Retirement coaching: adding value to your practice

When the prospect of full-time retirement looms, your clients will suddenly have many hours of free time to do all those things that they dreamed of during their working life.


For some the abrupt transition from a fast-paced life to retirement can be very overwhelming. Although they can plan for a specific retirement date, it’s not always in your clients’ control when they must leave the workforce. Most people plan to relax more and spend more time on things they truly want to do. Unfortunately, for many retirees, this turns out to be a daunting and even frightening transition.

We are often so focused on the financial aspect of retirement that we neglect the numerous other effects and stresses, both emotional and psychological, as well as the health challenges of this new chapter. Financial security does not necessarily lead to happiness in retirement, as money does not always give meaning to clients’ lives. It is important to assist them to live their best possible lives in retirement. This can only be done by changing the way they think and prepare for retirement.

Stephan le Roux, CFP®, Financial Planning Coach, Old Mutual Wealth

Many retirees without a clear plan for retirement feel depressed because they are losing their identity and sense of purpose. A retirement coach can help them find a new identity and navigate their golden years. People are often defined by what they do and when that is no longer there, they suddenly experience a lack of purpose. There are also relationship shifts at home and social structure changes. Therefore, they often feel a sense of mortality and lack clarity and focus.

So, how can we help our clients manage their retirement as well as other life transitions with ease?

  • Help clients map their money to their goals.
  • Distinguish between expenses and goals.
  • Clients can relate more to the life they want during retirement than to the actual amount they need. Their dreams, goals and aspirations give meaning to their lives and a sense of purpose. We need to help clients unpack them in detail.
  • Through coaching, we can help clients explore and bring their desires into the light. Plan for the person and not just the financial aspect.
  • Understand the client’s values and guiding principles and what drives them. Help them reconnect with their core values and develop an action plan to foster behaviour that supports them.
  • Retirement often magnifies problems we already face, like an unhealthy lifestyle or bad habits. Help your clients to facilitate lifestyle changes and habits.

People do not normally find happiness in material things. We find happiness in close relationships, engaging work and meaningful experiences. Coaching can help clients explore these different elements in their lives and help them find clarity and focus.

Coaching will show your clients how to embrace this next stage of life. With your guidance, they can achieve their full potential and find fulfilment. Retirement coaching focuses on the challenges and opportunities of retirement. It helps clients to find a sense of purpose and identify what is important to them. It also helps them to understand the importance of planning for the mental, social, physical and spiritual aspects of retirement and how each area is integrated into the financial aspects. With a sense of purpose in retirement, people can live longer, happier and more enjoyable lives. By having meaningful conversations with your clients, you can add even greater value and shift the focus from just the financial aspect of retirement to unlocking their full potential. Partner with a qualified coach to help in your practice or choose to add coaching to the services you offer your clients. The coaching journey will give your clients direction and help them in finding their vision and purpose in retirement.