Beyond the numbers: addressing retirement’s nonfinancial challenges

As Head of Wealth Management for Alliance Global Partners of the Lowcountry, my work centers on helping clients grow, protect, and enjoy their wealth. But over the years, I’ve learned that true wealth extends far beyond balance sheets and investment portfolios. It’s about how people live — the sense of purpose, connection, and fulfillment they experience each day.
This perspective becomes especially important in retirement. After decades of working, saving, and planning for “someday,” many retirees find that the financial piece is only part of the equation. The transition itself can bring unexpected emotional and social challenges that quietly shape this new phase of life.

Living Longer, Feeling Different
We’re living longer than ever, and with that longevity comes both opportunity and complexity. Research from the Harvard School of Public Health found that retirees are 40% more likely than working adults to experience a heart attack or stroke—especially within the first year of retirement. Longer life spans can also mean more time for feelings of isolation, anxiety, or even loss of purpose to set in.

The Hidden Hurdles of Retirement

While every retiree’s experience is unique, a few themes have become increasingly common:
• Loss of identity: After years of defined roles, titles, and responsibilities, many find it difficult to replace the sense of purpose that work provided.
• Social isolation: Not everyone has a ready-made group of friends to meet for coffee or golf. In fact, social isolation has been described as one of America’s most pressing public health issues.
• Fear of overspending: Even those who have saved well may hesitate to enjoy their wealth once paychecks stop, often worrying about running out of money.
• Relationship changes: Divorce rates among those 50 and older have more than doubled since the 1990s, highlighting how major life transitions can test even long-term relationships.

Building a Fulfilling Next Chapter
The good news: a thoughtful approach can help you avoid many of these pitfalls and embrace retirement with clarity and confidence.
• Try a “practice retirement.” Before fully retiring, experiment with parts of your plan — travel more, volunteer, or reduce work hours — to see how the lifestyle feels.
• Find new social outlets. Volunteer at a local school, take classes, or join a community group. Meaningful, social daytime activities are key to maintaining energy and purpose.
• Communicate with your spouse. Be open about expectations and routines. Retirement can be a big adjustment for both partners.

• Consult your advisor. A trusted financial advisor can help align your plan not only with your finances but with your broader goals for a life of significance.
• Practice gratitude. A small daily habit of noting what you’re thankful for can have a major impact on emotional well-being.
• Seek help when needed. If feelings of disconnection or anxiety persist, reach out for professional support. You don’t have to navigate this alone.

A Holistic View of Wealth
You’ve likely worked hard and invested diligently to reach this stage of life. True wealth, however, isn’t measured only in dollars — it’s found in the quality of our relationships, our health, and our sense of purpose. By taking a holistic view of retirement, you can enjoy not just financial freedom, but a life of lasting significance.

Thomas M. Dowling, CFA, CFP®, CIMA® is the Head of Wealth Management at Alliance Global Partners of the Lowcountry on Hilton Head. He can be reached at infohh@allianceg.com or (843) 420-1993.