That’s because on paper, everything is good. But when clients lose their work identity, miss regular social interactions, start arguing with their spouse, or aren’t seeing the grandkids like they thought, the way they thought retirement would look and feel conflicts with what is really happening. And it’s difficult to grasp. It’s really hard for them to figure out and remedy on their own. It’s why people often waste the first and some of the best years struggling to adapt and figure it out.
I want to really hammer this point home to advisors because there are some new tools out there to help advisors supposedly address this stuff. There are software programs where clients can click on pretty pictures to prioritize their values or take 15 minutes with a deck of cards to organize what will make the next 30 years more meaningful for them. But it can actually make their transition more difficult because clients are left to think that the work is done and they are all set now that they have enough money, the right asset allocation and their top values in order.
But it’s way too Pollyanna and can be a complete waste of time, shortly thereafter. It’s one reason why AARP’s Life Reimagined failed. They’re info and assessments were basic, superficial and didn’t address the deeper issues and feelings.
Since I started the Retirement Coach’s Association two years ago and developed the Certified Professional Retirement Coach designation on these non-financial aspects of retirement, I’m the one who gets the emails and calls on these issues—and they aren’t pretty. It should wake advisors up to the more pronounced work that will need to be done going forward. For example, issues including:
• I feel like I lost a part of myself
• Who even needs me anymore?
• I feel like I’m invisible
• I hated my job, but miss work
• I’m done living my lazy husband's retirement—I want a life too
• When I say I’m retired, the conversations ends