LAS VEGAS — The need to plan for a longer retirement and the growing trend of people waiting until they're closer to their golden years to save are both opportunities for credit unions to release more robust income streams in investments and financial planning.

According to Robert Grieb, principal and managing director of The Diversified Services Group, Inc., credit unions are well positioned to generate retirement income as they strive to implement a "total retirement strategy" that fills the needs of its members. Based on a DSG survey of financial representatives, the most effective means for acquiring new retirement income clients has come through existing clients and from referrals from outside and inside a CU or bank.

Grieb also said CUs might do better to focus on a much broader retirement income market than other channels. This way, a larger volume of clients and prospects exists and a wider range of resources and needs are available.