Funny Faces And Role Models

Negative messaging isn’t the only issue we face. As financial professionals, we also have to be more educated, as well as open and honest about discussing what happens to people when they make the transition into retirement. Unlike the funny face that supposedly stays the same forever, a lot of things can change quickly in retirement, and without the right plan or understanding, a client’s appearance, social network and relationships can grow old and worn. Causing some new retirees to feel out of sorts and uncomfortable in retirement.

Since we only coached them on the need to save and invest, the non-financial aspects of retirement become foreign territory that they aren’t sure how to navigate. As you might expect, this can cause some stress in people and all of a sudden they are thrust back into their childhood fears of becoming a “Billy Jenkins” or “Jimmy Smitzhoffer” in retirement. 

We have all heard, and maybe have even shared some of the urban legends of retirement. I’m talking about the infamous person who didn’t save enough and ends up a bag lady, living on the streets and talking to herself. Or the father figure who never took the time to be a dad and thus sits sad and all alone in his big, empty house. There are also stories about the alcoholic retiree who ruins family and other events, the so-called perfect couple that is suddenly in divorce court, and let’s not forget about the terminal medical diagnosis that turns retirement from a time of joy into a never-ending role as a caregiving. 

Yes, some of those things can happen, but as advisors, we can also help mitigate some of those problems by introducing what I call, Everyday Heroes of Retirement—positive people and influences who have, or are doing special things in retirement. I’m not necessarily talking about the wealthy person who is walking down the street handing out hundred-dollar bills, or the chap who climbed mount Everest at 70, nor the woman who turned her corporate climb into a number one best-selling book. No doubt there are amazing people like this out there, but I’m emphasizing stories or people who are making an impact in smaller, more concrete ways.

For example, I know of a man who made it his retirement mission to build jewelry boxes for foster kids. It turns out that his mom was a foster kid and growing up, she said that when she was shuttled from house-to-house, she never had anything special or that was her own. Therefore, he wanted to make sure the foster kids he could reach would have something they can carry and call their own.

It’s a beautiful example of finding purpose and value in retirement. It also serves as a healthy pattern interruption to the traditional idea that clients will find fulfillment in golfing, knitting and visiting the grand kids every week.

Chewing Gum

I don’t think there are many analogies out there between gum in your stomach and retirement, but truth-be-told, some people can feel stuck, for extended periods of time and be in need of some help and encouragement. As financial professionals, we need to take a more hands on approach to harnessing the power of positive psychology and behavioral economics to name a few. Several months ago, I wrote a piece on positive psychology as well as a recent piece on behavioral economics that are well worth the read because they can help provide context for what clients are thinking and feeling during their transition.

Additionally, both offer evidenced based research and methods to help people not only thrive in retirement, but also make better long-term decisions about it. This is monumental stuff because there are so many quants in our field who think the soft side of planning doesn’t have as significant role and the hard side, but nothing could be further from the truth. Quite frankly there is no hard side without the soft side.