Retirement isn’t just a financial milestone—it’s a new chapter that gives you the chance to shape your time and choices around what matters most. That’s why it’s important to align your financial plan with life priorities, rather than centering it only on numbers or industry benchmarks.
Whether your goals include travel, family time, volunteering, or simplifying your lifestyle, a thoughtful and personal approach to planning can help you live in alignment with your values throughout retirement.
Retirement Is About More Than Finances
Traditional financial planning often focuses on savings targets, asset allocations, or withdrawal strategies. These are all important components, but they don’t exist in a vacuum. A strong retirement plan begins by asking: What do I want this next phase of life to feel like?
Your financial plan should support that vision. Whether you’re already retired or preparing for the transition, defining your values helps give your plan direction and meaning.
Identify Your Top Priorities
To align your financial plan with life priorities, start by identifying what truly matters to you in this season of life. These might include:
- Spending quality time with children or grandchildren
- Pursuing travel or hobbies you postponed during your working years
- Maintaining your health and well-being
- Contributing to causes or organizations you care about
- Supporting a spouse or partner through their own retirement journey
- Living more simply, with less financial stress or complexity
Your values are unique to you. Articulating them helps guide both your financial decisions and your day-to-day choices in retirement.
Build Flexibility into Your Strategy
Your priorities may evolve over time, especially as you move through different stages of retirement. Early retirement might feel active and travel-focused, while later years may bring different needs or preferences.
That’s why financial strategies should be built with flexibility. Working with a fiduciary advisor can help you create a plan that adapts to changing circumstances without losing sight of your core goals. This may include:
- Setting aside funds for discretionary spending in early retirement
- Creating a strategy for healthcare and long-term care planning
- Reviewing how Social Security, pensions, or RMDs affect your income flow
- Maintaining a diversified portfolio that reflects your risk tolerance and time horizon
All of these tools support your lifestyle—but they’re most effective when they’re grounded in a clear understanding of what’s most important to you.
Consider Both Tangible and Intangible Goals
It’s easy to focus solely on measurable goals, such as paying off a mortgage or funding future travel. But intangible goals often have just as much impact on your quality of life.
For example, many retirees value the ability to help family members through financial gifts or time. Others prioritize stability, simplicity, or a sense of purpose. A personalized plan allows room for both practical needs and emotional well-being.
Discussing these goals with a financial advisor helps you evaluate options like charitable giving, 529 plans for grandchildren, or simplifying your financial accounts in ways that support your desired lifestyle.
Plan for the Life You Want, Not Just the Life You Had
Many clients enter retirement still operating under the structure and routines of their working years. While that structure can be helpful, retirement offers a chance to reimagine how you spend your time and energy.
It’s helpful to reflect on what you want to keep, what you want to change, and what you might want to let go of. This might involve adjusting your budget to support new interests or moving to a location that better fits your lifestyle.
Aligning your financial plan with your life priorities gives you the freedom to make these transitions with greater clarity.
Keep Communication Open
Retirement often involves shared priorities between spouses or family members. Having open conversations about what each person values can strengthen your planning process.
In some cases, adult children may be involved in helping their parents navigate major decisions. In others, couples may have different ideas about timing or spending. A collaborative approach helps keep the planning process aligned and respectful of everyone’s goals.
Advisors can help facilitate these conversations while bringing clarity to topics like estate planning, long-term care, and beneficiary choices.
Revisit Your Plan Regularly
As your life evolves, so should your financial plan. What felt right in your first year of retirement may shift as your needs, interests, or priorities change. Rather than setting your plan once and leaving it untouched, make time to review it regularly.
A periodic review gives you the opportunity to celebrate progress, address new challenges, and realign your plan with your life’s direction.
Aligning Planning with Purpose
Retirement planning is not just about money—it’s about living in a way that reflects who you are and what matters most to you. When you align your financial plan with life priorities, you create a roadmap that supports your well-being and evolves with your life.
At BA Schrock, we help clients define what a fulfilling retirement looks like and build financial strategies that reflect their personal values and lifestyle choices.
Let’s talk about how your plan can reflect what matters most to you. Schedule your 15-minute introduction call today.
