When you think about retirement, what comes to mind? For some, it’s more time with family. For others, it’s travel, community involvement, or simply slowing down after a busy career. Whatever your vision, one thing is clear—there’s no one-size-fits-all definition of retirement. To create a plan that reflects your unique priorities, it’s important to define your retirement goals with clarity and intention.
Why Clarity Matters
Retirement is more than just reaching a certain age or number in a savings account. It’s a major life transition that can reshape your daily routine, financial structure, and personal identity. Defining what retirement looks like for you helps translate abstract ideas into actionable plans.
Without clear direction, you may find yourself reacting to changes instead of preparing for them. Taking the time to articulate your priorities—whether they’re lifestyle choices, family responsibilities, or financial needs—can help align your financial strategy with the future you envision.
Start with Your Values
Before diving into numbers, consider what matters most to you. Ask yourself:
- How do I want to spend my time when I’m no longer working full-time?
- What activities or relationships bring me the most joy or meaning?
- Are there personal goals I’ve postponed that I’d like to pursue in retirement?
Your answers will help shape your lifestyle plan, which is just as important as your financial plan. Whether you value flexibility, family time, philanthropy, or adventure, your financial decisions should support those core values.
Consider the Lifestyle You Envision
Once you’ve reflected on your values, consider what a typical day or week in retirement might look like. Will you live in your current home, relocate, or downsize? Do you plan to travel occasionally, seasonally, or not at all? Are you interested in part-time work, consulting, or volunteering?
These decisions have real financial implications, from housing costs to healthcare to discretionary spending. Defining your retirement goals in practical terms helps your advisor build a personalized plan that supports both your needs and your aspirations.
Account for Life’s Uncertainties
Retirement planning isn’t just about hopes—it’s also about preparing for unknowns. Market fluctuations, health concerns, and changes in family dynamics can all influence your financial picture over time. That’s why defining a flexible retirement strategy is key.
Work with a fiduciary advisor to explore tax-conscious planning strategies, lifetime income options, and long-term care planning. These elements can provide support without making assumptions or promises about outcomes.
Align Your Financial Strategy with Your Goals
Once you have a clearer picture of your desired lifestyle, your advisor can help assess your current resources and identify potential gaps. This might include evaluating your Social Security filing strategy, required minimum distributions (RMDs), Health Savings Account (HSA) balances, or the potential value of Roth conversions.
Rather than focusing on generic benchmarks or averages, a personalized approach centers your plan on what you want retirement to feel like—not just what it should look like on paper.
Communicate with Your Family
Defining your retirement goals often includes discussing them with loved ones. Whether you’re part of a couple or helping adult children understand your intentions, open conversations can reduce confusion later. If legacy planning or charitable giving is part of your strategy, your advisor can help you create a plan that reflects your values while balancing your financial needs.
Revisit and Adjust as Needed
Setting your retirement goals is not a one-time exercise. Your vision may shift as you move closer to retirement—or even after it begins. Life changes, interests evolve, and unexpected circumstances arise. It’s important to revisit your plan regularly and adjust it to stay aligned with your current priorities.
Working with a financial professional who understands your long-term goals can help you make thoughtful updates without starting from scratch each time life changes course.
A Retirement Built Around Your Life
Your retirement plan should reflect more than just years of saving—it should support the life you want to live. When you define your retirement goals with care and clarity, you give yourself a foundation to make informed decisions and adjust with confidence as your needs evolve.
At BA Schrock, we believe retirement planning should start with your vision. We help clients explore their values, articulate their goals, and build personalized financial strategies that reflect what matters most to them.
Let’s talk about your retirement goals. Schedule your 15-minute introduction call today and start building a plan based on what you want. All introductory calls are handled by a licensed representative from the firm.
