Often, this kind of question can help clients decide whether they want to age in place and whether they need to prepare their home for a time when climbing stairs and entering or leaving the bathtub may become more difficult.
“As we get older, our homes get older too,” Lynch says. “As an advisor, you think of tools and resources that you can help connect clients with. Maybe a builder that specializes on aging-in-place issues that can help them create a safe space to age within.”
Question No. 2: “How will I get an ice cream cone?”
A well-planned retirement offers individuals greater opportunities for leisure. After leaving the workforce, few aging individuals envision themselves alone or shut in, so few consider how they will be able to go out and meet their friends.
Clients need to be prompted to consider their transportation options in retirement, and how they will engage in the leisurely activities they have enjoyed or fantasized about throughout their working lives, Lynch says.
“As I close my eyes and think about the next phase of my life, what do I plan on doing, and will I have access to transportation that will allow me to do that?” he asks. “This is a financial planning issue too. For the average couple in their 70s, the No. 1 out-of-pocket expense is their home. No. 2, believe it or not, is transportation.”
This question helps clients realize that there may be a time when they have to turn over driving responsibilities to family members or other caregivers for the remainder of their lives, create a financial plan to address their needs—and realize that losing the ability to drive does not necessarily mean sacrificing the activities they enjoy. Advisors can help by making clients aware of ride-sharing services, public transportation and specialized senior transportation services in their area, Lynch says.
Question No. 3: “Who will I have lunch with?”
Too often, retirement and longevity planning minimizes or outright ignores a client’s emotional well-being, Lynch says. Social activity is central to emotional health.
“I think this is the most important question of the three,” Lynch says. “We’ve seen the difference between folks who are enjoying fulfilling retirements and spending time with people versus [those] who don’t. Those who retire after work has been everything in their life, we find that they stay home, aren’t mobile, and physical and mental health issues can start to affect them.”