What do you do if you're a late career professional struggling with the emotional aspects of retirement?

It is important to plan for the social and emotional aspects of retirement. In my book Financial Planning Made Personal, I dedicate a whole chapter to the topic.

I believe there is a misconception—an underestimation — of our role as financial advisors. Our title puts the focus on the “financial” aspect of planning, yet competent, thorough financial advisors guide you in ancillary areas as well. It is important consider all aspects of your life when building your personal financial plan—financially, mentally, and socially.

Retirement doesn't mean the end of learning and growth. Consider pursuing lifelong learning opportunities, whether it's through online courses, workshops, or attending lectures. Staying intellectually engaged can help you maintain a sense of vitality and fulfillment.

Love this one. We interview 100's each year. The common comments regarding TEAM, are "I'm a team player, anyone can ask me anything anytime" I always go 180 degrees - "what's it like when you ask for help? tell me about the last 3 times you asked for help?" Oh, boy... LOTS of silence. It takes STRENGTH and CONFIDENCE to ask for help.

A financial planner can use the data and your plan to answer the emotional questions too. The most common ones we hear are: “Am I going to be okay?” “What if xyz happens?” “Is this normal?”

The first step in addressing a more all encompassing view of retirement is to be aware of the various aspects. I want to open people’s eyes to the fact that the mental and social components of retirement are also important as we develop their plan together. Plenty of people have estimated the amount of money they will need in retirement accurately, yet they are unhappy in retirement because they failed to address these other critical components of life.

Consider the opposite idea - ask yourself why you want to leave your job. Just because you hit some pre-defined age, that doesn't mean you have to stop working if you like what you do. Maybe consider some sort of phased retirement where you work a reduced schedule.

Just as you can’t expect to save a million dollars if you begin saving just a few years before retirement, you can’t expect to build a strong mental and social framework for retirement if you wait until you’re about to retire. I encourage you to begin thinking about these concepts and working on them now. A little planning now will put you in the best position for when you do retire.

In my own experience, I looked at this as a time to move forward with things I did not have time to even think about in my working career. This is the time to explore who you are outside of your original career, and perhaps branch out into something brand new and energizing! Maybe there is a hidden artist or chef inside of you! Keep moving forward and see where this new journey might take you. Remember...when one door closes another one opens!

In a lot of cases, people are just burned out from working and need to slow down and take a rest. That is certainly understandable, but we encourage them to engage in meaningful activities at some point. Very early in the retirement-planning process, we try to educate people about the importance of planning how they will spend their free time, how their relationships could change, where they plan to live once they retire, and other aspects of the infrastructure

Fractional leadership is sweeping the economy. Its great to see the experience, expertise and wisdom of a "corporate refugee" working with a leader in the Middle Market, helping them build something amazing. Sometimes, its as few as 500 hours/year, or a 25% workload.

It is so important to keep socially active. People can feel confused about who they are and what they should be doing once they retire. They have spent so many years using the career as their identity. There are multitude of Meetup groups you might want to look into, book clubs, hiking clubs, political venue, church events. Reach out to your connections and start your own monthly gathering, whether it be dinner, game night, etc. Let this be a time to embrace your life!

I have been wrestling with the emotions of what life will be like in real retirement for some time now. My employer has an innovative program called “less than full time.” I now work MWF week at the same hourly rate and prorated benefits. They still get my expertise and I still have the comraderie at work and am still part of something larger than myself. My outlook improve immensely over the 5 days a week grind!

Who are you? A parent, a professional, a businessperson? Identity is a profound topic, explored by many, including Jiddu Krishnamurti. It’s vital to distinguish between who you are, what you do, and your relationships. This journey of self-discovery is deeply personal. If you need guidance, don’t hesitate to consult a coach or mentor, and delve into the wisdom of the great thinkers. Whatever your age, engage in activities that resonate with you. Whether it’s offering water on a hot day, volunteering, or gardening, pursue what’s meaningful. Embrace your passions and let go of doubts. Feeling lost in the quest for identity? Let’s find your path together!