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Under perfect circumstances, retirement can still be a very difficult transition. Even if you’re lucky enough to be retiring when you want and how you want, leaving behind your career and adjusting to a new routine is not easy. Many retirees experience a profound loss of identity and purpose as well as feelings of isolation.
For most of our clients at Keen Wealth, the end result of hard work and diligent financial planning is a happy retirement. A big reason for that is how our process helps clients to plan for not just financial security, but for their daily lives in retirement: the things they want to do, the hobbies and interests they want to pursue, the people they want to share this new stage of their lives with.
Even before the COVID-19 pandemic, unexpected early retirement was on the rise. The broad challenges of globalization combined with shifting workplace dynamics had led to a wave of downsizing, buyouts, and sudden termination. COVID-19 is accelerating many of those changes to how, when, and where folks work, but it’s also had an immediate and devastating effect on employment.
As our country starts reopening, it’s become clear that the COVID-19 pandemic is going to be one of those generational “before and after” moments. Just like travel and public security were never the same after 9/11, COVID-19 is going to change how we gather in public, how we assess and prepare for new viruses, how our children and grandchildren learn, and how companies of all sizes do business.
“How are you?” I bet I’m not the only one who’s stumbled over that question recently when I’m talking on the phone, video chatting, or answering emails. It’s rarely been so tough to answer such a simple question! I’m OK in the sense that my family and my Keen Wealth team are all healthy and continue social distancing. I’m OK in the sense that we have enough food, enough toilet paper, and enough on demand entertainment.
There’s a good reason why many fiduciary advisors have replaced the outdated phrase “retirement planning” with terms like “life-centered planning” when describing what we do.