Tom West is a Senior Partner with Signature Estate & Investment Advisors, LLC, providing personalized financial planning and investment services to families in the Washington DC metro area. 

Suzanne Schmitt is a financial wellness expert with nearly two decades of industry experience in consumer insights, product development and positioning, and marketing and market enablement in financial services.

In this episode of The Family Financial Conversation, Tom and Suzanne discuss the concept of unretirement, where retirees return to work due to financial insecurity, unexpected healthcare costs, or the need for social connections.

Topics discussed:

• Financial insecurity, healthcare costs, and the social benefits of work are key drivers of unretirement, with family caregiving responsibilities also playing a significant role.
• How better financial planning might reduce the high unretirement rate, noting that it’s important to account for family dynamics in retirement strategies.
• Wealth illusion is discussed, where high earners may rely on expected inheritances to fund their lifestyle, which can lead to unrealistic financial expectations.
• Phased retirement, though popular, is considered unfeasible in many professions, and clients should examine the root causes, such as financial needs or psychosocial factors.
• The critical role of healthcare planning in retirement, advising that healthcare concerns should be a primary focus in financial planning, especially in relation to family dynamics.

Resources: 

Signature Estate & Investment Advisors, LLC.