From what the academics have discovered, advisors may need to manage their clients' expectations as well as their nest eggs to ensure that retirement doesn't come as a shock.
A full 25% of the retirees the Robert Wood Johnson Foundation and the Harvard School of Public Health talked to are disappointed with life after they quit working.
Another 44% say life is the same and only 29% are happier.
Anecdotally, they say they have less stress, eat better, and spend more time doing things they like with people they love.
If retirement is something that not everyone will enjoy, maybe around one out of four of your clients is in that camp. Not everyone likes to stop working, but we have this perception that retirement should be the universal top goal.
And even if a client wanted to retire, the reality may not be what he or she expected. We're all free to change our minds, even at that stage in the lifetime planning process.
Talk to your retired clients. Are they still as happy as they thought they'd be?