When a person plans their retirement, the emphasis is generally focused on their financial portfolio. It is a critical component to having a sustainable retirement as well as continuing the lifestyle they’ve become accustomed to. However, the focus on emotional, psychological, physical, and intellectual adjustments during retirement are just as critical. The significance of these non-financial aspects should be an active measure for those who are considering retirement, a current retiree, or a partner of a retiree.
The “New Retirement” is an opportunity to focus on the transition from the workplace to retirement and examine challenges that are the result of issues such as the loss of identity and changes in a structured routine and the social aspect of the workplace. HCR Wealth Advisors, a registered investment advisory firm, represents clients from all types of socioeconomic levels and has measured the effects that the challenges have on retirees.
According to the investment firm, because no one escapes the transitions and uncertainties of life, there needs to be a sound approach to help retirees benefit from their retirement and sustain a quality level of well-being. HCR Wealth Advisors helps retirees with securing a brighter financial future, while also integrating comprehensive measures that take into consideration an array of challenges.
According to Glassdoor, typically, people will spend 15 to 20 years on average of serious time for planning their financial future during retirement. HCR Wealth Advisors found that many of those same people spend far less time on any of the non-financial elements of retirement. In many cases, a retirement can also be involuntary, which cannot allow for financial planning or any other planning. However, a voluntary and happily-anticipated retirement can quickly turn from a joyous occasion to something that is filled with grief, boredom, frustrations, low self-esteem and even depression. Not unlike many things in life, when expectations fall short, people tend to become discouraged.
HCR Wealth suggests that retirees consider the changes and transition of retirement, assessing how the loss of a career and workplace benefits will affect them during the “New Retirement” as well as their personal wellness and personal development.
HCR Wealth Advisors is not affiliated with this website.