Mitch Anthony
Mitch Anthony
FINANCIAL LIFE PLANNING
the best life possible with the resources they have, including planning for unforeseen events and the future? While this question might seem identical to the first one, it’ s designed to make sure your clients have a plan that leads to a balanced life, not just a retirement plan.
• Have you discussed what retirement means to your clients, and what their plans are( beyond having enough money saved)? Their answers will often provide insights you can’ t get from a balance sheet, especially if they tell you they haven’ t given much thought to retirement beyond having enough money.
Retirement as it has been defined for us is misleading. In a 2024 retirement confidence survey performed by the Employee Benefit Research Institute, more than 85 % of respondents who were working during retirement said they were doing it to stay active and involved. And sometimes they’ re doing work it’ s assumed would be done only by people much younger. Take, for instance, a New York Times story from earlier this year that profiled roadies and guitar techs in their 60s and 70s who are still working for musical acts like U2 and Bruce Springsteen. Ageism would tell you that this type of career is viable only for someone much younger, but those jobs actually take years of experience.
What exactly does it mean when we say someone is“ old”? Are we referring to the person’ s years on the planet or their state of being? Or both? By old, do we mean that a person is in a state of decline? The truth is,“ old” is a misnomer, a man-made limitation. All of us age, but that doesn’ t mean we are old. Henry Ford said,“ Anyone who stops learning is old, whether at 20 or 80. Anyone who keeps learning stays young.”
No one comes into this world with“ use by” dates stamped on their backs. As long as your clients truly love what they do, you should encourage them to stay in the race, even if they need to slow their pace. Or think about yourself: Do you really want to completely quit working? If the answer is no, why would you assume your clients do?
Clearly, we all need to be prepared for the later stages of life, but that doesn’ t mean we have to step aside simply because of some random number that may or may not apply to us. It’ s true that there are many people working in jobs, industries and offices they hate— the folks who have convinced themselves that the only answer is to stop working and retire. The problem is that, once they do, they become miserable( or at least unfulfilled). So you shouldn’ t assume your clients want to retire simply because they’ re of a certain age or build that assumption into your planning.
Adjusting Your Perspective
Here’ s a shocker: If you consider anyone over 60 to be a senior citizen, then remember that Gen Xers are starting to turn that age this year. You might not think of those people as old. I doubt they think of themselves as old.
Think about yourself: Do you really want to completely quit working? If the answer is no, why would you assume your clients do?
Keep that in mind when you talk to your clients about their work plans.
Most of the people surveyed in the latest Transamerica Retirement Survey— including majorities in all age groups— said they expect to continue working in what are considered traditional retirement years. Those who could drop out may instead choose to continue working because they don’ t want to enter a slow track of intellectual atrophy, boredom, and monotonous leisure.
Even if your clients can afford to retire, you’ ll still need to get them thinking about what they want their retirement to look like. In a 2023 survey from AARP, work-life balance was a top issue for older workers. Most weren’ t interested in retiring cold turkey.
One of the best ways to practice an- ti-ageism is to question clients who say,“ When I retire, I’ m going to do such and such.” See what would happen if you encouraged them to explore those dreams now. Are those plans financially viable? If not, it’ s OK, but whatever the dreams are, there will need to be a solid plan in place for the client to realize them.
I’ m not suggesting your clients throw caution into the wind. There is no doubt that as a society we need to do more when it comes to how we save and spend. We all need to be prepared for whatever the future holds. But that doesn’ t mean we need to miss out on the present.
Far too often society expects that, as soon as you hit that magic number of 60 years old, you automatically want to take the off-ramp. But your need to feel fulfilled doesn’ t stop just because you turn 60 or 70. Most of us are truly happy when we are doing what we love, regardless of our age.
It’ s Not The Money
People are still haunted by the old rules and media hype around retirement. We tell people to save, save, save until they’ re 65 and then go find something to do. Life should be more balanced than a simple before-and-after view. We should be encouraged to enjoy what we have as we are aging. And when we are past what is considered the traditional age of retirement, we shouldn’ t be expected to automatically step aside and make way for someone else.
Because of these outdated ideas about retirement, we have prioritized money over living. We assume that once you reach a certain age, you are no longer capable of learning new things or meaningfully contributing. We assume that all retirees have the same goal: wake up, play( choose your sport or card game), repeat. I doubt it’ s what the majority of your clients want, even if they don’ t realize it. Too many of us wait far too long to understand that the life we are living right now is not a dress rehearsal.
MITCH ANTHONY is the creator of Life-Centered Planning, the author of 18 books for advisors and their clients, and the co-founder of ROLadvisor. com and LifeCenteredPlanners. com.
18 | FINANCIAL ADVISOR MAGAZINE | APRIL 2025 WWW. FA-MAG. COM