Sep 21: BEST FROM THE BLOGOSPHERE

September 21, 2020

Is having a life coach for retirement the next new thing?

For nearly all of us, retirement is something we imagine as a wonderful life after work is done – and as well, something we should be saving money to pay for.

An article in Forbes magazine suggests that “the transitions surrounding retirement can lead to a time of anxiety and questioning.”

The article cites a 2019 study from McMaster University in Hamilton, Ont. as noting “much of this angst may stem from a loss of identity, family tensions and a sense of loneliness. Financial factors often play a role too. Living on a fixed income can be rough and the cost of living may exceed expectations.”

These factors, coupled with the general uncertainty due to the pandemic, can make “a retirement date that’s nearing seem daunting,” the article notes.

But, Forbes reports, there’s a solution to retirement anxiety – getting a life coach.

“You may be familiar with life coaches, who help people evaluate themselves, grow and implement lifestyle changes. Often, a life coach will provide a working plan to help improve a specific area of your life,” the magazine tells us.

“Retirement coaches frequently act as life coaches, with a specific focus on the retirement years. Like other life coaches, retirement coaches may specialize in certain things, such as finances or behavior,” the Forbes article explains.

New retirees can face obstacles that they don’t expect, states Monte Drenner, a Florida-based life coach interviewed by Forbes for the article.

The social networks built through work have to be rebuilt, he says. Travel plans may not be financially achievable – the dream is more expensive than savings permit, Drenner tells Forbes.

It’s important for them to realize that retirement is a phase of life and not a break from work, Drenner says in the article. ““Many people bring a vacation mindset to retirement,” he explains – but that thinking can lead to dull days if nothing much is planned in the time between travel dates.

Another life coach quoted in the article, Kay Goshtabi of San Diego, says self-awareness is something many new retirees need to attain.

“The majority of my clients who are reinventing in retirement tell me that this is the hardest challenge they have faced to date,” she tells Forbes, adding that before retiring. “people have not stopped to figure out who they are.”

It’s important, she says, to set realistic expectations about retirement. “I look at it as a marathon and not a sprint,” she says.

The article gives some examples of how you might reinvent yourself in retirement by working part-time at something you like, or developing projects to help your family such as a family-focused cookbook. Write down your “dreams, wishes and interests” prior to retirement to help keep you on track when you’re there, the article concludes.

It’s true that retirement is what you make of it, but some dreams are more expensive than others. That’s where the Saskatchewan Pension Plan can be of assistance. It’s like a personal pension plan you can leverage as your main retirement savings tool, or to augment benefits you’re getting from work. The SPP grows your savings and offers you many income options when it’s time to start chasing dreams, such as the ability to get a lifetime pension. Be sure to check them out today.

Join the Wealthcare Revolution – follow SPP on Facebook!

Forbes, Forbes magazine, McMaster University, Monte Drenner

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