What Our Clients Wished They Knew Entering Retirement

What Our Clients Wished They Knew Entering Retirement

August 31, 2020

Retirement is a major stepping-stone that leaves many asking, “what’s next?” Improper planning and/or misguided expectations can make for a difficult transition for many people. For the past 20 years, we’ve seen firsthand how good financial health has made retirement exciting and stress-free for our clients.

Below are a few retirement surprises, struggles, and watch-outs that we’ve experienced with our clients. The secret? With financial health as your priority, all the rest fall easily into place.‍

Increased Free Time: There Are Pros & Cons

More leisure time can be a luxury to enjoy during retirement. Spending time with your grandchildren, traveling, exercising, or trying that new hobby are all possibilities. For many, this is a wonderful problem to have, but there are those who struggle without the structure they once had.

Surprisingly, free time can be an unexpected difficulty. It can mean worrying about income or contemplating going back to work. You may feel bored or lack direction. Some clients have relayed to us that the workplace and interconnected relationships are missed.

The reactions to free time can range widely from positive to negative. Regardless of how you feel, you’ve earned this moment. Creating the right balance between structure and enjoyment will be important for your happiness in retirement.

Finding A New Path

Retirement can feel like an opportunity for a new direction. Many clients have felt rejuvenated and motivated for new projects or challenges. Others have created or invested in small businesses. Financial independence may ignite that passion you have always dreamt of doing.

A new path doesn’t have to be grand. It could be as simple as taking on a new hobby, to volunteering or joining a community to meet new people. What’s important is finding a new purpose that brings you a sense of joy & fulfillment in this next chapter.

Lacking a sense of purpose has proven to be one of the hardest transitions for many of our clients.

The Family Financial Provider

Our clients oftentimes don’t know what to expect when adult children still depend on them. We all hope to raise financially independent children, but in today’s world it’s more likely that, at some point, they will need financial help. Being the Bank of Mom and Dad can feel as if you’re putting your protection at risk and neglecting your retirement funds.

There are also life unexpectancies when your spouse or family member may need caregiving. Clients have expressed that this can be stressful and influences their post-retirement decisions and wellbeing. The balance between care related demands and financial needs can be challenging, but you can ensure you’re prepared for it.

The only consistent thing in life is change. In these moments, clients have suggested that you prepare your investment strategies in case of an unexpected financial shift. Preparing the right short and long term plans are important to leaving your financial future protected.

Market Volatility: What To Expect

Market volatility is always unexpected and panic from the market crashing may lead many investors into massive sell-offs. When the market corrects, the possibility of falling into a bear market is significant. Many of us don’t have time to wait out the economic cycles that can take years to regain what we’ve lost.

Our clients expressed the best way to prepare for a volatile market is identifying a team that understands a strategy which best fits you. Our Financial Strategists suggest that a balanced investment strategy provides protection for the percentage of your wealth that matches your age.

For example, if you’re 60 years old, you should have a minimum of 60% of your total wealth protected from market losses with upside growth potential. By activating this investment strategy, when the market crashes you can avoid the emotional and financial stress that can set you back for years.

So, What’s Next?

The most enjoyable retirement lives come with proper planning and great financial health. Retirement can come with highs and lows, but the proper investment strategy can help you stay balanced through them all.

After working with over 5,000 clients we know that peace of mind through retirement is achievable. Want to be ahead of the curve on your retirement? Call us today to talk to a Financial Strategist.