Journal of Financial Planning: November 2025
NOTE: Please be aware that the audio version, created with Amazon Polly, may contain mispronunciations.
Elizabeth Jetton, CFP Board Emeritus®, is a retired practitioner and has been coaching practitioners since 2010. She served as president of FPA, and has been an educator, presenter, and contributor for over 25 years. She teaches Introduction to Financial Life Planning in Golden Gate University’s M.S. program and received FPA’s Heart of Financial Planning Award in 2018.
“Every life is lived toward a horizon.” —Parker Palmer, 1999
We find ourselves near the end of the first quarter of the 21st century and yet, in many ways, our approach to financial planning for older clients is stuck in 20th century ideas of aging and the second half of life. Our attitudes and beliefs shape how well we serve clients.
Financial planning is about helping clients thrive by making smart decisions for today and tomorrow in a world of uncertainty. Individuals need confidence to make decisions and to understand the consequences of their decisions. They seek a trusted guide to help them address all the life-impacting financial decisions they will make. That trust is based on clients being heard and treated with respect and seen as unique, valuable individuals. Making assumptions about clients because of their age is the antithesis of building that trusted relationship. Results are diminished when clients feel diminished.
Growth in the population of older adults will continue. Despite the urgent need for trustworthy help, ageism and ableism often cloud the judgment of financial planners and limit their capacity to provide holistic, meaningful advice. Better outcomes for older clients require practitioners to reflect not only on these changes in demographics, but also on new evidence and understanding about aging, and the severe impact of bias and stereotyping clients.
Stories
A couple came into a financial planning office at the recommendation of their CPA. In their mid 50s, he was a high-level executive, and she was an art curator, with children at home. Their CPA wanted them to get solid retirement advice with attention to his 401(k) and executive compensation plans. The clients were not excited but complied. He later confessed he was willing to have one appointment but couldn’t imagine continuing an engagement because he wasn’t interested in retirement and had been to advisers before who only wanted to consider his retirement date and managing his portfolio to support a retirement life he couldn’t envision.
In that first meeting, the new planner asked about their current lives, their passions, their vision for a thriving life now and in the future. After some conversation, the executive set his pen down and said with emotion, “I want to leave this position and take my family to live in Spain, write every day, have coffee with the old men, and have my children with us experiencing a new way of living.” The planner grinned and said, “Then let’s work on that plan.” They lived three years in Barcelona, then moved to Maine for a simpler life even though it altered their level of financial resources. They were clients for decades because the planner asked rather than assumed what was important and what the client wanted.
Another planner has often shared with me her story of a wealthy prospect in his 60s. She was the third or fourth planner he had visited. All the others asked him when he wanted to retire and began discussing his investment options. She asked him, instead, “What do you want to do over the next 10, 20 years?” What do you envision retirement looking like?” He paused, then said, “Thank you. No one else asked me. I am not ready to retire. I want to think about my work life and how I want to work and balance other parts of my life going forward.” The other planners succumbed to the traditional and expected path of planning for a person of a certain age. She showed curiosity and a willingness to “not know” what he wanted.
Recognizing the Issues
Ageism is significantly widespread and considered the most socially acceptable form of prejudice (World Health Organization 2021, 5). It reflects beliefs about how we expect older people to behave based on their age, resulting in stereotyping (our thoughts), prejudice (our feelings), and discrimination (our actions). Ageism demeans others through a judgment of one’s physical, cognitive, and intellectual ability that is based on age alone. It is a perception that centers on the negative aspects of a natural aspect of every human’s life. Ageism is often accompanied by ableism, which are stereotypes against those with disabilities. Both can lead to assumptions that older adults are less capable of managing their finances or making informed decisions.
Age bias assumes older adults are all the same and that their lives become less meaningful and they become less engaged. It then goes that, due to their assumed limited capabilities, they need less attention. These attitudes can negatively impact the quality of planning advice and care they receive, which may hinder the clients from achieving their aspirations, living a thriving life, and enjoying financial well-being in the second half of their lives.
