There is a lot being written about the importance of planning for the non-financial side of retirement. More and more articles and research are being published. It is becoming harder and harder to keep up on the research, what it is telling us, and more importantly, how we can implement what the research is saying.
The resources below are intended for financial advisory firms as references to learn about this increasingly important topic. These are the resources I have found helpful in learning why non-financial planning for retirement is important.
After reading much of this research (that comes from the financial advice industry) the reader is often left wondering “Wow, this is great! I’d like to provide this type of guidance to my clients. I can really see how it benefits my clients and my firm. But how do I go about implementing this guidance to benefit my clients and my firm?”
This is what My Life’s Encore does-we help you implement longevity lifestyle planning to benefit your clients AND your firm.
I created My Life’s Encore-to Educate, Inspire, Guide, and Connect the resources and solutions to help financial advisors provide non-financial retirement and longevity planning to their clients. A vital missing piece in planning a successful retirement.
The list includes the best resources I have come across and is intended to identify many of the best resources IMO-it is not intended to be an all-inclusive list.
As you read these studies, begin connecting the dots on what the study is telling you and how you can use what the research is saying to differentiate your business.
The Websites for the General Public can be shared with clients to help them begin understanding and planning for the many non-financial aspects to live a happy and successful retirement.
This page will be updated as I become aware of new resources.
Non-Financial Retirement & Longevity Research and Articles
(Listed chronologically- the latest at the top)
Disconnected: Reality vs. Perception in Retirement Planning, Stanford Center on Longevity, October 2022.
This robust body of work is organized as follows:
- Disconnected: Perception vs. Reality in Retirement Planning is their primary report that synthesizes and summarizes the findings from our research. Read more
- The Retirement Planning Disconnect: Deep Dive provides more details from the survey and includes qualitative insights on the strategies discussed in their primary report based on our interviews with experts and interviews with the pre-retirees and retirees. Read more
- Leveraging Psychological Science to Motivate Retirement Planning is their literature review of research on decision-making with a focus on the transition to retirement. Read more
- The Retirement Planning Disconnect summarizes the statistical results from the survey of 2,000 U.S. retirees and pre-retirees conducted by Greenwald & Associates. Read more
Retirement: The Now and the Then, Fidelity International (Australia), March 2022)
Longevity and the New Journey of Retirement, The third study in as many years form Edward Jones and AgeWave, 2022.
More Frightening Than Death: Fear & Loathing In Retirement, A study by Zety, updated April 2022.
The Four Pillars of the New Retirement: What a Difference a Year Makes, An Edward Jones and AgeWave Study, June 2021. A follow-up study to their 2020 study The Four Pillars of the New Retirement.
Evolving Client-Adviser Conversations and The Future of Advice*, by Alexa Balmuth; Lauren Cerino; Julie Miller, PhD; Adam Felts; and Joseph F. Coughlin, PhD. Journal of Financial Planning, December 2021.
The Death of Retirement: New Thinking on the Next Chapter, A study by Savant Wealth Management and Absolute Engagement, September 2021.
Beyond Finances: Holistic Life Planning Trends Among Advisors, a study from Equitable and IN Research.
The Future of the Client-Advisor Relationships, a study by AIG Life & Retirement and MIT AgeLab.
The Four Pillars of the New Retirement, Edward Jones and AgeWave
The Changing Face of Retirement Planning– A Three-Part Series, Reid Stone, Q1 2020.
Part 1- What the Research Is Telling Us
Part 2- Taking Advantage of What the Research Is Telling Us
Part 3- Linking the Demographics With the Research
The Strategic Value of Helping Clients Plan Their Ideal Lifestyle In Retirement, Reid Stone, Q4 2019 (Download a FREE copy)
Location, Vocation, and Vacation: Finding the Retirement Place and Pace that Works*, Mitch Anthony, Lisa Kueng, and Gary DeMoss, Journal of Financial Planning, November, 2019.
You’d Better Increase Your Service Offerings, or Else Find Partners Who
Can Help, Scott Hanson, InvestmentNews, November 26, 2019
The Missing Link Between Retirement Readiness, Longevity, Wealth
Management 3.0, and Transition Planning, Reid Stone, MyLifesEncore.com, November, 2019.
Wealth Management 3.0: Longevity Advisors, Michael Armstrong, WealthManagement.com, August 26, 2019.
Time Allocations and Self-Reported Happiness of Retirees: An Exploratory Study*, Guo, Tao PhD, CFP; Cheng, Yuanshan, PhD, CFP; Gibson, Philip, PhD, CFP; and Pantuosco, Louis J., PhD,Journal of Financial Planning , March, 2019.
What Is Retirement Coaching?, Robert Laura, Forbes, September 13, 2019.
Why Retirement Planning Should Be About Teaching Us How To Live
In Retirement, Joseph Coughlin, Forbes, April, 2018.
Future Mastery- Evolution or Revolution in the Financial Planning Profession*, Dennis Stearns, CFP and Andrew Clark, CFP, Journal of Financial Planning, December, 2017.
Wishful Thinking or Within Reach? Three Generations Prepare for Retirement, Transamerica Center for Retirement Studies, December, 2017.
*Note: If the links to the Journal of Financial Planning articles take you to the login page of the site, let me know. Membership and login was required to access these articles.
If you are not a member of the FPA and would like to read any of these articles, please contact me. I will send you a PDF copy.
Websites for the General Public-
The Non-Financial Side of Retirement
Rethinking65– for financial advisors
Academic/Corporate Websites- Retirement & Longevity
There are more and more books coming out about planning for the non-financial side of retirement-people are seeing how important it is to a successful retirement.
I won’t list them here. Contact me if you would like some book recommendations to read to learn more about retirement and longevity planning. If you are a financial advisor, I can provide some ideas for books to hand out to clients to make them aware of the challenges and opportunities in their ‘Encores.’