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.