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Reconnecting with lost passions and hobbies
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Seeking out different volunteer options to find the most satisfying ones
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Accepting physical constraints
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Learning from mistakes and not dwelling on the past
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Not holding a grudge and being quick to forgive
While it’s just a short list of the work that a new or existing retiree may need to undertake, its essential labor for those who truly want to make retirement the best phase of their life. Once again, if clients aren’t made aware of the need to develop new skills or are directed to resources that can help them meet these demands, their transition is likely to be filled with doubts, regrets and indecision.
In my efforts to study retirement transitions, one other fascinating element shows up when clients aren’t prepared for the mental, social, physical and spiritual aspects of it. I don’t have an official name for the phenomenon but would refer to it as a sort of role reversal or job disparity. Essentially, one or more of the primary functions or strengths that a client possessed while working, turns into a void or weakness which causes stress, fear or anxiety in their personal lives.
For example, the former CFO who can’t stick to a budget and overspends her first few years in retirement, or the therapist who counseled pregnant teens, now worries she could be injured or dead in her home for days because she is alone and doesn’t have to report to work.
Similarly, a mechanic struggles with his, and others’ ability, to diagnose and fix a medical condition that makes him feel run-down all the time. The list goes on to include charismatic and outgoing sales people who struggle to connect with friends or develop a consistent social calendar, or the engineer who could dissect and design a car, buildings or communities, but can’t manage his time or organize his schedule.
Clients don’t go into retirement even remotely aware that their greatest asset may become a major liability. It’s interesting because it’s common knowledge in the corporate and investment world. In fact, companies and advisors often encourage clients to hedge against a down-turn or change in the economic cycle, but when it comes to everyday planning for retirement, people are pushed blindly into a transition that doesn’t include similar protection.
Overall, retirementology suggests that there are a growing number of non-financial factors that can impact a client’s transition from work-life to home-life. As a result, advisors have a powerful opportunity to create better outcomes by educating clients on these potential issues and arming them with the skills and resources to overcome them. After all, a successful life in retirement isn’t one without problems. It’s one in which clients learn to work through them.
Join me in the study of retirementology by sharing your observations and experiences via email or the comments section below.
Robert Laura is the president of SYNERGOS Financial Group, the founder of RetirementProject.org and the creator of the Retirement Wellness Report and DividendPaycheck.org. He can be reached at [email protected].