From the longer-term perspective, becoming more aware of the stages of grief is a good starting point. As I mentioned earlier, sudden retirement, like divorce or the loss of a loved one, can be a difficult transition. Sudden retirees typically progress through a series of grief related stages, which usually take the form of an uncomfortable emotional experience that may even cause symptoms such as fatigue, sleeplessness, and irritability. This is usually followed by a period of working through it by developing a retirement-based identity. Finally, once the situation has been accepted, barriers are removed and they catapult back into a routine and a sense of normalcy.
Whether it's a financial or emotional issue, advisors have a powerful opportunity to help their clients deal with a difficult situation. The sudden retirement trend is sure to continue and advisors will continue to be called upon to help clients make more than just the financial transition. By simply being aware of the issues associated with sudden retirement, being prepared to help clients embrace it, and making a commitment to the client's overall well-being, advisors will not only see their business flourish but so, too, will they enhance their own personal well-being.
Robert Laura, president of SYNERGOS Financial group, a Michigan-based RIA, is the author of Naked Retirement and is the co-founder of the RetirementProject.org. A regular contributor to fa-mag.com, he provides Retirement Wellness Workshops for individuals, organizations, and employers. He can be reached at [email protected].