Ageism and Its Impact
Our beliefs about aging reflect our own cultural biases, rather than being grounded in scientific fact (Levy 2023). There is, of course, ageism toward younger adults as well: that they lack seriousness, are untested, and lack perspective. Ageism toward any group causes harm by causing us to dismiss others and to make assumptions about their value.
Negative attitudes of aging can reduce longevity and directly impact health outcomes. Older people with more positive perceptions of aging performed better physically and cognitively than those with more-negative perceptions; they were more likely to recover from severe disability, they remembered better, they walked faster, and they even lived longer” (Levy 2023). Age beliefs can subtract or add nearly eight years to your life.
Age stereotypes are deeply rooted in early experiences and in every element of our cultural experience. In the United States, those early experiences are predominantly negative. Countries with a positive cultural view of aging have the highest longevity (Levy 2023). Japanese culture holds a positive view of aging as a culture, and the country has the highest longevity. Older adults are respected and sought out for their perspective, experience, and wisdom. The Japanese view old age as something to enjoy, a time of joy in being alive, rather than something to fear or resent. The second half of life is viewed as a time of gathering meaning and living with purpose.
Ageism is compounded by sexism, racism, homophobia, and other prejudices people are exposed to throughout their lives. In the United States, people of color and women are more likely to work in low-wage workplace conditions that negatively impact their health. They therefore enter the second half of life with more health problems, less savings, and fewer options for healthcare. People usually don’t age out of inequities; these get compounded in old age.
Professional Care
Much of our bias is unconscious. Daniel Kahneman said in his book Thinking Fast and Slow that the great danger is that we are often blind to our own blind spots and ignorant of what we don’t know. We are in a helping profession applying our technical expertise combined with our commitment to serve, care, and improve the lives of our clients. Our bias, even if unconscious, risks lowering the quality of our advice and our effectiveness.
We lack adequate research on the impact of ageism in the quality of care and outcomes for financial planning clients, but evidence does exist in other helping professions, including the medical and therapeutic fields. In repeated studies, doctors given identical case studies of patients, with the same symptoms and likelihood of recovery, were less likely to recommend treatments of older patients than to the younger patients. In 45 countries studied, ageism worsened health outcomes (Levy 2023).
Older patients seeking treatment from mental health professionals for depression are less likely to be treated adequately. In a survey of 700 psychologists and therapists, respondents believed older patients are less suited for therapy and they have lower expectations for their improvement (Levy 2023). In fact, it is reported that older adults are more treatable than when they were younger, since older adults’ brains are literally wired for reflection and integration (Levy 2023). Older adults want to get to the bottom of things and improve. When professional caregivers view aging through a lens of diminishment and pathology, it leads to undertreatment.
Aging in the 21st Century
Science paints a different picture of aging than one of “going downhill and deteriorating.”
The long-held notion that mental deterioration is inevitable due to aging is false. The aging brain does change, however. Older brains process information in dramatically different ways than younger brains. In the second half of life, humans use both sides of the brain for tasks that younger people only use one side to accomplish. Both brain hemispheres are actively engaged in older adults, which is a mark of creativity, adaptiveness, and flexibility. Research over the last 20 years (Cohen 2006) has led to a new understanding that the developmental impetus for adults does not diminish with age. That inner drive toward richness of life, meaning, and purpose remains vigorous. For many there is an emerging sense of freedom and possibilities.
People are not only living longer but living more years free of illness. Older people are healthier while disability and disease rates, at least up to 2022, were going down (Levy 2023).
Confronting ageism doesn’t mean we are in denial that life ends in death. Every one of us will face loss, illness, and diminished capacity at some point. The “when,” “what,” and “how” are unknowable.
Ageism in Financial Planning
Older adults often feel marginalized or dismissed by financial professionals because of an assumption of diminished financial and mental literacy. This bias can lead to long-term consequences, including inadequate retirement savings, insufficient healthcare planning, missed lifestyle opportunities, unfulfilled aspirations, and poor financial outcomes. Where diminishment is evident, clients need more support and guidance.
