The financial crisis of 2008 most likely taught members one hardlesson – no one wants to lose their money like that ever again.

This feeling may have been especially true for retirees or those close to retirement, said Philip Rousseaux,founder and president of Everest Wealth Management Inc., aretirement service firm in Towson, Md.

“Losing nearly everything you've worked for throughout yourentire adult life is right up there with being diagnosed with amajor medical condition; it means the lifeblood of your future hasbeen drained,” Rousseaux noted.

Aggressive investment strategies that offer potentially hugerewards are fine for people younger than 40, Rousseaux said, buteven they should have at least a portion of their retirementportfolio in investments that will provide a guaranteed income.However, a shift occurs once an investor crosses over the 40-yearold mark.

“The closer you get to your retirement age, or if you're alreadyretired, the more important it becomes to change the tools in yourfinancial toolbox,” he suggested.

For credit union members trying to make due in a sometimesvolatile and low-interest rate market environment, some financialadvisers are deploying traditional planning with tools to helpretirees with ongoing expenses tied to health care and other costsof living.

Todd Gestrich, a financial adviser with Charter Oak Retirementand Investment Services, has been assisting members with theirlong-term needs since coming aboard in March at the subsidiary ofthe $789 million Charter Oak Federal Credit Union in Groton, Conn.

“We utilize a needs-based approach for all of our members, andincorporate both guaranteed return investment type products as wellas growth oriented products in an effort to satisfy both currentand future income needs,” Gestrich said.

His work with members was recently recognized by CUNA Brokerage Services Inc. when Gestrich received the FastStart Award for strong production and sales achievements. With morethan 10 years of experience as a financial adviser, he providesinvestment and retirement-related services to members at three ofthe credit union's 13 branches.

Based in Waverly, Iowa, CBSI provides investment and retirementservices to Charter Oak members through Charter Oak Retirement andInvestment Services. The credit union's division has built aportfolio of roughly $145 million in assets under management forthe members it serves.

What has helped Gestrich determine where retirees need tomaintain their standard of living during their retirement yearsstems from a foundation of trust.

“I believe our members have a great deal of trust in Charter OakRetirement and Investment Services, which is a result of the activeand positive promotion of our services to the member base by allcredit union employees at Charter Oak Federal Credit Union,”Gestrich said.

The business generated from those referrals is a great indicatorof the trust that members have in Charter Oak's program and itsadvisers, he added.

At the $272 million Navigator Credit Union in Pascagoula, Miss.,401(k) plan changes and questions about Social Security seem toalways be of concern to members who attend educational seminarshosted by the financial institution, said Kathy Scarbrough, chiefcommunications officer.

“We talk about 401(k)s all the time. There are so many options.People are confused,” Scarbrough said. “We help them sort throughthe clutter to help find a retirement option that suits them.”

While retirement and pre-retirement phases are critical phasesin a member's life, Scarbrough said those milestones take on evenmore urgent tone after the death of a loved one.

“Emotions are heightened and confusion is rampant,” Scarbroughsaid. “We guide them through the process so that they make soundfinancial decisions because they need someone they can trust.”

The free seminars that are held throughout the year by NavigatorCU has helped advisers pinpoint where members may need moreattention. For instance, one member was able to increase hishousehold income by $200 each month because he learned how during aseminar hosted by the credit union, Scarbrough said.

Whether investors are decades or just a few years away fromretirement, or are currently retired – and whether or not they lostmost, some or no money at all during the mass money meltdown –Rousseaux said changes in plans such as within 401(k)s have causedadvisers to make adjustments to their client's long-term financialgoals.

For instance, the Department of Labor rule implemented a newrule on July 1, 2012 that required all hidden fees attached toretirement plans and mutual funds be disclosed to employers andemployees, Rousseaux said.

Next Page: By Some Estimates

By some estimates, up to 90% of fees attached to retirementplans are hidden, he pointed out. By talking to a financial adviser or attending a workshop, members can learnhow to get an accounting of all those fees. Seventy-one percent ofthose with a 401(k) had no idea they were paying fees for theirretirement accounts, Rousseaux said, citing an AARP survey.

“How much you have isn't as important as you think,” Rousseauxsaid. “For years, planners have touted finding your magical numberso that you can afford retirement. This is simply not an accuratemeasurement and isn't what matters.”

With interest rates at 60-year lows and people living longer dueto health care advances, the priority in planning is how muchincome can a member generate and will that income last for theirlifetime, Rousseaux advised.

Financial advisers at credit unions and elsewhere may continueto suggest moves such as exploring fixed-rate index annuities,particularly for retirees or those close to retirement. Rousseauxsaid investing all retirement savings in Wall Street can expose amember to risk, which may be acceptable when they're in the primeof their career. However, older members may want to provide growthwhile protecting their savings at the same time.

Retirees may also consider turning their individual retirementor 401k into a joint account, Rousseaux said. While it's true anIRA is something only one person can own, many alternativeinvestments such as a fixed annuity offer benefits such asguaranteed lifetime income. Within these plans the owners have theoption to guarantee income on both lives, thus creating a jointincome for both the husband and wife.

One segment of a credit union's membership that may beconsidered prime territory for retirement income planning is themass affluent, which is described as those having between$500,000 and $2 million in investable assets, according to researchfirm Cerulli Associates. While variable annuities and incomeannuities are not all-inclusive solutions to the challenges thatretirees face, the concepts are resonating with many investors andtheir advisors, the firm said.

Additional data from research firm Spectrem Group revealed thatmass affluent investors don't feel wealthy enough to requirefinancial advising services despite their wealth. Even more notableis a significant share of those surveyed believed they had notbuilt enough wealth to achieve financial goals such as acomfortable retirement.

More than 40% said they were unsure of having sufficient incometo live comfortably in retirement, and 40% planned to work past theage of 65, according to Spectrem. Close to 40% of those youngerthan 54 said their household is not saving enough.

Compared to the competition, Scarbrough said one advantage isthat members have solidified trust by securing other financialservice and product relationships with their credit unions.

“Members are sharing all of their financial details with us whenthey apply for a loan. So when they meet with the financialadviser, they're comfortable with sharing personal details, whichenhances the financial planning process,” Scarbrough explained. “Itwould take multiple visits for a non-credit union financial adviserto get the same information.”