Retirement Specialists Can Help Clients Deal with Fears

Retirement is one of life’s most exciting times: a time for exploration, shift in focus and demand for new knowledge and skills. For most clients, it is new territory and as a caring advisor it’s a wonderful opportunity to ‘ride shotgun’.

Have you ever heard a client say:

“Will I lose my physical or mental health as I age?”

“Will I have sufficient monies to permit me to accomplish my retirement plans?”

“Will disputes or mood swings affect my relationship with my spouse and friends?”

Fears cause feelings of unease and if not addressed, can act as obstacles between a client and a happy retirement. As humans, we all have fears. Fears help protect us. Our fear of being involved in an automobile accident makes us drive within the speed limit, wear a seatbelt and watch for careless drivers. Our fear of falling makes us take extra precaution when walking down stairs.

However, when fears get out of control, they can snare our actions and escalate to the point of overtaking rational thinking.  Our fears can paralyze us from trying something new.

To help clients overcome fears about retirement, here are some actions you can take when needed:

1. Stay positive.  Remind a client how fortunate he/she is to have good health, a loving family and friends and live in a free country.
2. Acknowledge strengths and ability to adapt to change.  Ask a client to think about the changes he/she already managed successfully including surviving adolescence, getting an education, buying a home, raising a family and holding a job.
3. Focus on the retirement plan.  Underline the importance of building and implementing a holistic retirement plan and moving forward to accomplish what is important including a financial plan, balanced leisure lifestyle and using the concept of legacy to guide actions in life after work.
4. Importance of sharing fears.  Encourage your client to talk to others about what bothers him or her concerning retirement. Hearing different perspectives and input may help better understand the fear.
5. Caring.  Remind your client of your willingness to help him/her succeed in retirement; that you are present not only for financial matters but also to act as a coach and friend.

Fear of change is a common human trait and so it should come as no surprise that fear factors into retirement. Advisors can be of great assistance in this time of great change in routine with the adoption of a new life style; more self-reliance regarding to financial matters and often, new and different responsibilities.

Rick Atkinson is an expert in holistic retirement planning and best-selling author of Strategies for Retiring Right!

Additional Educational Resources Include: MFA – Retirement and Estate Services Specialist™, Distinguished Advisor Workshops: After the Federal Budget – Retirement, Estate and Cross-Border Planning.

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