What goes up must come down—except, of course, age. It’s inevitable for all of us. And along with aging comes retirement.

While some embrace the thought of taking it easy after years of hard work, retirement isn’t welcomed by everyone. You’ve undoubtedly had clients for whom this is true. You can help someone prepare to retire for decades only to learn that he or she ultimately finds retirement unsatisfying, despite being financially secure.

The fact is, retirement is a major life transition that can turn clients’ worlds upside down if they’re not prepared. Take time management issues, for example. After building a career for three to five decades, many clients are used to having things to do, people to meet and places to go.

In retirement, they suddenly find themselves with plenty of unstructured time on their hands, which they now need to fill with meaningful activities. The transition from wealth accumulation to distribution can also trigger insecurity for some clients, even after you’ve reassured them that, yes, they will have enough money and won’t be dependent on their children.

As your baby boomer clients near retirement, you’re likely doing all you can to ensure that they’re financially prepared. But have your clients thought about the nonfinancial retirement challenges they’re likely to face? I’m not suggesting that you assume the role of therapist or life coach, but a few well-placed questions can help clients recognize the need to ready themselves emotionally for retirement. Addressing underlying issues ahead of time can go a long way toward warding off future problems—and set clients up for a more fulfilling retirement.

Anticipating Retirement Transitions
Let’s touch on a few of the major areas of transition and potential challenges pre-retirees need to consider. Helping them think about these issues in advance can be an effective way for financial advisors to add value to the client relationship.

Career and work. Whether the goal is continued income or personal satisfaction, many baby boomers want to work during their retirement years. In fact, seven out of 10 pre-retirees plan to work in some capacity in retirement, according to a 2013 Merrill Lynch study (“Americans’ Perspectives on New Retirement Realities and the Longevity Bonus.”) Although working in retirement can offer many benefits, it’s important for clients to be realistic about the kind of work they’re capable of taking on and how long they may be able to continue doing it as they age. For clients who elect not to work, the challenge will be to forge a new identity (and daily schedule) outside of a career framework.

Health and wellness. As more retirees pursue an active lifestyle, the traditional “rocking chair” image of retirement is becoming less and less relevant. In fact, many people are using their retirement years to focus on preventative health practices like they never did during middle age, and it may be decades before some experience a health decline. According to the Social Security Administration, a male who reaches age 65 today has an average life expectancy of 84.3; for a female, it’s 86.6. The body of scientific knowledge on maintaining wellness in the latter part of our lives is only increasing.

Still, physical decline is bound to happen at some point, and clients should consider how they’ll handle it when it does arrive. Mental health is also a major concern, with the risk of suicide highest among older white men, according to the Centers for Disease Control and Prevention, and Alzheimer’s diagnoses steadily rising. No matter how healthy they may be today, it’s critical for clients to make a plan for long-term care.

Attitude and perceptions. Along with health, one’s attitude toward retirement has a major influence on happiness. For some, “retirement” is a dirty word, reinforced by ageism and social stereotypes about older people. But retirement attitudes are often a self-fulfilling prophesy. You can either adopt the philosophy that birthdays are good for you (after all, the more you have, the longer you live), or you can enter a bottomless pit of despair. In short, if clients think retirement is going to be a bad experience, it most likely will be. Attitude is one thing we have the ability to control, but many people underestimate its importance.

Family and relationships. Healthy relationships and personal connections are another key to a successful retirement. Unfortunately, after they stop working, many people feel increasingly isolated, especially in the later stages of retirement, when some may experience hearing or vision loss, or perhaps the loss of a spouse. A different type of loss among today’s retirees is “gray divorce” (the divorce of couples age 50 and older). This shouldn’t surprise us. Two-career couples often lead somewhat parallel lives during their busy working years. At retirement, they’re suddenly thrust together 24/7, putting the relationship under stress.

Leisure opportunities. For pre-retirees, thinking about how to spend leisure time is an essential component of the retirement preparation process, one that should begin well before they stop working. Rather than just assuming there will be plenty to do, it makes sense to map out what a typical day or week will look like, including hobbies, classes and intellectual pursuits, travel or volunteering, to name a few different avenues. One paradox is that, for an activity to be considered leisure, it must be diversionary. Playing golf may cease to be a diversion if you pursue it every day.

Certainly, there are many other important dimensions that contribute to a client’s retirement outcome. For example, foundational values and spirituality or any caregiving responsibilities the client may have, whether for parents, children or grandchildren, may influence retirement success.

Helping Clients Gear Up For A Well-Rounded Retirement
None of this is intended to diminish the importance of the work financial advisors do to help clients prepare financially for retirement. According to the Merrill study, respondents weighted financial security as the most important element in achieving retirement peace of mind (according to 60%). They put this over health (named the most important by 14%), family well-being (14%) and personal purpose (12%). So clearly, most financial advisors are already working on the one thing that has the biggest impact on retirement success.

On the other hand, at a time when many advisors are seeking ways to add value, it can be incredibly beneficial if they ask clients a few questions about their emotional readiness for retirement. For example:

• What are you doing to prepare for retirement in nonfinancial ways?

• On a scale of 1 to 10, if “1” means depression and “10” means excitement, how would you characterize your attitude toward retirement?

• In what ways do you think you should prepare, above and beyond financial readiness?

• What can you learn from people you know who have already left the workforce about their retirement success?

• Do you plan to work in retirement, and if so, what will you do?

Beyond asking questions, you may want to refer pre-retiree clients to useful material, to books such as What Color Is Your Parachute? For Retirement by John E. Nelson and Richard N. Bolles, or websites such as www.retirementoptions.com, which offers nonfinancial retirement readiness assessments and coaching. It may even make sense to form a strategic alliance with a coach to whom you can refer clients who want personalized help putting together a nonfinancial retirement game plan. Or consider offering a seminar or workshop to help clients focus on retirement preparation.

Of all the things you can do to help your pre-retiree clients, perhaps one of the best is to confront these issues yourself. Think carefully about the kind of retirement life you desire (even if that means continuing to work) and figure out the action steps you personally need to take. Far too many advisors haven’t contemplated their own retirement and how to embrace it with the same eagerness and passion they’ve put into their careers.

Redefining Retirement
There is no one right way to address the nonfinancial challenges of retirement with clients. Your approach will depend on your comfort discussing these matters and your vision of the role your firm will play in helping clients achieve true retirement readiness.

One thing is clear, however. The baby boomers will redefine retirement. As Mitch Anthony writes in The New Retirementality, “Retirement is an unnatural condition. Even if you can afford to retire, the worst thing you can do is to withdraw.” At a minimum, advisors should be ready to help clients think through their next career possibilities and know how to fund them. And if you’re a pre-retiree yourself, be assured, it’s not going to be like your parents’ retirement.