Ageism and ableism in financial planning can go unnoticed, as practitioners look to create efficiencies and uniformity in client interactions. Financial planners may unconsciously apply a one-size-fits-all approach when what is needed and sought is tailored advice that caters to clients’ unique situations. Some planners avoid working with adults in the second half of life because they assume the robust and interesting planning has already been done, and that life transitions are limited. In fact, life continues to present opportunities to thrive, even while presenting challenges that are unplanned and unwanted. Every stage of life deserves good planning that is grounded in discovery and genuine care.
An experienced planning professional, older himself, once shared that when his older clients came in for their annual meeting, there wasn’t anything to talk about other than catching up on the grandkids. Older people are not immune to ageism! The planner abandoned his rich discovery process because he assumed he already knew his client. We never fully know our clients, and the ink is never dry on their development or need for planning. There is always something important to talk about, something for us to learn, and some transition to consider.
Clients with physical disabilities or limited capacities may face challenges in accessing financial information and services that require accommodations by the planner. Failing to ask about these needs can widen the gap between financial planners and their clients, perpetuating feelings of exclusion and frustration.
Strategies and Tools: A 21st Century Approach to Planning for Life’s Second Half
Good questions are at the heart of discovery and good recommendations. Through discovery, we bypass our assumptions so we can provide tailored guidance to clients that reflect who they are and what matters to them. Educator John E. Nelson (Bolles and Nelson 2011) created a useful model for defining and exploring well-being in the second half of life. It can help planners consistently gain meaningful insight into the opportunities and challenges of older clients that will lead to better guidance and outcomes.
The three areas for exploration are (1) geo-financial (money and home), (2) biomedical (health), and (3) psychosocial (happiness). Suggested questions will lead to clarity and insights that will overcome the tendency to rely on assumptions.
- Home and money (geo-financial). Tell me about your home; are you still happy there? How old is it? Do you want to stay there? How has the neighborhood changed? Does it need repairs? Tell me about where you want to live. What kind of weather? Do you have family nearby? Friends nearby? Are there good resources for healthcare, community, and engagement? What do you envision doing? What kind of place would you like? Condo? House? Retirement community? Tell me more about it. When you think about your finances, what are your concerns? What are your thoughts about spending and the lifestyle you want? What expenses do you need to plan for? Are you concerned about caring for anyone else?
- Health (biomedical). Tell me about your lifestyle; do you enjoy physical activity? What do you do to be healthy? What health concerns are you facing or concerned about? Tell me about your parents and family’s health and longevity? What aspirations do you have? Concerns? Do you have good doctors and resources? Tell me about your wishes for care if something happens. Are you feeling optimistic about your future? Are there things we should do to make financial planning easier for you? Do you need help organizing your papers or sorting through bills, documents, or tax papers?
- Psychosocial (happiness). How are you feeling about retiring next year? Tell me about your friendships; do you have friends nearby? What do you imagine doing in this next phase of life? What do you think you will miss? Who are you excited about? How do you imagine spending your time? What concerns you? What do you look forward to?
Rethinking the Phases of the Second Half of Life
Ageism tends to encourage lumping people together and assuming their experience and needs are the same. The aging journey is viewed simplistically as “retire, lose capacities, and then die!” The late Gene D. Cohen, M.D., Ph.D., author and founder of The Center on Aging, Health and Humanities (The Center) at The George Washington University, developed a more nuanced and positive framing of the distinct phases that adults transition through in the second half of life. His framework offers planners a model of aging that can lead to better questions and understanding. Viewing the second half of life as a progression of phases opens new opportunities for meaningful planning and expands our impact as our clients’ thinking partner and advocate. His model encourages us to view adults as being on a multifaceted journey with distinct possibilities and challenges at every stage that will require financial resources and guidance.
