Retirement Wellness with Tech, Emotions, and Stories – No Calculators

Ever seen someone retire with a fat bank account but an empty life? That was my wake-up call after two decades as a financial advisor. I'm Carla, and I couldn't ignore what I saw - people sacrificing their present for a future that often left them feeling lost and unfulfilled.

The endless planning, constant decision-making, and perpetual financial checklists were overwhelming my clients. Despite their financial success, many didn't feel on track. More importantly, they were lacking something crucial—fulfillment. Some faced difficult life changes, others felt lost, and tragically, a few even died by suicide. It was through this experience that I realized the importance of self-awareness in retirement planning – understanding what truly brings joy and fulfillment beyond financial stability.

Imagine planning a grand feast. In the past, when I planned and cooked a Paella, I focused solely on finding the ingredients and ensuring I had all the right equipment. I meticulously measured and prepared everything to perfection, but I never had time to think about the style, the textures, or the enjoyment of the moment. Now, with self-awareness, I look beyond the ingredients – beyond the "financial calculators and products" – to savor the joy of cooking, the love shared over a meal, and the laughter with loved ones. This is the missing piece in retirement planning – focusing so much on the financials that we forget about the joy and fulfillment.

My own experience struck me deeply and sparked my passion for building a better approach to retirement planning. The obsession with planning for the future while deferring my health, and the small things that brings me happiness took a significant toll on my mental and physical well-being.

I knew something had to change. Not just for me, but for everyone facing retirement. So, I decided to do something about it. Here's what I came up with:

1.??Retirement Without Numbers?: This is my formula and framework, a holistic approach to retirement planning that prioritizes emotional intelligence and real human stories. It's more than just a method; it's also a community space, embodied in this newsletter and podcast series, where we explore retirement beyond the financials. This is also the secret formula behind our logo and frameworks, more on that later.

2.?MyPlanKeeper?: A pioneering retirement wellness platform designed to be your constant partner in navigating the complexities of retirement planning. Unlike traditional financial tools, MyPlanKeeper? focuses on your present well-being and emotional fulfillment, ensuring you don’t have to reset every time your life shifts. Whether you’re working with an advisor, employer, or caregiver, our platform emphasizes meaningful engagement and continuous support, helping you focus less on numbers and more on what truly matters in your next chapter.

What's Coming Your Way

This newsletter isn't about financial products and strategies. It's about diving into real stories and practical ideas that can transform your retirement experience. Here's a glimpse of what you can look forward to:

1. Share Diverse Experiences: Retirement is unique for everyone. By sharing a variety of stories, we can learn from each other's successes and challenges.
2. Explore Innovative Solutions: As technology evolves, so do the possibilities for enhancing retirement and financial planning. We'll discuss cutting-edge ideas and tools that can improve retirement wellness.
3. Challenge Traditional Thinking: The old model of retirement planning focused heavily on finances. We'll explore how to balance financial security with emotional, social, and personal fulfillment.
4. Bridge the Generational Gap: With many advisors retiring, we need to find ways to transfer not just assets, but wisdom and context. We'll discuss strategies for maintaining continuity in retirement planning across generations.
5. Empower Informed Decision-Making: By providing insights into both the emotional and practical aspects of retirement, we aim to help you make decisions that align with your values and goals.

Through this newsletter, we're not just sharing information – we're building a movement to redefine retirement for the better. Whether you're planning for retirement, already retired, or helping others navigate this journey, this newsletter is a resource for a more holistic approach to retirement wellness.

The Industry Challenge

The financial services industry is wired for numbers. Financial advisors, despite their best intentions, often struggle to have deep, meaningful conversations with clients. When you're limited to a 1-2 hour meeting with an agenda packed with investments, budgeting, tax planning, and estate planning, where does the conversation about personal fulfillment and life purpose fit in?

Moreover, we're facing a significant shift in the industry. According to a study by Cerulli Associates, nearly 109,093 advisors are expected to retire within the next decade, putting over $2.5 trillion in client assets at risk of changing hands. But beyond the numbers, what about the clients behind these figures? Who will take over these relationships, and how will they gather and understand the years of context and personal connection?

