Top 5 Non-Financial Planning Concerns for Retirees-(1) Loss of Purpose and Identity
Top 5 Non-Financial Planning Concerns for Retirees-(1) Loss of Purpose and Identity
Continuing our Top 5 series we now shift over to non-financial reasons why some folks struggle in their retirement transitions. “Failure” in retirement does not necessarily mean having money issues. In fact, many retirees who are financially independent just don’t feel that they are “winning” in retirement.
Again, in no particular order of importance, we start off with Concern number 1 of our Top 5 List.
(1) Loss of Purpose and Identity
Many retirees struggle with the sudden loss of structure, goals, and professional identity that came with their careers. Without a clear sense of purpose, retirees may feel aimless or irrelevant — which can affect mental health and even longevity. A mentor of mine had a retired doctor for a client who was suffering from a loss of identity that really hit home when he was stopped by someone who asked him, “Didn’t you use to be Doctor [X]?” Needless to say, Doctor X still thought of himself as a doctor and realized he needed to make some changes to truly enjoy his retirement. Someone else once remarked that it felt like he went from “who’s who to who’s that” overnight.
Successful retirees often replace work with meaningful pursuits like volunteering, mentoring, creative projects, or part-time consulting. A transitional work to retirement period can often be a way to ease into the changes coming in the future. Having a plan is the key to success. Don’t retire from something, retire to something or, even better, retire with something. This last idea has you starting your retirement transitional activities while you are still working. You might find that something you thought you would want to do a lot of in retirement no longer has that appeal. Better to find out before you commit to something that you later regret.
So you may ask, why is a financial advisor telling me all of this? Great question – I view it as part of the integrated and holistic process that I refer to as being a client’s Retirement Success Advocate. My background in estate, tax and financial planning, combined with coursework in retirement counseling, gives me some helpful insights and tools to work with clients to help them achieve their retirement goals and enjoy their new life.
Please reach out to me to learn more about what a specialized retirement-focused, fiduciary, fee-only financial advisor can do for you. You can start by visiting our website at www.SafeHarbor.financial where you will find information about our cash flow approach to retirement planning, the value of using a Retirement Success Advocate, and a list of our standard projects and fees. Or you can call Safe Harbor at 302-313-6644 or email us at info@safeharborfinancialadvisors.com for an initial no-cost, no-obligation assessment meeting.
