Should I use a Retirement Coach?

Mara Woloshin

50plus Magazine

 

When thinking about retirement planning, most of us envision meeting with a financial advisor to ensure we have enough money to support us through the rest of our lives. And while that is certainly a first concern, retirement — planned or forced — is more than a financial event. Considerations such as satisfaction and well-being in retirement are equally important, and unique to everyone.

 

 

While most retirees appreciate the importance of a financial plan for retirement, many overlook preparing for issues such as sense of identity, isolation, and purpose. How important is the latter? Very. One out of every three individuals struggle to adjust to a retired lifestyle, according to a report from The National Library of Medicine.

 

How can a retirement coach help?

 

Robert retired after 25 years as a top executive in a power company. Having saved more than enough to sustain his lifestyle, he retired with confidence. However, after fixing up his home and enjoying much time gardening, he found himself feeling withdrawn, isolated and “off.”

 

“I had enough money to retire comfortably thanks to my financial advisor’s help, but I knew he couldn’t help me with how I was feeling,” Robert says. “I decided to talk with a retirement coach, who helped me realize what is needed for wellbeing. I had family close by, but no friends. It took effort, but I joined a book club and a yoga class. I’ve made new friends and feel more engaged. I’m happier now.”

 

Also retired from a high-level executive career, Carol and husband had a strong retirement portfolio. After initially reveling in a long-planned dream vacation and a major remodel on their dream home, Carol began to wonder “what now?”

 

Talking with a coach helped Carol discover she was lacking a new direction and sense of identity. She realized she needed to find a new passion for herself.

 

Carol shared that she loved to write and would like to do more of it. She and her coach spent time exploring Carol’s other passions. Pulling from her dream vacation and other travels, Carol began writing a travel blog and is planning to contact friends around the country to share their trips and tips in her new endeavor.

 

Dale’s job ended due to company downsizing. While initially relieved to be retired, she soon began feeling a heavy pressure that she “must” move out of her beloved home. Suddenly, she was as stressed as she’d been while working, but for different reasons.

 

“I had worked with Mara in my job and knew from her work with our low-income clients she could help me,” Dale says. “Mara helped frame and structure my plans. I realized I could use my home equity to update my house, which I love, enabling me to age in place.”

 

Working with an advisor to ensure your financial stability in retirement is an invaluable investment. Another is realizing the importance of planning for the quality of life matters that can truly help ensure your retired years are “living the dream.”

 

Mara Woloshin owns Woloshin Communications and is a Certified Retirement Coach, Medicare Consultant, and Health Educator. Learn more at woloshin.com.