Registered investment advisory firm HCR Wealth Advisors is shaking up clients’ view of retirement – and offering advice that should be heeded by anyone planning for retirement.
HCR Wealth Advisors wants future retirees to think of the transition out of working life in a new way. In fact, the RIA firm wants you to think of retirement as transitioning towards something, not away from working.
HCR Wealth Advisors prides itself on establishing relationships through education, trust, and service, as well as creating personalized financial strategies for clients and protecting clients against risk.
The RIA firm shares its insights about what it calls the “new retirement” in a new blog post on its website, hcrwealth.com. The retired life has fundamentally changed over the past few decades. Today, many of the 10,000+ people who retire each day will enjoy retirement for 30 years or more. However, many people aren’t planning for retirement in a way that reflects this new reality.
HCR Wealth Advisors sees many working adults focusing solely on financial planning in preparation for retirement; these future retirees are only thinking about the money they will need during their retirement years, not preparing for any of the other elements of retirement. While being financially prepared for retirement is of the utmost importance, it is equally important to think of the often-ignored intangible aspects of retirement.
HCR Wealth Advisors’ blog post lays out all the elements of retirement that many people tend not to consider. They include things such as change and transition, relationship dynamics, personal development, wellness, and leisure, among other factors.
The blog post gives future retirees a lot to think about. For instance, major life changes like retirement can be exhilarating for some people and very stressful for others. How will you prepare for the many emotions that may come during the period of transition between working life and retired life? Retirement can be a time of personal development, so make sure to think about how to take advantage of this opportunity for reflection and personal growth in your later years?
Retirement can also be a great time to focus on hobbies. What interests will you explore and what leisure activities will you invest your time in? Retirement can have an impact on your familial, romantic, friendly, and professional relationships: how will you navigate these changes? Retirement is a new chapter of your life, so how will you keep your body and mind as healthy as possible through your golden years?
HCR Wealth Advisors also urges future retirees to closely consider the benefits of seeking a career or profession, including those that don’t factor in salary, vacation days, and insurance. For example, some people find that they derive a strong sense of purpose from their career, while others feel that their work allows them to enjoy a certain social standing. Other factors may include time management and opportunities for socialization. If any of these factors are important to you or your family, this may impact how you choose to spend your time during retirement. Will you continue working for pay in some capacity? If so, will this be in your current field or a different one? Alternatively, will you volunteer your time for a non-profit organization? These are just a handful of the many questions to ask yourself as you prepare for retirement.
In addition to spreading the word about the “new retirement” to future retirees, HCR Wealth Advisors also urges current retirees who may not have considered all the non-financial aspects of retirement to take a step back and evaluate them now. This can make a major difference in retirees’ sense of overall satisfaction with retired life. It can also be helpful for partners and family members of present or future retirees to think through these intangible elements of retirement and help their loved ones think them through as well.
HCR Wealth Advisors understands that money is one of several factors that are key to living a happy, healthy life, particularly in retirement. HCR Wealth Advisors develops strategies to educate clients on investment possibilities and help clients reach their financial goals to help them lead rich, fulfilling lives from their working years through retirement.
You can learn more about the “new retirement” from HCR Wealth Advisors’ blog at https://www.hcrwealth.com/the-new-retirement/.
HCR Wealth Advisors is not affiliated with this website