Helping clients plan for retirement is foundational to all other planning. Your clients are seeking your advice as to whether they’ll have enough to live comfortably and leave a legacy for future generations. But have they thought about how to create a purpose-based retirement?

In addition to helping clients achieve their financial goals, ask them what retirement looks like to them. Often, clients are so focused on wealth accumulation and in retirement on wealth distribution that they may not have taken time to think about how they’ll spend their days in a way that’s meaningful and keeps them engaged.

As your clients near retirement and especially if they choose to retire early, encourage them to spend time themselves and with loved ones figuring out what their day-to-day activities will look like.

For some, redefining retirement means launching a new business. For others, it might mean applying their existing skills to entirely new causes such as serving on a nonprofit board.

Here are a couple of ideas you could share with clients to give them food for thought around creating purpose in retirement.

1. Cultivate friendships. Preparing for retirement calls for an assessment of social capital as much as financial capital. Much of your clients’ social capital while working is built on relationships with coworkers and colleagues. But once they retire, some of those friendships may end, particularly if those friends are still working. Likewise, friendships with retirement-aged neighbors could be lost if they decide to downsize and move away or most of their time is spent caring for an elderly parent or spouse who is ill or incapacitated.
   
   Encourage your clients to volunteer, take classes, join clubs and serve on boards as a way to form new friendships. Given that having social networks is one of the most important aspects of retirement well-being, it’s worth the effort.
   
   
2. Start or maintain healthy habits. Encourage clients to maintain their health now, which will pay dividends in the future in enhanced quality of life and perhaps a longer life. Equally important is encouraging clients to stay sharp mentally through intellectual pursuits such as learning to speak a new language or taking up a new hobby.

Clients Who Plan Well Can Retire Well

Although retiring well starts with a thoughtful and thorough wealth plan that will put your clients on a sound financial footing when their working life ends, the personal side of retirement planning is just as important and can serve as a guide to allocating their assets so they can pursue their passions and purpose in retirement.

This material is intended for informational and educational purposes only. No representations or warranties, either express or implied, are made regarding the accuracy or completeness of the information contained herein. Reliance upon information in this material is at the reader’s sole discretion.

Mariner Advisor Network is a brand utilized by Mariner Independent Advisor Network (“MIAN”) and Mariner Platform Solutions (“MPS”). Investment advisory services are offered through Investment Adviser Representatives registered with MIAN or MPS, each an SEC registered investment adviser. For additional information about MIAN or MPS, including fees and services, please contact MIAN /MPS or refer to the Investment Adviser Public Disclosure website (www.adviserinfo.sec.gov).

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