Let’s re-cap the first of our 2-part blog about the 6 paths of retirement.
According to retirement authority Nancy K. Schlossberg1 (co-president of TransitionWorks and professor emerita at the College of Education, University of Maryland), there are six psycho-graphically distinct retirement groups: Continuers, Adventurers, Easy Gliders, Involved Spectators, Searchers and Retreaters.
- Continuers stay connected to their former work and their former identities while developing on new fronts.
- Adventurers see retirement as an opportunity to pursue an unrealized dream or try something new.
- Easy Gliders have worked all their lives and decided that retirement is the time to completely relax.
- Involved Spectators still care deeply about their previous work. They are no longer players, but receive satisfaction from staying involved.
- Searchers are retirees who are looking for their niche, often through trial and error.
- Retreaters come in two versions. Some disengage from their previous routine, taking time to figure out what is next. Others get depressed and become couch potatoes.
While there is likely to be some overlap between these groups, the distinctions between them are not always sharp. Defining who you are and what you want to do is, what we believe is the key to a successful retirement financial planning.
As we observed in our earlier blog these categories, though new to us, provide a clarifying lens through which to view a group of clients – current and prospective – that are a very important part of our practice.
Disciplined Portfolio Management
If you check our website, you’ll see a section called Disciplined Portfolio Management Step One – Evaluate Goals & Objectives. In this section we state: ‘This is where most of our meeting time will be spent. The reason for this is that the planning stage sets everything up for success.’
An Invitation to Existing and Prospective Clients
Whether you are an existing or prospective client, we invite you to re-examine your retirement financial planning in light of Ms. Schlossberg’s category definitions:
- If you are an existing client, perhaps we need to re-visit your plan and fine-tune it? We would be happy to work with you to do just that.
- If you are a prospective client, please consider letting us work with you to build a plan – or revise an existing one – that incorporates some significant added focus and stronger sense of direction.
Additional context to our thoroughgoing approach to retirement financial planning was provided by a fascinating analysis in The Globe and Mail undertaken by writers Jeff Gray, Janet McFarland and Clare O’Hara. In their article In The Road to Retirement2, they profiled several individuals and couples faced with the challenge of retirement.
Through the use of online polling of Canadians, the writers were able to deduce ‘how financially prepared they (Canadians) are for retirement, and what their biggest concerns are as they head into this new chapter of their lives.’ Of the hundreds of responses received, outliving my money and not having enough money were two of the most common responses received. Let us help you ensure this doesn’t happen to you.
A Complete Strategy
Naturally, our client’s financial needs go far beyond retirement planning, vital though that is. As our current clients know, we can and do develop a complete strategy that encompasses your entire financial situation, present and future. We’re here to help.
Michael Fahy, The Michael Fahy Group, CIBC Wood Gundy, 604-691-7207