Top 5 Non-Financial Planning Concerns for Retirees-(4) Adapting to Major Life Transitions
Top 5 Non-Financial Planning Concerns for Retirees-(4) Adapting to Major Life Transitions
Continuing our Top 5 series with 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. And one major reason is that things are just different than they had been for a very long time.
- Adapting to Major Life Transitions
As many of you have already experienced, change can be hard. The transition from working years to retirement is one of, if not the most complex and stressful life transition. Some may disagree and say getting married or having children are at the top of that list, and I can certainly understand that, but research shows that for many retirees, the challenge of adapting to retirement is harder.
If you think about it, you go from a life of general structure and purpose to one that may completely lack structure and not offer you an obvious purpose. Added to that can be other major life changes such as downsizing, relocating, losing a spouse, or becoming a caregiver. Life can throw you some curveballs and even if you had a plan for retirement, in many cases you will have to make “course corrections” along the way. Building up emotional resilience and learning to be flexible can make an enormous difference in achieving a successful retirement, whether it resembles your plan or not.
But looking back at the other Top 5 concerns in this series, both financial and non-financial, you can see the benefit of getting professional help and guidance in many aspects of retirement challenges. Being proactive and establishing a community in your new life cannot be underestimated in finding satisfaction in retirement. Oh yes, and having a plan for your retirement--even knowing that what may ultimately happen could bear little resemblance to your original plan—is a critical part of retirement success.
Two notable Americans have thoughts on this topic. Then-General Dwight Eisenhower said this about planning: "Plans are worthless, but planning is everything." This acknowledged that whatever the plan had been will likely need to change over time based on things happening.
Noted philosopher Yogi Berra had this to say about planning (though there are several variations): "If you don't know where you are going, you'll end up someplace else."
As with the other topics in the non-financial concern list, a financial advisor is not the person you should turn to for advice on general life planning. You should seek experienced professionals who specialize in those areas. But for the part of that life planning that does involve your personal finances—finding an experienced professional who specializes in the financial and tax issues impacting those transitioning into or learning to enjoy their retirement.
And that’s where I come into this particular retirement concern. 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. One last Yogi-ism that rings true to me: “You can observe a lot by watching.”
