Retirement. For many the word conjures images of relaxation, golf courses, and perhaps a bit too much daytime TV. However, this is an increasingly antiquated view of the golden years. Average life expectancy is forecast to hit 88 by 2060,1 transforming retirement from a holiday during life’s twilight, to a sizeable stage in its own right. This new paradigm means that retirement can seem an uncertain prospect: unfilled time, a lack of structure, and income uncertainty all play on the mind of prospective retirees. In fact, research demonstrates that incidents of depression increase by 40% post-retirement.2
What makes for an enjoyable retirement?
We believe that life after work should be the most exciting phase of your clients' journey. Advisors can help their clients create an enjoyable retirement through a process of "re-wirement" in the years running up to the end of work. Re-wirement involves a holistic approach that focuses on well-being. Drawing inspiration from the world's "blue zones" – regions where people live significantly longer – we can identify key elements that contribute to a happy and healthy retirement.
In places like Nicoya Peninsula in Costa Rica and Ikaria in Greece, people live well into their 90s and beyond. Their secrets? A strong sense of community, purpose, and a balanced lifestyle. This coheirs with survey results from retirees across the world which suggest that the greatest sources of fulfilment include spending time with loved ones, engaging in enjoyable activities, and giving back to the community.
Survey results: what give you a sense of purpose?
Source: Edward Jones, “The Four Pillars of the New Retirement: What a Difference a Year Makes,” 2021; Designing 4 Better.
How can advisors help?
Financial advisors can add value by guiding clients towards these elements, ensuring that money is just one part of the retirement equation. Research has demonstrated that there are six components to well being: Relationships, Engagement, Vitality, Achievement, Meaning, and Positive Emotion (REVAMP).3
Advisors can use the above REVAMP framework to guide conversations and help clients design their ideal retirement. Ask questions like ‘What small steps can you take to improve your well-being?’ or ‘Who do you think has retired well and why?’. These discussions can lead to actionable plans that align with clients’ values and aspirations.
Talk with clients to help them understand how they might build energizing and supportive connections, foster new hobbies and interests, and promote small consistent exercise. Another powerful approach is encouraging clients to serve something bigger than themselves in order to maintain a sense of progress after a career has ended.
Taking this forward
Both regulatory and demographic forces are increasingly making building a dedicated retirement proposition essential. However, servicing clients in retirement goes well beyond building a centralised retirement proposition (CRP). One of the most effective ways of truly differentiating your business, while helping retain clients, is to reframe retirement conversations. Retirement doesn't have to be a retreat from life; with the right guidance it can be a time of growth joy and fulfilment. By focusing on well-being financial advisors can help their clients not just survive but truly thrive in their golden years.
There is no guarantee that any forecasts made will come to pass.
Source:
1UK office of national statistics, 2024
2Healthcare, “Prevalence of Depression in Retirees: A Meta-Analysis, 2023
3Ilia Lindsay, Understanding the fundamentals of well-being, Komodo, 16/11/2023.
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