You see, understanding how clients form and retrieve memories is important because we use them (memorable events) to measure time. You have probably heard a client remark, “Time is just flying by.” The issue at hand is that older, retired clients generally experience fewer memorable events. Not having, and being able to recall recent or past travels, the books and movies they enjoyed, the conversations they had with their kids, or the look on their grandkids face at their last birthday, can make it feel as if the time between two points is much shorter than it actually was.
Fewer memorable events can cause a client to feel like their life doesn’t have much value and cause them to feel lost, lonely, and like their life doesn’t have much value.
The harsh reality that clients face is that fiercely independent baby boomers who struggle with their memory will not only be forced to give up their freedom but will also be robbed of their personality and connections. For the most part, our memories define who we are and give our lives meaning. They are what binds the past with the present and serves as the basis for our everyday decisions, and how we find satisfaction in life.
It’s also important for advisors to understand that a client’s ability to learn and remember is limited by the accuracy of their senses. Our vision, hearing, vision, touch, smell and taste are the bodies detection system that provides valuable input. Therefore, when they begin to fail and work less effectively, the brain loses crucial data it needs to help guide us in our actions and behaviors.
On paper, it can look and feel like clients should just prepare for the worst and resign themselves to the ravages of age. But what they need to do instead is recognize that the brain has the ability to adapt to its environment. Therefore, if a client is in a challenging environment, their brain will respond accordingly by creating new memories and connections between brain cells. As a result, the speed with which they process information and respond to it, stays higher instead of just falling off.
While advisors don’t necessarily need to add “Your Brain and Retirement” to their services list, they can watch for clues in what clients say and do. One spouse of a client recently remarked to me, “I got my smart husband back,” after he decided to study and re-take a professional exam so he could practice law once again. For years, she complained that he was slowly disappearing, and she was losing interest in him.
Another client shared, “The mind is like a muscle, you have to work it out or it gets fat and slow. That’s why I work part time at 72…because I like to think, problem-solve and be forced to figure things about mentally.”
Those are positive signs that aging clients are aware of what’s happening and understand what they need to do. However, not every client is on the same page and the sooner they can be educated, or reminded, on how the brain and their memory can impact their life in retirement, the better.
Fact is, if clients don’t have concrete plans to replace the mental tasks and challenges from work, their brain responds to a more sedentary, less challenging environment. Slowing down their lifestyle and exposing clients to a higher risk of developing dementia. Clients need to hear statements like that and, at some point, it should be included in the disclosures of every retirement plan.
Important Warning / Disclosure: Retirement should not be taken without a written plan to replace their work identity, stay connected and relevant, as well as keep mentally and physically sharp.
Crossword puzzles and hanging out with the guys once a week at the local coffee shop isn’t going to cut it. Retired clients need new experiences and skills to keep their mind active and engaged. Things like learning a second language, picking up a musical instrument, volunteering for a mentally stimulating job or part-time gig, or even journaling to help recall recent events can go a long way in helping clients fight off memory loss and brain atrophy.
Therefore, it’s more important than ever for advisors to understand what happens to a client’s brain on retirement. They need to not only be aware of how a client’s thoughts, habits and behaviors will impact their client’s memory as they age, but also how the normal aging process will impact it.