An important aspect of retirement planning likely gets little attention from advisors as they work to set up a plan to ensure retirees will not outlive their assets.
Clients may secretly be dreading the adjustment in the way they will spend their time. And the change could also take a devastating toll on their marriages.
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Not to say advisors should become marriage counselors.
More and more, clients look to advisors as a resource for everything from finding a nanny to lining up junior’s first mortgage.
By steering clients’ retirement thoughts to include how they will handle the retirement lifestyle could be an excellent differentiator as well as robust client service.
Take the statistics that 75% of retirees believe their lives will be better in retirement but, in fact, only 40% of them actually find that to be true.
Spouses who are accustomed to finding themselves going their own ways during the day may suddenly not know how to handle being around each other all day, every day.
Men often define themselves by their careers. Who will they be when that career is gone?
Divorce rates have increased among retirees as couples who have been suddenly thrown together again find their interests less compatible.
Advisors who begin conversations about spousal relationships from a lifestyle and relationship perspective will give their clients a leg up toward a successful retirement.
A common interest in a hobby might require a retirement plan to support its pursuit. Or financial plans might need to be made so that each spouse can pursue his or her own interests in a way that will continue to add vitality to the relationship in similar fashion to pre-retirement life.
Of course, relationship preservation can’t really wait until retirement begins. Broaching the subject and even steering clients to a needed therapist can lead to much more satisfying retirements and will undoubtedly strengthen client relationships.