place” is for really old people— those with one foot in a nursing home or possibly the grave. The words conjure up visions of a wobbly ramp leading to their front door, ugly steel rails throughout their house, and hospital-like smells and decor.
If they think of it at all, it’ s only after something bad has happened— after they’ ve suffered a fall or their health has quickly, drastically declined. That’ s the point at which they suddenly make key renovations or other changes that cost more money and put extra stress on those involved.
Obviously, there’ s a downside to thinking of“ aging in place” only as an afterthought. What if we thought about it long before and planned for how we do it? involved in the technology of my firm. I know how much a good laptop costs, what software I need, the value of high-speed internet, and what and when to back up. For bigger issues, I work with two IT contractors. Most people, however, don’ t have those luxuries when they leave the workplace. When they worked in offices, all their tech needs were handled with a quick call, an email or a support ticket. Without those support systems, it’ s time consuming, costly and exhausting to suddenly be your own chief technology officer. There’ s a huge learning curve here, and that doesn’ t even include a major tech wreck that can cripple a client’ s social network.
After you’ ve discussed investments with your clients, perhaps you can talk
The new era of retirement, including the things Gen Xers and future generations want, is all about humanizing or personalizing the retirement planning process. to younger people several years out from retirement.
That said, it’ s a multifaceted question. You can’ t ask clients to figure it out on their own. They’ ll have to consider a number of things, including their new direction, purpose and passion. What will their mission be? Their legacy? You won’ t find answers to these questions by simply hitting the open road in a new RV or climbing the ranks of competitive pickleball. Clients will need tools, resources and education to guide them.
‘ Aging In Place’ Most people have the wrong idea about this phrase. They assume that“ aging in
For instance, what if long before they retire, people think of this as a simple remodeling job, something to do after the kids have flown the coop, an effort that involves more than just quartz countertops or a cascading rain showerhead?
In other words,“ aging in place” requires a proactive discussion, not a reactive one, a talk that includes thoughts about wide hallways for accessibility or a“ zero-entry shower”( one without steps or thresholds). Perhaps the remodeling would include spa features such as a workout / rehab space, a sauna or an adjustable bed, things you’ d find at a high-end resort rather than a hospital.
Tech Wreck
The third thing we ought to learn from boomers and their transition out of the workplace is that they have a fraught relationship with technology. Once they leave corporate America, people can quickly become overwhelmed by the costs and setup of their devices.
As a self-employed advisor, I’ m very with them about developing their own branch of IT ahead of the retirement transition. If you do, you’ ll provide them with significant value. Clients are willing to pay for advice they can’ t get anywhere else, and if you can help them avoid traps like this, you’ re adding major value and showing them you can help them with more than just their money.
And that last point is really what this entire article is all about. The new era of retirement, including the things Gen Xers and future generations want, is all about humanizing or personalizing the retirement planning process. It’ s about the person as much as their money. Advisors who share concepts and lessons like these with current and future generations can go a long way in differentiating themselves and their firms in ways that robo-advisors and AI models can’ t.
ROBERT LAURA is the founder of The Wealth & Wellness Group and the Retirement Coaches Association, and he’ s the author of the best-selling book Retirement Intelligence. He can be reached at rl. robertlaura @ gmail. com.
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