Additionally, we have access to one of the most extensive studies on retirement wellness through the Harvard Study of Adult Development. It tracked the lives of over 700 men for some 75 years and concludes that people who are more socially connected to family, friends and community are happier, physically healthier and live longer than people who are less well connected.
Researchers also found that strong relationships play a role in protecting brain function. Participants who reported feeling “securely attached,” meaning they could count on another person in times of need, had their memories stay sharper for longer, while those in an insecure situation, experienced earlier memory decline.
Long story short, we know that there is more to a successful retirement transition than financial products and services and it’s our responsibility to not only communicate that to client’s but to help them plan for it. Of course, that’s easier said than done.
After all, the NFL’s best players didn’t quit once they heard about the link between CTC and playing the game. Furthermore, just because people are more aware of certain issues, it doesn’t automatically eliminate them. In fact, a recent report suggests that NFL players were diagnosed with more concussions in 2017 than in any season since the league began sharing the data (2012). The report stated that there were 281 reported concussions during the preseason and regular season, including practices. The previous high was 275 in 2015.
Therefore, I don’t expect every advisor who reads this article to run out and completely change everything that they are doing. However, we have to start building a new framework to help clients better understand all aspects of the retirement decision-making process.
That means finding ways to integrate aspects of Positive Psychology and Behavioral Economics into client conversations. It’s a crucial step for a couple reasons. First, it provides credibility in terms of infusing the latest social science and evidenced-based research into the decision-making process.
This is so important because for too long, advisors have downplayed the need to develop new knowledge and skills as it pertains to the softer side of planning. But times are changing. Just as football coaches and players had to accept new techniques and realities, advisors and their clients must do the same thing. The new culture of retirement planning will not only go beyond the dollars and cents, it will also emphasize the need to play the game of life in a way that allows men to strike a better balance between work and the things that will keep them healthy and connected for years to come.
Second, building a better framework for retirement planning will help break the warrior code by giving people permission to talk about their struggles after leaving work. By bringing it out of the shadows and helping clients develop a written plan to address all the factors that can and will have an impact on their life after work, they can be positioned to make more informed decisions, and ideally create smoother transitions. That doesn’t mean everything will goes as planned or just automatically take shape, but this is the starting point for facilitating change in our industry and how we serve clients.
Overall, it’s time to break the warrior’s mentality that surrounds retirement. We need to take the issues that can cause men to struggle with the transition head-on and develop new ways and resources to help them find deep satisfaction with both the personal and financial aspects of the retirement planning game.
Robert Laura is the president of the Wealth & Wellness Group, the founder of RetirementProject.org and pioneer in Certified Retirement Coach training. He can be reached at [email protected].