Clients today, need a much more holistic approach to retirement that integrates the mental, social, physical and spiritual aspects of life after work with the financial ones. This is crucial because it enables them to use multiple factors including personal values, family dynamics, personal health and finances to decide when to retire, instead of basing such a major decision on the account balance of their 401(k) or 403(b).
The good news is that it is easy and inexpensive to rectify. Employers and advisors can use a variety of methods to introduce these important, non-financial concepts and strategies to those nearing retirement. These could include newsletters, free books and guides, videos, onsite workshops and individual coaching that encourage spouses to participate.
By doing so, both advisors and employers can stop the misunderstanding associated with aging and help clients capitalize on their bonus years by developing new strategies to withdraw money before full-time retirement and create more personally satisfying work environments.
Robert Laura is the president of SYNERGOS Financial Group, the founder of RetirementProject.org and the creator of the Retirement Wellness Marketing Program for Advisors. He can be reached at [email protected].