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Retirement Realities

Most financial planners deal with investments and pensions and tax, but only a few can differentiate themselves with excellent credentials in Retirement Coaching.

Of course, our biggest priority is to ensure our clients have enough financial resources to retire successfully, and on their own terms. But part of that planning relies on knowing exactly what our clients expect to do once they stop working. The two are inextricably linked—if we don’t know what our clients want to do once they retire, we can’t execute financial plans that will help them achieve their goals, and if we don’t help them make good financial plans, they may not be able to do all the things they want to do in retirement.

So retirement coaching is central to helping clients live the best possible lives – whether they are at retirement age or (hopefully) a few years away and planning their strategy.

We’ve seen people retire with the mindset that “every day will be Saturday.”  But pretty soon, Saturday feels dull and predictable like Mondays used to. Then they get anxious, irritable, and feel adrift or without purpose. Within a year they become bored, then boring, and begin piecing together things to do just to “keep busy.” Many find they need to get another job or sadly die early of boredom! That doesn’t sound like a successful retirement to us.

Consider the following list of attributes of people who do not retire well:

  1. Lack of challenges

  2. Boredom

  3. No (or not enough) hobbies

  4. No social network

  5. Marital strain

  6. Trouble adapting

  7. Feeling isolated

  8. Loss of identity

  9. Intellectual decline

  10. Lack of structure

  11. Upended plans

  12. Poor health issues

  13. Not enough savings

  14. Fear of spending money

Now, compare that list with this one (attributes of people who enjoy a robust retirement):

  1. Community engagement

  2. Robust network

  3. Active social life

  4. Work (at least part-time)

  5. Fulfilling hobbies

  6. Routines

  7. Purpose-driven activities

  8. Well thought-out plan

  9. Positive family relationships

  10. Coaching/mentoring

  11. Physical activity

  12. Supporting a cause

  13. Having enough savings

  14. Still challenging self

  15. Ongoing learning

You can quickly see how planning ahead, financially and psychologically, is so important and this is where a retirement coach can be so valuable.

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