement, but only 53% have discussed a budget for their favorite activities.
- Nearly half (48%) of individuals aged 50+ who work with a financial professional but have not discussed budgeting for their pastimes in retirement have grown more worried about their finances.
“Those approaching retirement today have no plans to slow down, and that’s what so many are overlooking in the planning process,” said John Kennedy, EVP, Chief Distribution and Brand Officer at Lincoln Financial. “We want to help the next generation of retirees ensure their pastimes last a lifetime, and this research is a clear indication that there needs to be more of an emphasis on planning to do the things that you love, especially when you finally have time for them after your working years.”
Pre-retirees and retirees have a desire to spend retirement pursuing their passions and pastimes like traveling, volunteering, experiencing the arts, exploring outdoor activities and socializing.
- Pre-retirees in their 50s and early 60s intend to do more planning, with 87% saying they expect to spend additional time planning for retirement.
- However, once in their retirement years, only 30% of retirees say they did enough planning for how to spend time during retirement.
“Retirement can be full of opportunities, adventures and new experiences—if the right plans are in place,” said Jimmy Reid, President of Workplace Solutions at Lincoln Financial. “Our new research shows that while many people are dreaming of what they will enjoy in retirement, they aren’t factoring the expense of their hobbies and activities into their planning. By leveraging the right advice, tools and solutions into financial planning, pre-retirees can ensure they have saved sufficient funds for what they love most in the years ahead.”
SEE ALSO:
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• Lack of Participant Confidence Among Leading Retirement Issues in 2024
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
