Planning through change: the emotional side of retirement

14 November 2025

Learn how retirees and advisers can protect investments and avoid cashing out during market downturns. Smart strategies for long-term retirement planning.

Article last updated 14 November 2025.

Why retirement is more than just a financial shift and how good planning helps clients find clarity, purpose and peace of mind

On his last day at work, Paul expected a sense of freedom. Instead, he felt adrift. After 35 years in logistics, the sudden absence of structure, purpose and routine left him uneasy. Was he spending too much? Was he doing retirement ‘right’? What would he do with all that time?

Retirement is often framed as a financial milestone but for many, it’s just as much an emotional one. It marks the end of identity-defining routines and the beginning of something unknown. For clients like Paul, what they need most in the early months isn’t a product. It’s a plan and someone to talk to.

More than numbers: the emotional reality of retirement

Even clients who feel financially prepared may feel psychologically unprepared. Stepping back from work means losing a familiar role, rhythm and social circle. For many, their job has shaped their sense of self and without it, they feel uncertain.

Clients may also be navigating changes in family life, such as adult children moving out or returning home, new caregiving responsibilities or the death of a partner. These life events are often emotionally charged and financially complex.

Many clients struggle with questions of identity and purpose. Without a clear role or daily structure, it’s easy to feel uncertain or even lost despite being financially secure.

At the same time, they may worry about making the wrong financial decisions. Should they draw down more now or wait? Are they spending too quickly or missing out by being too cautious? The pressure to “get it right” can lead to hesitation, anxiety or rushed decisions.

The power of planning in uncertain times

This is where financial planning can offer more than forecasts or fund selections. It can provide structure during a time of transition. It helps clients turn vague concerns into clear questions, and questions into practical next steps.

Good planning makes the intangible feel tangible. It shows clients what’s possible and sustainable, and it allows them to visualise their future, not just in terms of income, but in terms of options, trade-offs and goals.

Crucially, planning isn’t just about money. It’s about confidence. A well-structured plan helps clients feel less alone in their decisions, more resilient to change, and more in control of their new reality.

Early engagement is particularly powerful. When planning begins before retirement, clients have time to understand their options, ask questions and shape their future with greater confidence. A centralised retirement proposition (CRP) helps ensure that all aspects of retirement are considered, not just income, but lifestyle, priorities and wellbeing. Removing the fog of uncertainty allows clients to focus on what truly matters to them, which is living the life they want in retirement.

A tale of two transitions

Consider two clients, both aged 64 and newly retired.

Karen, a former HR director from Birmingham, feels overwhelmed. She’s unsure if she can afford her current lifestyle and avoids financial decisions for fear of making a mistake. As a result, she’s spending less than she needs to and enjoying retirement less than she hoped.

Tariq, a retired business owner in Sheffield, has worked with an adviser who uses a CRP. Together, they’ve mapped out different income scenarios and built flexibility into his plan. When Tariq decides to take his grandchildren on a surprise holiday, he feels confident he can afford it and knows exactly where he stands.

The difference isn’t in assets or intelligence. It’s in structure, communication and clarity.

A well-structured plan helps clients feel less alone in their decisions, more resilient to change, and more in control of their new reality.

How a CRP helps support the emotional side of retirement

A CRP isn’t just about investment strategy. It’s a framework that helps advisers guide clients through the emotional as well as the financial landscape of retirement.

Key features include:

Regular reviews, providing time and space to talk, adjust and reflect.
Cashflow modelling, helping clients visualise outcomes and reduce anxiety.
Withdrawal strategies aligned to lifestyle goals, not just risk scores.
Documentation, giving clients a reference point to revisit decisions with confidence.
Flexibility, allowing plans to evolve as clients do.

This structure supports more open, honest conversations about what retirement feels like, not just what it costs. It also gives advisers the tools to support clients through transitions, whether expected or not.

Why it builds stronger adviser relationships

When clients feel emotionally supported, not just financially advised, trust deepens. They’re more likely to reach out, share what’s on their mind, and act on guidance. The adviser relationship becomes more personal and more enduring.

By using a CRP, advisers can offer a service that goes beyond technical suitability. They can become a steady presence in the client’s life, helping them not just to plan retirement, but to live it with confidence and purpose.

Conclusion: retirement is personal planning should be too

For many clients, retirement is both freeing and unsettling. It’s a moment of reflection, reinvention and rebalancing, emotionally as much as financially. In this phase of life, reassurance matters as much as returns.

A CRP gives clients more than a financial plan. It offers clarity, reassurance and the confidence to enjoy the life they’ve worked hard to build. In this next chapter, that might be the most valuable outcome of all.

To find out more or speak to a member of our team, please get in touch.

What's next?

To explore how we can support your advice process, please speak to your Rathbones business development director or complete the form below and our dedicated adviser support team will be in touch.

Current Your Details
More about you
Protecting your data
Complete

Title

First Name

Last name

Phone number

Postcode

Please select your preferred Office

Investment Amount

A senior lady wearing sunglasses and a sun hat smiles while driving in a vintage car

Explore the series

This article concludes our six-part series exploring the realities of retirement income advice and how a centralised retirement proposition (CRP) can help advisers deliver better outcomes at every stage of later life. The earlier articles in the series covered the following topics:

Cautious investors don’t want to lose money.
Why understanding client fears around risk is essential at retirement.
Retirement income advice under review.
What the FCA’s thematic review found, and why advisers need a more structured approach.
Why retirement needs its own strategy.
How a CRP differs from a CIP, and why that matters in decumulation.
Why managing risk in retirement is different.
Understanding sequencing, longevity and behavioural risks, and how a CRP can help.
Rethinking retirement: it’s not the end, it’s a new beginning.
How retirement is becoming more flexible and how CRPs support evolving goals.

Let's talk

Ready to start a conversation? Please complete our enquiry form, we look forward to speaking with you.

Enquire

The value of your investments and the income from them may go down as well as up, and you could get back less than you invested.