It was loud, hectic and there were no windows to the outside world. I was working a summer job after my first year of college in a massive engine-assembly plant. On any given day, you could hear shouts of, “All clear…Stop the line…Mechanic,” and a few others I won’t repeat. The money was great back then, $11 an hour, but the work was less than glamorous. 

As a summer worker, you were basically placed in roles when other workers were either going on vacation or were out for a medical issue. During my seasonal stint, I had several jobs that allowed me to meet some really interesting characters, as well as learn some valuable lessons that both advisors and clients can use in planning their “time” in retirement.

There is a famous quote out there that goes something like, “You can’t buy or save time, you can only spend it.” On the surface, it sounds logical, but that summer at the assembly plant, I met Jesse who perfected the art of buying time. 

I was there only a couple weeks before I met him, and right away I noticed something special about him. He was an assembly line magician. Not in terms of card tricks or sleight of hand. This guy would seriously disappear from his station, and the line, a couple times a day for as long as 30 minutes. I started referring to him as Houdini because this guy would just vanish.

Even though I was just a rookie, it seemed like a really bad idea considering the order in which the parts are supposed to go on the engine. I finally dared to ask Ralph at the next station over, “Where does he go?”

I will admit, I was asking because I was jealous of his extra free time and would daydream of all the wonderful things I could do if I was in the same situation. Plus, I was wondering why he didn’t get in trouble for standing at his station all day like the rest of us robots. 

What I came to learn was that Jesse held one of the most coveted jobs in the place. He had a role where he could work up the line, about 10-12 engines, whereas the rest of us had more traditional assembly line jobs where we had to wait for the station ahead of us to put their part on first. 

Simple math tells us that if each station was allotted two minutes per part, and Jesse could move up several spots, he could buy himself 20-30 minutes of free time at any point during the day, making for an easy escape. 

It’s an important story for advisors and their clients for a number of reasons.

First, clients don’t often think about buying extra time in retirement primarily because they don’t know how. No one has ever sat down and told them how they can work ahead in their personal life to make sure that when they are ready to make the transition, they are prepared.

Clients need to understand that one of the best kept secrets of a successful transition into retirement has to do with the way they run their life leading up to it. 

Studies show that people live longer, healthier and happier retirements if they have a strong social network; are connected to a purpose bigger than themselves; and have an outlet for physical activity and means of staying relevant to the world around them (learning new things, experience new places and meeting new people). 

The problem for many people is they work hard and focus on getting to retirement and suddenly feel overwhelmed by the need to play catch up in these areas. You’ll notice that Jesse never worked backwards, he bought time by working ahead and so it’s the same for retirement planning; it requires forward thinking and not waiting to try and figure it out once the engine of work life has passed by. 

Another reason why this story is so important is because of how people perceive retirement. They look at it like I did at Jesse’s job. They think about how great it would be to have this extra free time and daydream about all the wonderful possibilities. 

However, truth be told, it can be anything but that. Later that summer, I came to learn that Jesse used most of his extra time to get drunk and high. Turns out some people turn to the same harmful substances when they aren’t sure how to handle their retirement. If you haven’t heard me preach about it before, understand that there is a dark side of assembly lines as well as retirement that includes addiction, depression and high suicide rates, which is exactly why planning for the non-financial aspects of retirement is so essential.

That summer, I also met an outgoing, funny guy named James who seemed to know every-one in the plant. He had an infectious laugh and big smile, especially after lunch. I can vividly remember him every day counting down how many years, months and days he had left until retirement.

I would shout over the buzz of the factory, “How’s it going James?”

He would holler back, “23 years, seven months and 10 days to go my friend.”

Being a college kid, I didn’t think much about it, after all I was counting down the days to get back onto campus as well. But after hearing it, day-in and day-out, it started to feel like a prison sentence.

His approach to work stuck with me for a long time and is a topic that isn’t talked about enough with clients, in terms of doing something that they love. After constantly hearing James count down his life to something supposedly better, I vowed to make sure I was doing something I loved and would look forward to. I didn’t want to regret spending my time doing something I didn’t enjoy.

It’s interesting because several years ago a hospice nurse wrote an article about the top five regrets expressed to her during patients last days. They were:  

1.) I wish I’d had the courage to live a life true to myself, not the life others expected of me.

2.) I wish I hadn’t worked so hard.

3.) I wish I’d had the courage to express my feelings.

4.) I wish I had stayed in touch with my friends.

5.) I wish that I had let myself be happier.

(Source: http://www.bronnieware.com/blog/regrets-of-the-dying)

Unfortunately, some clients have a similar work life and can end up regretting working so hard and not positioning themselves to be happy now, instead of possibly later. This list and story are why I think advisors need to develop a “No regrets retirement” type of mentality in helping their clients prepare for it.

They need to be able to help clients explore what’s really going on in their life and position them to get the most out of it. Ironically, this doesn’t necessarily mean helping clients retire early or by age 65. It may mean helping clients continue to work if they love what they do, or possibly start a business or non-profit, or simply mentor the next generation.

Doing so, doesn’t mean advisors need to become psychologists or therapists, but rather, that they develop a process to simply help clients explore their strengths, things they like and dislike about work, and what they really think retirement has in store for them.

Too often, people have the vague assumptions about retirement and assume it will all just work out. But as professionals we know that’s not the case and often see it with estate planning, right? We have this perfect couple who have even more perfect children. They assure us, if something were to happen to them, everything would be alright. A few years later, the estate is still in court and two or three of the parties aren’t talking to each other anymore. Families and retirement don't need to end up like that, and a little planning can go a long way.  

Reality is, the time we have with clients, and the time they have in retirement is important. Our time with them shouldn’t be spent completely on making sure they have enough money to leave work behind. Instead it should focus on how we can help them apply those resources to building a stronger social network, strengthening their marriage or family relationships, connecting with a higher purpose and staying relevant to the world.

Take it from me, Jesse or James, time is a valuable tool if you know how to invest it!

Robert Laura is the president of SYNERGOS Financial Group, the founder of RetirementProject.org and pioneer in Certified Retirement Coach training. He can be reached at [email protected].