Retirement Isn't Everything

Mitch Anthony

 

Recently, I’ve gotten requests for interviews about The New Retirementality. Hmm…it seems as the economy continues its rollercoaster ride, people are starting to take notice that their retirement is in jeopardy and don’t know what to do.

As you think about the New Year, and New Year’s resolutions, it’s a great time to revisit the fact that work may always be a part of our lives. And you know what? That’s fantastic! I’ve said it before, and I’ll say it again, it’s time to retire retirement.

As you continue to calm anxious clients, resolve that you will remind them that not only is it OK to continue working past that magic number of 62 (or 65 or 70 or whatever that number is), it’ll probably actually improve their lives. Your goal as a financial life planner is to ensure that your clients understand that working longer doesn’t mean trudging off to some thankless job in a 3x3 cubicle.

Yes, unemployment is rising, but with some sage advice from you, including careful financial planning, you can help your clients realize their dreams…regardless of the economy:

  • Have your clients take an inventory of what’s really important to them:  do they really need two houses, and a car for each member of the family? You’d be surprised at how liberating it can be to simplify.
  • Have your clients think hard about how they will fill those 168 hours each week once they’re retired. Chances are, they haven’t really thought about it, but when they do, they’ll realize they could get bored pretty quickly.
  • We all need that human touch. Ask your clients how they plan to get that once they stop working. Don’t be surprised if they don’t have an answer. Maybe it’s not the work that’s the problem but rather the type of work.
  • Let your clients know they aren’t alone. While I won’t go so far as to say misery loves company, there is comfort in knowing others are also experiencing the same or similar frustrations. It’s important for clients not to be ashamed or embarrassed just because they can’t stop working.

Of course, none of this is possible without a realistic financial plan. If your client has just discovered that he can’t retire in five years as planned, assure him that it’s not the end of the world. Maybe he can retire from what he’s doing into something he wants to do.

 

Make your New Year's resolution to help your clients live their dreams by helping them realize retirement isn't the only option, and isn't always the right option. Freedom to pursue a life of meaning and balance is really what they're looking for.

 

 

Mitch Anthony is the founder and president of Advisor Insights Inc. and The Financial Life Planning Institute, training companies serving advisors and the financial services industry. He is the author of several books for advisors including the StorySelling for Financial Advisors. His newest book, From the Boiler Room to the Living Room:  What the Coming Revolution in Financial Services Means to You and Your Clients will be published by John Wiley & Sons is now available at local and online booksellers or at http://www.mitchanthony.com/BOOK_Boiler_Room.html. Anthony is a contributing editor for Research magazine and his column “Financial Life Planning” appears in Financial Advisor magazine. He has been a named a “Mover & Shaker” by Financial Planning magazine and is frequently quoted by the media as an expert on financial life planning.

Contact him at mitch@mitchanthony.com.

© 2008 Mitch Anthony

The Cash in the Hat
Published by Insights Press
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