Retirement Planning Goes Beyond Savings

After nearly 40 years helping people plan for retirement, I’ve yet to meet anyone who doesn’t recognize the importance of saving for the future. Most individuals have a general idea of their retirement savings, how their investments are allocated, and whether they feel they are “behind” on their financial goals.

Interestingly, many people—regardless of how much they have saved—still feel they’re not where they should be. But the bigger question is: Are you planning for more than just your finances?

The Missing Piece in Retirement Planning: Purpose

One of the most overlooked aspects of retirement is finding a sense of purpose. While financial security is essential, what will you do with all your free time once you leave your career?

This isn’t just a philosophical question—it has real health implications. Research from the journal Psychological Science shows that having clear life goals and a sense of direction is linked to increased longevity. In other words, a meaningful retirement could help you live longer and happier.

Many retirees find fulfillment in activities such as:

Volunteering for local nonprofits
Spending more time with family and helping raise grandchildren
Mentoring young professionals or entrepreneurs
Pursuing hobbies and lifelong passions
Returning to school or learning new skills
Taking on part-time work in a field they enjoy

Planning how you’ll spend your time creates a more rewarding and engaging retirement lifestyle.

Don’t Let Finances Alone Drive Your Retirement Decisions

Many people focus exclusively on saving and investing, neglecting retirement’s “what comes next” aspect. This oversight can leave them feeling directionless when they finally leave the workforce.

As financial advisors, we frequently meet retirees who feel unfulfilled despite achieving their savings goals. Without a clear purpose, their transition to retirement is met with uncertainty instead of excitement. Planning for purposeful retirement activities is just as important as financial preparation.

How to Plan for a Meaningful Retirement

If you’re nearing retirement—or already retired—there’s still time to create a vision for your retirement. Here’s how to get started:

Reflect on what truly matters to you. Consider what excites and motivates you. What have you always wanted to do but never had the time for?
Set clear retirement goals. Whether it’s travel, community work, learning, or entrepreneurship, define what will make your retirement fulfilling.
Make an action plan. Break your goals into steps and determine whether your financial resources align with your aspirations.
Revisit and adjust as needed. Your vision for retirement may evolve—ensure your plan stays aligned with your values and desires.

Purposeful Retirement Planning Leads to a Fulfilling Life

Aligning your financial plan with your lifestyle goals—what we call purposeful investing—ensures that your retirement is about more than just money. By thinking beyond savings and focusing on what will bring you joy, you can create a fulfilling, meaningful, and possibly longer life in retirement.

Need Help Planning for Retirement?

Eric C. Jansen, ChFC, is the founder, president, and chief investment officer of Finivi Inc., a Westborough, Massachusetts-based firm offering retirement income planning and investment management services nationwide.

For a complimentary consultation, fill out this request form or call (800) 530-6635 today.

Disclaimer: This information is for educational purposes only and should not be considered legal or tax advice. Finivi Inc. makes no representations regarding the accuracy or completeness of linked third-party content and assumes no responsibility for any outcomes resulting from its use. External links do not imply endorsement.