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March 8th, 2017 - Why You Still Need Goals-Based Planning In Retirement

| March 08, 2017

Before you retired, you spent time creating strategies that could help you reach your goals in retirement. You might have invested for the income you need, minimized your debt, or protected yourself with long-term-care insurance, among other items. By addressing your myriad financial goals — and envisioning the lifestyle you desired for this next stage — you were able to build a path toward retirement.

But now that you are retired, you have left behind the need for goals-based planning, since you’ve likely reached your destination, right? Not quite.

Each life stage brings new goals to address and strategies to revisit — and the retirement phase is no different. Here are some reasons why goals-based planning can still help you build the life you enjoy, even in retirement.

Your New Reality May Not Be What You Expected

The Employee Benefit Research Institute found that fewer than half of retirees say that their retirement is very enjoyable — no matter their economic status or gender. 1, 2

When you prepared for this life phase, you may have envisioned all your dreams finally coming true as you swapped decades of working for dreams of leisurely living. But once reality sets in, you may find that the life you aspired to is not exactly what you are experiencing. If this sentiment rings true for you, you can still make the most of your retirement by acknowledging how you’re feeling — and identifying the necessary steps to revamp your perspective and experiences.

Ask yourself questions such as:

  • What exactly do I feel unhappy about? And what items am I able to change?
  • What have I been unable to achieve so far? And what roadblocks exist?
  • What lifestyle gaps could I improve? And are any current actions creating this scenario?

You May Need New Lifestyle Goals

The average retiree in America will spend 18 years in retirement.3 That means you have just short of two decades to experience your new lifestyle. While before you retired, you had to focus on the goals that could help you retire comfortably — now, you may need to look at how you want to spend your time. If you have reached retirement and found yourself feeling somewhat letdown, you may be experiencing a common sense of boredom or disillusionment in this new life stage.4 You can start revamping your lifestyle by identifying ways to enhance your enjoyment and deepen your engagement in the near- and the long-term.

Ask yourself questions such as:

  • Are there any new hobbies I would like to pursue?
  • What volunteer opportunities could increase my community engagement?
  • Should I explore part-time job possibilities — and what new skills could I develop to support my search?

Ultimately, every life stage brings new experiences and refreshed priorities for you to address. Just because you spent years working to ensure you can afford retirement doesn’t necessarily mean that the planning and preparation stops once you retire. Of course, your unique financial situation and life values will drive how goals-based planning can help you in retirement. If you’d like to explore how to strengthen your goals — and better ensure you live your best retirement life — feel free to contact us today. We’re ready and happy to talk.