Believe it or not, retirement can pose significant challenges if not approached thoughtfully. Beyond financial considerations, it’s crucial for advisors to delve into their clients’ personal circumstances. The wealth management industry is shifting towards understanding clients on a deeper level, crafting financial plans that evolve alongside their changing needs. Mark Chamberlain, co-founder of Lakeside Wealth Management Group, emphasizes three pivotal questions clients must confront:
- Are you prepared for a significant increase in time spent with your spouse, especially if they’re also retiring?
- How will you replace the social network you’ve cultivated at work?
- What plans do you have for your time after decades of working full-time, particularly considering the challenges often faced by men in this transition?
Failure to address these personal aspects may leave retirees unprepared for the emotional and social adjustments that come with retirement. Neglecting these considerations could lead to feelings of isolation, boredom, and strain on relationships, impacting overall well-being and quality of life in retirement. Additionally, overlooking these aspects may result in financial plans that are not aligned with retirees’ true needs and aspirations, potentially leading to dissatisfaction and financial stress in the later stages of life.
Fred Barstein further explores these concepts in his latest article on www.wealthmanagement.com titled: “How People Fail at Retirement.”
