Alexander Graham Bell once said, “When one door closes, another door opens.” The problem, he concluded: “We often look so long and so regretfully upon the closed door that we do not see the ones which open for us.” This month’s Global View takes a look at how to help clients stop looking back and move along the path to a healthy, happy retirement.
Advice for procrastinators. Jonathan Chevreau’s MoneySense interview with David Trahair, author of The Procrastinator’s Guide to Retirement, offers advice and reassurance for clients in their 50s, who are wracked with guilt over their lack of a hefty nest egg.
Walk the line between investment safety and income security. Writing for Forbes magazine, Wade Pfau looks at the risk/reward trade-offs of an equity portfolio versus the contractual guarantee of insurance products for providing retirement income.
Plan for the next stage. New York Times’ contributor John F. Wasik examines the importance of engaging in life planning to ensure retirees find meaning and purpose in their later years. Suggested questions include: “Who do I want to be? What have I missed? Who did Inotget to be?”
Get up off the couch. This Next Avenue article by Richard Eisenberg looks at the latest research on how men and women spend their time in retirement. The upshot: the more activities they engage in, the more satisfied they are. And for those who believe retirement signals a slow decline into illness, this WebMD piece by Don Rauf points to research that indicates retirement can actually be golden for your health.
Keep on trucking. For the truly regretful client, it’s not carved in stone that they absolutely must retire. Australia-based News.com.au’s Tom Champion takes a look at some of the celebrities whose careers are peaking late in life. Think Hillary and Bernie for starters!
…But be realistic. A heads-up for those counting on working longer. This CNBC article by Kelley Holland points to research indicating some professions are particularly susceptible to early retirement because the skills they require decline with age.