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Make Sure to Include Your Psychological and Financial Portfolios in Your Retirement Plan Thumbnail

Make Sure to Include Your Psychological and Financial Portfolios in Your Retirement Plan

By: Jenny Hood

Life is full of transitions. Some of them are planned and some of them are surprises. One of life’s biggest transitions, whether it’s planned or a surprise, is retirement. When we work with clients and start discussing their retirement, often times the first thing they want to know is, do I have enough money to retire? Being able to securely retire financially is important. We have a process and analysis to walk clients through their financials so that they can feel confident starting their next chapter. However, since retirement is a major transition, the discussion should involve more than just money. Once our clients realize they don’t have to worry about going from accumulating their nest egg to spending it, we broaden the discussion to get clients to dig a little deeper and have them imagine what a happy retirement looks like. Some of them know right away while some of them are thinking about this for the first time. Dr. Nancy Schlossberg has studied retirees and coined the phrase, “psychological portfolio.” Taking stock of your psychological portfolio would include examining the emotional, mental, and social aspects of retirement. In addition, a person’s identity may be wrapped up in the professional world. And therefore, retiring may leave a void. Starting to think of what your identity will be outside of work and developing a new purpose, is another important piece in the retirement puzzle. We help clients think about retirement from this perspective by asking questions like, what will your day look like? Do you have enough activities and hobbies to keep you engaged? Are people in your social circle also retired? If we only focus on retirement as a financial transition and do not include the psychological aspects, it may lead to an unfulfilling experience. Clients who have gone through this process report having more confidence and fulfillment because they have a plan in place that allows them to be able to enjoy this next phase of life instead of spending time worrying if they will be ok.


At GBB, our mission is to provide clients with financial and emotional security. Therefore, we realize that life’s transitions involve more than just the financials. Want to learn more? Contact our office at (916) 924-7527 to have a conversation with one of our advisors.

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