Cohen (2001) describes these phases in the second half of life:
Re-evaluation (Generally 40s–60s)
Re-evaluation is a positive reframing of the midlife crisis. Our uninformed assumptions are that this is a negative event that only touches some people, but Cohen suggests it is a natural rite of passage that marks a positive and significant shift in a person’s life journey. He refers to this as the quest phase, a time when a question may stir that may lead to reflection, soul searching, and a yearning for more meaning and purpose.
During this phase, a client may question their career choice or feel bored and restless. There may be a stirring for wanting something new to happen, a shift in priorities, and perhaps a sudden challenge or health issue. Some clients take dramatic turns during this time, leaving their job or their spouse, or deciding to relocate. Others may need a sabbatical or long vacation, or a career counselor, life coach, or counselor to help them walk through the transition. Financial planners can offer support and ensure finances are structured to lend resilience during this time. This reframing reminds us that humans are not predictable, rational, or unchanging throughout adult life. Planners should be prepared for and even invite possible changes in priorities or changes in goals. Perhaps a midlife “I-didn’t-see-that-coming” money bucket could be recommended, in addition to the emergency fund.
Liberation (Generally 50s–70s)
Liberation describes a significant time of transition that may include semi or full retirement or a new phase of work. It is referred to as the “why not” and “if not now, when” phase because older adults may feel a new sense of freedom and self. One may finally feel the freedom to be oneself and to enjoy one’s resources of time, talent, and treasure in new ways. It can be a time of innovation, creativity, and passion, or it may be a new phase of peace and ease. The brain is sprouting new connections. Planners who resist the assumptions of ageism will continue to engage clients in discovery, exploration, and vigorous planning.
Summing Up (Generally 60s–80s)
At this phase, there may be a slowing down physically or mentally, but it isn’t a given. It is often a time of reflection, with a focus on legacy, stewardship, and giving back. It is a time of wanting to ensure that things are in place. There is likely interest in being autobiographical, which may result in a desire to spend more time sharing stories. Volunteerism and philanthropy often take center stage. For planners, we want to encourage that reflection and help clients re-evaluate their estate plans and philanthropic focus, and support their interest in stewardship and giving back in whatever way matters to them.
Encore (70s On)
This is a time of completion. Older adults in this phase will need support and help and will seek fellowship in this time of adversity and transition to finality. It is the last lap. New resources are needed, which may include geriatric social services, hospice care, palliative care, and perhaps a death doula. It is a time to revisit with elder care attorneys and elder care specialists. It is a time for financial planners to be present with the client, the family, and to help ensure that all that has been put in place can be easily implemented as needed with our help, and that as a trusted adviser, we can help in whatever way is needed to facilitate ease for the client and their family.
Having this map of life stages can help a planner truly be their client’s advocate, to help them prepare and become resilient for what lies ahead.
Planners’ Strategies to Combat Ageism
There is no one path for aging. Just as your clients are unique in their accumulation years, your clients remain unique in the second half of life. You would never skip the discovery conversations with your clients in their 30s and 40s and early 50s. The ink is never dry on a person’s desire to thrive and flourish, and the transitions never end.
“Clients are not spreadsheets,” as financial planner Jonathon Guyton points out (2017, 40–41). Their decisions and goals don’t fit neatly into the categories we want to lay out for them, such as “essential” and “discretionary” spending. Travel with family may look discretionary to you, but to a client who places deep personal value on time spent with family away from the daily hassles of life, and who values sharing new experiences, travel is a heart’s core goal. We are well advised not to trample on client’s values and deepest yearnings, but instead, to help them find ways to live the life and fulfill the dreams they hold dear, at any stage of life.
Chris Pollard works with clients in their second half of life. He has noticed what he refers to as “the mini phases” within retirement and the second half of life. “There are events that ultimately happen to everyone, but the timing, speed, and length vary widely,” he told me. He admits that while planning can seem repetitive at times, there are always unplanned circumstances and uncertainty, but possibilities as well. He finds it essential to regularly talk through clients’ opportunities as well as their potential constraints and challenges. Rather than follow a static withdrawal rule for 20–40 years, he encourages his clients to do what is on their bucket list now versus postponing spending. He believes it often makes more sense to front load spending expectations to have the life you want and then adjust when you can’t do those things. Focus on now, not just tomorrow, while still being prudent and using common sense, and running those “what if” scenarios every year.
