Most clients don’t necessarily associate stress with retirement but when you think about it a number of issues do arise:
• Leaving work identity behind
• Moving or downsizing
• Lost friendships from work
• Changes to their daily routine
• Loss of a family member or friend
• Health issue
• Divorce
• Kids leaving home
That’s just a few of the stress factors that can converge on new and existing retirees and a major reason why people can feel out of sorts or overwhelmed in the first few years of retirement.
Once again, this is why we have to start having these conversations with clients. By creating more awareness, people can recognize when they are having trouble and seek out help and support. Too often people suffer in silence because of the stigma associated with retirement, i.e., that it’s supposed to be this perfect time where everything goes as planned and works out well. But what happens if it isn’t? Who do clients turn to without feeling like they will be judged or criticized?
Why Worry About A Market Crash When The Dark Side Of Retirement Carries Much Greater Risks?
It’s very common for clients to ask what will happen to their life savings if there is a market crash, but few know that retirement can invite more expensive and frightening things like depression, anxiety, addiction, and in some cases, even suicide.
Nobody likes to talk about this stuff, but when you or a loved one come face-to-face with it, recognizing the warning signs, having resources and finding support becomes more important than surviving a market correction.
Advisors don’t need to become social workers, but rather take the role of quarterbacking one step beyond working with an attorney and CPA and form relationships with professionals who are trained to deal with non-financial retirement issues.