Welcome to Rethink Retirement. A monthly blog series where I will explore different topics related to all things retirement. Each month I will answer questions and provide insight into this exciting and sometimes challenging time in your life.
In this month’s Rethink Retirement blog, I will answer some common questions people ask about retirement coaching. Happy reading.
Q1: What does a Retirement Coach do?
A Retirement Coach works with individuals or couples who are seeking assistance as they start to plan and transition into retirement. A coach may also work with people who have already retired and are discovering that their retirement is not what they thought it would be. They are struggling and need some direction to get them back on track.
Essentially, a Retirement Coach’s role is to guide the client when things don’t look or feel right, and then help implement a plan of action. During the coaching process, the coach and client explore all aspects of designing a dynamic and rewarding retirement lifestyle that is aligned with a client’s values, priorities, and life purpose.
Sessions are typically an hour long and, depending on how many sessions a client wants, can last a few weeks up to a few months.
Q2: I have never heard the title Retirement Coach before. When and how did the profession develop?
Retirement planning has traditionally focused on money and investments. The idea was that if you had enough money, you could stop working. But what we are seeing is that having enough money isn’t the full picture. After the honeymoon phase has ended, people want meaning and purpose in their lives, more than just sitting on a beach or playing golf every day.
Retirement coaching has really made its mark in the past 10 years. With advances in medicine and technology, people, specifically Baby Boomers, are living healthier and longer lives which means retirement could last up to 25 or 30 years. That’s many years to figure out how to spend your time and that can seem overwhelming and scary.
Retirement coaching developed from people seeking assistance to plan this next stage of their life. It’s interesting to note that many financial advisors are now incorporating coaching services and assistance to their clients that focus on the non-financial side of retirement. While it’s necessary to have enough money to fund one’s retirement, it’s equally important (some might say more) to know what to do with your time so that your retirement years are filled with a sense of meaning and purpose. Everyone needs a reason to get out of bed each day.
Retirement coaching, like other forms of coaching, takes a participatory, exploratory, and holistic approach so the coach can learn as much as they can about their client’s life, professional career, family, relationships, health, interests, passions, and strengths. From there, together the coach and client can develop a plan of action so the client feels fulfilled, confident, and excited about their retirement.
Q3: What happens in a meeting with a Retirement Coach?
Before I meet with my clients for the first time, I send them an intake form so that I can get a brief history on my client’s family, career, why they have chosen to work with me, what are they hoping to achieve from their coaching sessions and what they would like from me, so that our sessions are meaningful and productive.
As we go through our weekly, bi-weekly or monthly sessions, I use a workbook which contains a number of exercises and activities that focus on wellness, routine, identity, relationships, bridge employment and activities (non-work). This workbook also helps my clients assess their physical, nutritional, and mental health which are so important for retirement. Clients explore how they wish to fill their time, putting together a plan and a routine with structure. And finally, clients will evaluate their strengths and competencies to discover which of these could be used in retirement as activities, hobbies, or even in a new job.
I don’t believe in a cookie cutter approach to coaching or “one size fits all”. Throughout each session, I ask a lot of questions and listen to what my clients are saying. If I feel the approach I am taking is not working, I pivot and take a different direction. For example, there may be parts of the workbook that may be irrelevant for one client but useful for another. So, if I see something is not working or we have hit a rut, I tweak and tailor my sessions to suit each client’s unique needs and desires.
My end goal is to always empower my clients. I want them to have those “aha” moments where they might say, “Wow, I never thought about that before! I want to explore that more.” I want to end each session having my clients feel a little more confident and assured that they are heading in the right direction. And once all our sessions have come to an end, I know I have done my job well when my client is excited about their retirement and ready to begin this next stage of life.
Q4: Do men and women have different retirement needs/goals?
I want to be careful not to make any sweeping generalizations when it comes to retirement for men or women. It’s important though to understand that everyone is unique, and everyone has their own experiences, needs, and goals.
However, it has been found that men often suffer from anxiety about losing their work identity. They worry about what they are going to do in retirement without that daily structure they are used to. Men’s identity, including their social identify, is often tied to their careers. Being a teacher, a doctor, or CEO of a company for example, is who they are. They fear that, once retired, who will they be? What will they do? How will they describe themselves when meeting new people?
This is where a Retirement Coach can certainly assist when someone (man or woman) is unsure of their retirement journey and feeling lost or empty. These are normal emotions and in fact, retirement is considered to be one of life’s most stressful events. Therefore, it is so important and necessary to take the time to understand your goals, dreams, and challenges for this next stage of life and plan for them.
Q5: When should you start working with a Retirement Coach?
There is no right or wrong time to start working with a Retirement Coach, but if you are starting to think about your retirement—whether that’s a year or two away or a few months away—speaking with a Retirement Coach is a good idea. Most Retirement Coaches offer a free consultation call; this might be a good time to see if working with a Coach is indeed right for you.
While some people have an idea how they’d like their retirement to unfold, speaking with a Retirement Coach can help solidify and confirm that plan, and can even explore additional areas of interest that they may not have thought about. Others have no idea how their retirement years will look and contacting a Retirement Coach can help them get started on their retirement journey.
It’s never too early or too late to start working with a Retirement Coach.
There is always a lot to think about for your retirement and you don’t have to do this alone.
Reach out to me if you need a little help or simply have a question. My mission is to see you live your best retirement life!
Jennifer Rovet, CPRC
Retirement Coach
Retire Ready Canada
retirereadycanada@gmail.com
www.retirereadycanada.com
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