Pollard encourages clients to explore and continue to discover what matters to them and acknowledges that he has learned over time that clients’ lives are still unfolding later in life. He has also learned through experience that, “you have to ask the important questions. Clients aren’t always forthcoming. We must ask detailed questions because those details tell the story of that unique individual. It tells you want that client wants out of their home and life, who is important to them, what brings them joy and a feeling of freedom.”
Conclusion
We help clients resolve the tension between what they want and need today, with what they will want and need in the future, while acknowledging that uncertainty is inevitable and unexpected events and circumstances will unfold along the way. Helping clients build resiliency that will allow them to enjoy a thriving life in the widest variety of circumstances is at the core of our purpose. That doesn’t change as clients age.
Overcoming ageism does not mean that we ignore the realities that are part of the human journey. The day will come in every life where there will be diminishment of some kind, and the end will come. We can embrace a more positive view and approach to planning for the second half of life while still helping clients prepare for the final stages and the ending of life.
We can’t improve our age beliefs without first taking stock of them. Monitor your age beliefs by checking yourself for portrayals of older people that feel like negative stereotypes. Ask yourself, what five words come up for you to describe aging? Are they negative? Positive? Where did those notions come from? How do you view your own aging journey?
The evidence now tells us that not only will your negative view harm your value to your clients, but it may impact your own future health. A positive view of aging can add years to life and life to those years. If all goes well, we will become old.
References
Bolles, Richard N., and John E. Nelson. 2010. What Color Is Your Parachute? For Retirement: Planning a Happy, Healthy and Prosperous Future. William Morrow. Kindle.
Cohen, Gene D. 2006. The Mature Mind: The Positive Power of the Aging Brain. Basic Books. Kindle.
Cohen, Gene D. 2001. The Creative Age: Awakening Human Potential in the Second Half of Life. William Morrow. Kindle.
Guyton, Jonathan. 2017. “Because Retirees Aren’t Spreadsheets.” Journal of Financial Planning 30 (4): 40–41.
Levy, Becca. 2023. Breaking the Age Code. William Morrow. Kindle.
Palmer, Parker. 1991. The Active Life: The Wisdom of Work, Creativity and Caring. Harper.
World Health Organization. 2021. “Global Report on Aging.” www.who.int/publications/i/item/9789240016866.
SIDEBAR: Ten Tips for Overcoming Ageism in Your Practice
- Ask, don’t assume. Accept that it is normal for clients to change their minds, and new opportunities and challenges appear throughout life. Client discovery is an ongoing part of care.
- Introduce tailored questions in all areas that contribute to quality of life. Social and family relationships, health, meaning and personal development, money, home, aspirations, concerns, and values. We cannot arrive at the right solutions if we do not ask the right questions.
- Accommodate. Find out if there are physical and/or mental challenges and look for ways to remove the boulders that you may have placed in front of your older clients that make it harder to work with you. Simplify fact finding. Help them gather the data you need. Meet them when and where it’s easiest.
- Engage in dynamic tailored planning. Hold robust annual meetings that include running a range of scenarios because life never stops, and policies and markets will change. Solve not only for constraints but for what could be possible. Revisit your planning assumptions and stay up to date on policies and empirical evidence.
- Elevate your role beyond financial expert. Be your client’s thinking partner, advocate, and source of other resources to help them age well.
- Create a warm and comfortable space, online or in person. Help clients feel comfortable sharing their stories, feelings, and needs. Go at their pace.
- Promote positive aging through your attitudes, enthusiasm, and conversations with clients. Offer educational resources and workshops. Help clients feel empowered and to have a positive attitude.
- Build an intergenerational team. Create a safe environment to explore assumptions and brainstorm ways to elevate services and value.
- Don’t assume clients know what they want next. Discovery is just as important in the second half of life as in one’s 30s and 40s.