At first, saying any one of these statements may seem unnatural and out of your comfort zone … maybe even unprofessional in some cases. Which is why it’s so important for advisors to understand that retirement is one of the most sought-after phases of life but also is one of the most misunderstood. There is so much to it, that I have devoted my professional career to breaking the status quo of traditional retirement planning to include issues like these that go beyond the dollars and cents of it.
Harsh reality is, traditional retirement planning is fatally flawed because the current process doesn’t help people develop a written plan for the non-financial aspects. We leave it up to the client to figure it out, and they are just not equipped to do so in many cases. This is why we need to raise awareness around these other factors so our clients are better prepared when issues show up.
Stop Saying, “Retire To Something”
In my opinion, there is nothing worse than being cliché or saying what everyone else is already saying, especially if the concept doesn’t work. I can’t tell you how many people come to my workshops and say, “Once I retire, I’m going to eat better, exercise more, start a business or rekindle this hobby.” And guess what, when they get there, they don’t do it. Want to know why?
We are creatures of habit, and if your clients don’t start or establish them before they retire, they aren’t going to magically appear. Retirement doesn’t provide any extra energy or motivation. Yes, it offers more time and freedom, but without the energy, commitment and support it won’t matter. So, start telling clients to “Retire with something” so they don’t fall flat trying to change who they are and what they do when they get there! Start now.
The Difference Between Todays Haves And Have-Nots Isn’t Money
It used to be that money was the key differentiator between the haves and have-nots, but as our society ages, money takes a back seat to those people who are active in life, engaged with others and feel relevant. Research suggests that active people with a strong social network are happier in retirement and have the ability to not only live longer, but also delay the onset of things like heart disease, Alzheimer’s and dementia.
The new haves understand that true wealth isn’t defined by the almighty dollar but rather the impact that they are having with and on others. So they invest in their health and relationships, and aren’t afraid to use their savings to create a better life now instead of waiting until later.
Twenty Of The 43 Most Stressful Life Events Take Place At Or Near Retirement
Can you imagine starting a meeting with a client by saying, “Did you know 20 of the 43 most stressful life events take place near retirement? In fact, retirement itself is listed as the tenth most stressful life event?”