Visualize Retirement

Take a moment. Think about your own retirement. What comes to mind? Maybe something like spending time with family and friends, spoiling grandkids, sleeping in, travel, vacation home, or learning new hobbies. These are common themes folks describe when going through this exercise.

What I hope you didn't think about is how to systematically and effectively manage a stream of income in a tax optimized way, or what the tax consequences are of leaving a Roth IRA to a non-spousal beneficiary, or Social Security claiming strategies.

And that's good, because retiring well is as much about non-financial factors as it is the financial ones. And while financial preparedness is essential, preretirees have a planning need that goes largely unaddressed, the lifestyle and emotional changes that retirement brings. In fact, studies show that less than half of retirees give much thought to their emotional health in retirement.

Hi, I'm Patrick Delaney, insights director here at T. Rowe Price, and I'd like to tell you about our Visualize Retirement program. This program gives you a meaningful, scalable way to connect with your clients on the key drivers of happiness and success in retirement, which also happen to be non-financial—lifestyle, health and meaning. It leverages a framework to help them better prepare emotionally.

Using what we call the five W’s of their retirement vision. Who, what, where, when and why. And why is it? Why am I retiring? It's why I'm getting out of bed every morning. Once your client has a better idea of their vision, it becomes much easier for you to put into place the financial plan that will help make that vision a reality.

Contact your T. Rowe Price representative to get started. Thank you for your time and we look forward to helping you connect more meaningfully with your clients about their visions for retirement.