Beyond the Balance Sheet: A Fresh Look at Retirement

Did you know that according to the Stanford Center on Longevity, we're living longer than ever before? Their research shows that life expectancy has increased by 30 years in the last century. This 'longevity bonus' presents both challenges and opportunities for how we approach retirement. It's time to embrace this gift of time, plan for more moments of joy, and perhaps even more Paellas with loved ones. Let's look forward to a future filled with vibrant experiences and lasting fulfillment.

What Should Retirees Really Focus On?

With this extended lifespan, it's crucial to look beyond just financial planning. Here's what a holistic approach to retirement wellness might encompass:

1.????? Cognitive Fitness: Engaging in activities that keep your mind sharp and curious.

2.????? Physical Well-being: Maintaining the vitality to pursue your passions and enjoy life.

3.????? Wisdom Sharing: Finding meaningful ways to apply your life experiences.

4.????? Continued Growth: Discovering new ways to use and expand your skills.

5.????? Purpose and Legacy: Living with intention and shaping your lasting impact.

By focusing on these aspects, we can create a more fulfilling retirement that aligns with our values and aspirations.

Facing Fears and Embracing Technology

As we explore retirement wellness, it's crucial to address the role of technology, particularly AI. While its potential is immense, it also brings valid concerns and fears.

We're at the edge of a technological revolution, and the waters can seem deep and unpredictable. The rapid pace of AI development, potential misuse, and unknowns can be daunting—especially for retirees who may feel vulnerable to these changes.

David Donovan, head of financial services at Boston-based Publicis Sapient, highlights AI's potential: "AI's versatility allows it to comprehensively address various aspects of retirement planning, catering to individual needs and adapting to changing circumstances."

While this versatility is promising, it's natural to feel apprehensive. That's why I believe in facing these fears head-on. By discussing them openly and staying vigilant about ethical development and responsible use, we can harness AI's power while maintaining control and safeguarding our values.

In future newsletters, we'll explore the intersection of fear and adoption when it comes to AI in retirement planning. We'll tackle tough questions, share concerns and stories, and work together to find a path that empowers rather than overwhelms.

A key part of this journey will be improving our AI literacy - understanding its capabilities, limitations, and implications is crucial for staying vigilant and making informed decisions. I'm excited to share that I'll be collaborating with Felicita J Sandoval MSc., CFE , a renowned cybersecurity and AI literacy expert, to bring you valuable insights on these topics.

My commitment to you is this: as we explore AI's possibilities in retirement planning, we'll always prioritize transparency, ethics, and the human element. We're not just embracing technology—we're shaping it to serve our needs, our values, and our vision of a fulfilling retirement, all while building our collective AI literacy.

As we gear up for the second season of the Retirement Without Numbers? podcast, I invite you to join me on this adventure. Together, we'll explore new ways to make retirement more fulfilling, more human, and yes, even more exciting. Let's challenge the old narratives and create a retirement story that truly resonates with who we are and what we value.

Please follow the show Retirement Without Numbers? podcast here https://retirementwithoutnumbers.buzzsprout.com/.

Ready to discuss what truly matters? Discover ways to enhance your well-being now while planning for the future. Follow our newsletter for inspiring stories and actionable insights. Share your passions and experiences in retirement planning – let’s do this with joy, together!

References:

• https://money.usnews.com/money/retirement/articles/should-you-let-ai-manage-your-retirement
• https://www.cerulli.com/press-releases/the-financial-advisor-industry-has-a-headcount-problem

Carla Garcia, CRPC?, CPRC, brings over two decades of financial expertise and a pioneering spirit to the retirement and transition industry. As the founder of MyPlanKeeper?, she combines her deep knowledge of finance with a passion for AI and digital safety to empower individuals. Carla believes in living vibrantly in the present while securing a fulfilling future. She is dedicated to promoting responsible AI use and lifelong learning, helping clients embrace technology with confidence and build lasting family legacies without compromising current happiness.