Retirement Planning Beyond Finances:

Helping Clients Prepare for Their Next Chapter

India’s population is ageing rapidly

India’s population aged 60+ is projected to reach about 230 million by 2036, accounting for approximately 15% of the country’s total population. (Source Press Information Bureau 28 Oct, 2025).

Table Of Content

Helping Clients Prepare for Their Next Chapter
India’s population is ageing rapidly
What do we as CFPs do?
Where is the Gap?
My own experience
Why is a Second innings important?
My conversation with some of my clients
How does society consider retirement?
Does that mean we stop retirement planning and become life coaches?
Common mistakes retirees should avoid
My Books
Conclusion
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While retirement has become a major financial priority for Indian families, planning remains inadequate. Only about one in four Indians has a detailed retirement plan. The remaining majority either have only a vague idea or no structured plan at all. (Source: 1 Finance, 26 May 2025). According to PGIM India’s Retirement Readiness Report 2025, only 37% of Indians reported being retirement-ready, a sharp decline from earlier surveys.

What do we as CFPs do?

As Certified Financial Planners, we often help clients answer one key question:

“How much money will I need to retire?”

We help clients figure out how much they need for retirement, estimate inflation, plan cash flows, suggest investment strategies, and track their progress toward financial independence. These talks are important because retiring without enough money can be stressful and uncertain.

Where is the Gap?

After years of working with clients and experiencing my own retirement, I believe there is a question as important as retirement corpus planning:

“What are you planning to do after retirement?”

Surprisingly, many clients have never seriously considered how they will spend the next 30 or 40 years of their lives.

In India, retirement conversations remain largely focused on wealth accumulation and income planning. Yet for those who achieve financial independence, a different challenge emerges which is finding purpose, identity, and meaning beyond work.

While developed economies increasingly discuss concepts such as purposeful ageing, lifelong learning, volunteering, and encore careers, these themes receive far less attention in India. As finance planners, we have an opportunity to broaden the retirement conversation beyond money and help clients prepare not just financially, but emotionally and psychologically as well.

My own experience

From what I have seen, this is where some of the biggest retirement challenges are. I left corporate life in 2016 at age 45 after more than 21 years with companies such as ICICI, HCL Technologies, and Franklin Templeton. But working with my financial advisor at the time, I had planned for my second innings. I enjoyed my conversation with him and I realised that I would like to do the same too. My role at my last organisation at Franklin Templeton was a very senior and global role, but at the end of the day, I was not happy. When I discussed my future plans with my financial advisor, he suggested I enrol in the CFP program, which I did in 2012. Finally, I received my advisor’s green signal to put in my papers in the end of 2016, after I achieved financial freedom.

Why is a Second innings important?

Reaching financial freedom is a big milestone, but what comes after is even more important than a retirement calculator shows.

For years, the professional’s life would be filled with targets, meetings, business reviews, travel, and leadership roles. Then, all of that would suddenly be gone once retired. No office. No deadlines. No Monday morning meetings. No annual performance reviews.

Many people dream about this kind of freedom, and for good reason. But few realise how much emotional adjustment it takes. A working life provides identity, structure, social interaction and a sense of achievement and relevance.

When work disappears, all these things can vanish at once unless we make an effort to replace them. Clients who retire happily are not necessarily those with the largest corpus. More often, they are the ones who have clarity about their second innings.

My conversation with some of my clients

A few client conversations often come to my mind.

One client, Mr. Sharma (name changed), had enough wealth to retire comfortably at 54. During a review meeting, I asked him a simple question:

“What will you do on a usual Tuesday, six months after retirement?”

He had never thought about it.

What followed was not a discussion on investments or retirement numbers, but on purpose. He later discovered joy in teaching, mentoring young entrepreneurs, and giving guest lectures. The income was modest, but the satisfaction was immense.

Another client, Mr. Verma, planned to spend retirement travelling the world. When I asked, “What after that?” he had no answer. A year later, he found his calling in sustainable farming, reconnecting with a childhood passion.

Over the years, I have seen retirees become teachers, NGO volunteers, travel writers, wildlife photographers, and start-up mentors.

The common thread was not money. It was purpose.

Retirement is not the end of a career. It is the beginning of a new chapter. Financial security is important, but fulfillment often comes from having something meaningful to wake up to every day.

How does society consider retirement?

It is unrealistic and often unhealthy to spend those years without purpose, challenge, growth, or contribution. The human mind thrives on learning, engagement, and social interaction. When people move abruptly from a busy career to doing very little, they can experience loneliness, loss of confidence, anxiety, and a lack of direction.

Retirement, therefore, should not just be about financial freedom. It should also be about creating a meaningful life beyond work.

Does that mean we stop retirement planning and become life coaches?

As finance planners, we focus on helping clients build wealth. Perhaps we should also help them think about purpose.

This does not mean becoming life coaches. It simply means asking better questions:

What activities energise you?
What have you always wanted to do?
How would you like to contribute?
What skills would you like to learn?
Who could benefit from your experience?

Many clients struggle with these questions because their careers have consumed most of their attention. That is why these conversations should begin years before retirement.

I often encourage clients to start exploring their next chapter at least five years before they retire through volunteering, mentoring, teaching, hobbies, travel, or community involvement.

The best retirements are not built overnight. They are the result of gradually creating a bridge between one’s working life and the life that follows. Purpose is not something people suddenly find after retirement; it is something they cultivate over time.

Common mistakes retirees should avoid:

Retirees should be particularly careful to avoid common wealth-destroying mistakes such as chasing unrealistic returns, investing in products they do not understand, giving away too much wealth too early, neglecting health planning, delaying estate planning, falling victim to frauds, lending large sums to relatives, or locking money into illiquid assets.

The most successful retirees recognise that retirement is not about maximising returns, it is about preserving wealth, maintaining independence, and protecting long-term financial security.

Perhaps the most important lesson is that retirement preparation should begin at least five years in advance. As retirement approaches, the focus should gradually shift from accumulation to preservation, because avoiding major mistakes often contributes more to retirement success than earning extraordinary returns.

My Books

Over the years, I have explored these ideas through three books:

Retire on Your Terms – Looking at retirement beyond finances and focusing on a holistic approach to life after work.
Second Innings on Your Terms – Exploring how retirees can build a purposeful, meaningful, and fulfilling second phase of life.
The Career Escape Plan – Helping individuals transition from unfulfilling jobs toward work that aligns with their passion and purpose.

Together, these books examine the emotional, psychological, and practical dimensions of life beyond work areas often overlooked in traditional financial planning. I hope they provide finance advisors and planners with useful perspectives and meaningful conversation starters for their clients.

Conclusion

CFP professionals engage in meaningful conversations beyond investments and insurance, helping clients navigate crucial decisions in retirement planning. While asset allocation and withdrawal strategies are vital, addressing the question “What next?” is equally important. Retirement planning aims not only to prevent financial shortages but also to maintain clients’ sense of purpose.