Nothing applies to everyone. That’s one of the fascinating aspects of being a financial planner. There are however, many areas of planning where there is consistency. Take, for example, the elements that make for a happy retirement.

Research on happiness abounds. There is the Journal of Happiness and Well Being, a Journal of Happiness Studies and an International Journal of Happiness and Development, for instance. With the goal of a happy retirement nearly universal, financial planners would do well to understand the drivers of happiness.

Most of the ingredients required can be lumped into six broad categories: Health, Connection, Purpose, Growth, Play and Money.

The first thing to note about this list is that really it applies to all ages. One big difference in retirement is how people go about seeking success in these areas. For many, they derive success through employment. They have a job but they do not feel it is “work.” One key to a successful transition to retirement is to help such clients think through how they will replace their workplace as a source for fulfillment in these items.

You may also notice that when these things are lacking or are undermined in the workplace, people tend to dislike their jobs. Work becomes a four-letter word. This presents an opportunity to help clients redirect their efforts to maximize their human capital by finding better work. It also is a potential problem should a client get so focused on retiring to get out of a bad job, they are not prepared for what they face on the other side. This is the classic mistake of emphasizing retiring from something bad rather than to something good.

Health
No matter what we do or how hard we try, we just keep getting older. Every day, we are flooded with images and messages about being healthy. It looks great on TV, but we are all affected by things we can not control, like genetics.   
Eat right and exercise your body and your brain. It is easy to say but often hard to do. The research is clear. Our lifestyle choices can help us or quite literally, kill us. Most clients do not need to go on any radical dietary change or spend hours in the gym. Paying a little more attention to what they eat and staying active can boost their health and happiness. Some encouragement for small changes can make a big difference.   

It is easy to focus on good health as a way to cut down on visits to the doctor and health-care costs, but an underappreciated benefit is that paying a little more attention to one’s physical and mental health makes success in these other areas more likely.

Connection
One of the times I remember my grandfather at his happiest, and he was usually very happy, was when I had a conversation with him while he was on his deathbed. His heart was failing and he had little time. He was downright content because he had this one nailed. His relationship with my grandmother and God were so good, it overwhelmed what was happening to his body.  

For many, this item is the most important on the list. Strong relationships yield happiness. Poor relationships yield unhappiness.

People with good relationships and real connection with their coworkers often enjoy their jobs even if their tasks are stressful, unfulfilling or dangerous. On the other hand sometimes people put so much energy into their work, they neglect or damage relationships with others, especially the people at home. This is a common source of profound regret. Put on Harry Chapin’s Cat’s in The Cradle and see if you can stop yourself from second guessing how well you have kept a balance between work life and home life.

No matter how much love we have for someone, relationships take effort. Sometimes the quest for better relationships is the catalyst for change. Sometimes it triggers retirement. Retirement brings the opportunity to reconnect with children, parents, siblings, friends and of course a spouse. This is not a stress-free transition.

We can laugh about people wanting their newly retired spouse to spend less time at home because that thought is so common, but there is a serious side to it. Just the change to the daily schedule can cause conflict. Encourage your clients to talk about how things will change around the house and talk about the other areas on the list. Attention to health, relevance, growth and play can keep a spouse from feeling smothered and the “honey do” list manageable.

Purpose
One day you are working. People expect you to show up at a certain time and do certain things. Important things. Important enough that people give you money for doing them. You are needed.

Then you retire. When the alarm clock goes off, or doesn’t go off, far fewer people expect far fewer things from you. This void can be an abyss.

It is no wonder that many people have a hard time staying retired. They are bored or lack purpose. They feel irrelevant. The more one feels relevant because their work is infused with a sense of purpose, the harder retiring can be. The more one feels a sense of purpose and relevance about what they will do once they leave their job, the easier the transition.

Growth
If you ain’t growin’, you’re dyin’. That’s an adage that applies to our lives as well as our businesses.

A few years ago, I was invited to speak at the national conference of the Financial Planning Institute of South Africa. In anticipation of that trip, I got into photography.

For a time, I had a ravenous appetite for all things photographic. To this day, I carry an appreciation for photography as an art form and the tremendous skill of professional photographers.

There is a unique enthusiasm that comes from “getting into” something. An excitement that comes with the “beginner’s mind” as I have heard it described. The appetite for more can be almost insatiable and the boost in energy, palpable.
Finding that charge can be hard for some people because they meet discussions of personal growth with resistance. They fear self-discovery may be too intense, but as my photography example shows, less “deep” forms of growth can boost happiness levels even after the initial rush subsides. My photo albums attest to that.

Just ask a client if there is anything they have ever wanted to try. Heck if George H.W. Bush can skydive in his 90s, chances are good you can help a client think of something they can “get into.”

Play
On June 27, as her 18th birthday wish, my daughter talked me into joining her to jump out of a perfectly good airplane. It would have been incredible fun without her, but it was an unforgettable experience because we shared it. From hearing her mutter under her breath about how the first thing she signed as an adult was a liability waiver for a potentially deadly activity, to that huge gorgeous smile she had plastered on her face when she landed, it was awesome.

Isn’t that the way, though? We cherish memories that almost always involve people we care about and doing something fun. What do your clients find fun? In most cases, the answers will probably be things that are a lot less exciting than hurtling through the air from 11,000 feet. Just getting together with friends or family and laughing boosts happiness levels. Watching cable news does not. You can help clients make that connection.

Money
Research indicates that once a level of basic needs is satisfied, additional funds do not boost happiness levels. More money can help facilitate some of the experiences discussed above, but money alone does not buy happiness. In fact, as any financial planner knows, money is often the source of profound stress and unhappiness.

The key to minimizing money as a source of stress is to help clients develop a healthy relationship with money. What triggers their stress? Their own self-destructive behavior? Their reaction to news? Their loathing of politicians? Fear of an unknown future?  A sense they can not go back to the workforce?   

Financial planning is a fantastic service and a fulfilling line of work. Financial planners can’t make someone healthy, give them a sense of relevance, assign a hobby or conjure assets from thin air but they can boost a retiree’s or would be retiree’s awareness of the issues and encourage them to think about and talk about these issues.  For some that may be the most valuable assistance you ever give them.

Dan Moisand, CFP, has been featured as one of the America’s top independent financial advisors by Financial Planning, Financial Advisor, Investment Advisor, Investment News, Journal of Financial Planning, Accounting Today, Research, Wealth Manager and Worth magazines. He practices in Melbourne, Fla. You can reach him at [email protected].