First, FAs can help retirees who are feeling lost identify what matters most to them, says Blair duQuesnay, a CFP and lead advisor at Ritholtz Wealth Management. For most, that’s staying connected to friends and family and spending time together.
Another big challenge is figuring out how to replace a regular paycheck in retirement. This anxiety among new retirees can be managed, says Cathy Curtis, a CFP and founder of Curtis Financial Planning. Curtis helps set up either monthly payments or a yearly payment to cover expected expenses.
Decumulation, including liquidating stocks during a down market, can also be stressful, duQuesnay says. Therefore, it’s important to remind clients that retirement is not an end date—and to plan for the possibility of a long life.
As for inflation, advisors can review exactly how much inflation is impacting a client’s spending and help them make any needed adjustments.