There is a lot of information about saving for retirement on tv, in magazines, on the web, and from financial advisory firms and financial advisors. Much of the focus in on the factors that affect a client’s financial well-being in retirement. This information is important to get people on track for retirement.
For people who work with a financial advisor or handle their retirement investments on their own, hopefully there is a confidence that develops from having and working toward financial goals including saving for retirement.
In addition to the financial questions and concerns clients have about retirement, there are many non-financial issues and questions that lead clients also have a lack of confidence in their retirement. What I hear far less about in the media and within the financial planning industry, but do hear from people I talk with who are planning for retirement, are wanting to learn how to confront these non-financial questions and concerns for the other side of retirement.
Here are some of the primary other side of retirement (non-financial) questions, concerns and fears clients have that also need to be addressed to live a retirement confident in the non-financial aspects.
With confidence comes the freedom to live a retirement filled with happiness and the freedom to spend this time as you had envisioned.
How will I replace my identity? You might have been the V.P. of Whatever at your company for over 30 years. Who will you be in retirement?
How will I spend my time? Often, people don’t give much thought to this. They will plan a trip and have every hour accounted for. Being retired for 20+ years should also be planned for what you will do each and every day?
How will I stay healthy and active? Research is showing we are beginning to live longer- the issue of Longevity. If we will live longer, how will you monitor your health and how active you are? The ability of people to participate in and be active for travel, gardening, playing with grandkids should not be overlooked.
How will I stay engaged and connected? Who will you spend your time with? Are there people you would like to develop closer relationships with? Are their groups or causes you would like to be more involved with?
How will I stay mentally stimulated and challenged? I’m not talking about doing crossword puzzles or watching Jeopardy or Wheel of Fortune or for large chunks of the day- although these could be part of the solution. I am talking about things that really engage your skills and knowledge.
For people to have confidence in their retirement, they need to have confidence in their plans for both the financial and non-financial aspects. Financial advisors and retirement coaches each have a role to play in helping people prepare for retirement. Contact me if you need help with the planning for the other side of retirement. If you are a financial advisor who has clients nearing retirement, contact me to see how we can partner to provide your clients with confidence planning for the other side of retirement.
