While not an exact science, the study of people making the transition from work-life to home-life is nothing short of remarkable. Not because of one’s abilities to adapt and thrive but more so because of the anomalies in thoughts, feelings and behaviors that can appear. 

While the science is still in its infancy, ongoing research and studies continue to shed new light on gaps in the traditional treatment and evolution of retired clients. As a result, I have developed a working thesis that positions the concept of retirement as one of the most respected and sought-after phases of life, but also one of the least understood. This is evidenced by the fact that I hear people regularly confess, “I never thought about that…I never figured that would happen, I never considered that would come up…I never imagined I would feel that way.”

Yes, there are the common issues and aha moments that show-up in retirement such as gaining a few extra pounds or the sticker shock that comes with the cost of things Medicare doesn’t cover. However, there are a number of things that you’d never expect, that are a little taboo, and may even seem sacrilegious that can come about and leave retirees feeling out-of-balance, confused, anxious and even lost during their retirement transition. 

Since these feelings and issues aren’t common knowledge and remain out of traditional retirement planning conversations, advisors and clients have to come to the realization that they face an ever-increasing possibility of: 

 

It’s a difficult list to read and one that no advisor wants to sit down with a client and say, “Let’s go over the things that could cause you the most stress and anxiety in retirement.” Yet, if clients aren’t made aware of the things that can potentially derail their plans, and offered resources to address them, their transition may take longer and have more downs than ups. 

A major issue is that two of the key decision factors for making the transition have little to do with a client’s ability to adapt. While there is no doubt finances play a key role in a successful shift, saving a certain amount of money or reaching a certain age offer little help in rewiring someone after 30-40 years of habitual thoughts, patterns and interactions. Just as western medicine is criticized for treating symptoms with expensive medications instead of the causes, expensive financial plans filled with charts and graphs mask the real work that needs to be done. 

The transition is further complicated by an interesting paradox: retirement takes work. It’s a curious contradiction for two reasons.  First, most clients assume they are leaving work behind once they officially retire. Second, and more importantly, the work that clients often need to perform requires a different set of skills and abilities than those they used to get to this point in life.

For example, retirement’s workload can include developing new ways to measure personal success. While working, a client’s pay, title and peer reviews all provided clues as to where they were and how well they were doing. In retirement, there are no such reviews, pay raises or fancy titles to help people gauge how well they are doing, and it’s not natural to know how to build a new framework to work with.

Other retirement work-related skills and tasks can include:

 

While it’s just a short list of the work that a new or existing retiree may need to undertake, its essential labor for those who truly want to make retirement the best phase of their life. Once again, if clients aren’t made aware of the need to develop new skills or are directed to resources that can help them meet these demands, their transition is likely to be filled with doubts, regrets and indecision. 

In my efforts to study retirement transitions, one other fascinating element shows up when clients aren’t prepared for the mental, social, physical and spiritual aspects of it. I don’t have an official name for the phenomenon but would refer to it as a sort of role reversal or job disparity. Essentially, one or more of the primary functions or strengths that a client possessed while working, turns into a void or weakness which causes stress, fear or anxiety in their personal lives.

For example, the former CFO who can’t stick to a budget and overspends her first few years in retirement, or the therapist who counseled pregnant teens, now worries she could be injured or dead in her home for days because she is alone and doesn’t have to report to work. 

Similarly, a mechanic struggles with his, and others’ ability, to diagnose and fix a medical condition that makes him feel run-down all the time. The list goes on to include charismatic and outgoing sales people who struggle to connect with friends or develop a consistent social calendar, or the engineer who could dissect and design a car, buildings or communities, but can’t manage his time or organize his schedule. 

Clients don’t go into retirement even remotely aware that their greatest asset may become a major liability. It’s interesting because it’s common knowledge in the corporate and investment world. In fact, companies and advisors often encourage clients to hedge against a down-turn or change in the economic cycle, but when it comes to everyday planning for retirement, people are pushed blindly into a transition that doesn’t include similar protection. 

Overall, retirementology suggests that there are a growing number of non-financial factors that can impact a client’s transition from work-life to home-life. As a result, advisors have a powerful opportunity to create better outcomes by educating clients on these potential issues and arming them with the skills and resources to overcome them. After all, a successful life in retirement isn’t one without problems. It’s one in which clients learn to work through them. 

Join me in the study of retirementology by sharing your observations and experiences via email or the comments section below. 

Robert Laura is the president of SYNERGOS Financial Group, the founder of RetirementProject.org and the creator of the Retirement Wellness Report and DividendPaycheck.org. He can be reached at [email protected].