If you were to ask 100 financial planning clients to describe their dream retirement you would probably hear 100 different stories. Nevertheless, you'd find some common threads: less stress, now that the demands of the workplace are gone; more time to spend with family and friends or to pursue favorite pastimes.

Most important, retirement has always seemed to be a phase of life in which virtue would find its own reward. The grasshoppers who borrowed and spent might come up short, but the ants who saved diligently and invested prudently would live comfortably for many years, passing on values—and valuables—to loved ones.

After the aptly named Fall of 2008, many clients, even the most dedicated savers and investors, fear that the autumn of their lives won't be so abundant. Even those with ample remaining assets may worry about the future. As a result, financial planners' roles have expanded to include comfort and reassurance as they explain to clients what they still can do—and and what they might have to do—to realize their own happy ending.