Navigating Life‘s Detours in Retirement
Planning a long and complicated journey always starts with a map, but maps don‘t account for unexpected detours. Today, GPS tools like Google1 Maps are smarter, offering real-time updates and alternate routes. Yet even these advanced tools can miss surprises like a sudden road closure or an unreported accident.
Retirement planning is no different. Your financial map provides a guide, but life‘s unexpected twists—a health issue, market shift, or new goal—may require you to adjust course. The good news? With the right strategies, you can navigate these detours and still arrive at your destination.
1. Life without work.
Sometimes, when the highway turns red on your GPS, there’s no avoiding it. You can see the pile-up coming for miles. However, you’re still surprised when you get to the jam and traffic grinds to a halt.
Many seniors have a similar experience on the first Monday morning after retiring. Of course, they understood retirement means they won‘t be heading off to work anymore. But the experience of getting out of bed without a schedule full of meetings, reports, and face time with clients is still jarring.
If you’re thinking 2025 could be the year you’re going to retire, start considering what your Ideal Week might look like. Mapping out your Ideal Week helps you envision a fulfilling post-retirement lifestyle, ensuring you‘re prepared for the shift from structured workdays to flexible schedules. Take a blank calendar or a piece of paper, map out a week, and divide each day into thirds: Morning, Afternoon, and Evening. See how many of those boxes you can fill in with a mix of exercise, hobbies, spending time with friends and family, and fun. For some added structure, you might add in regular volunteer work, mentoring, or even a part-time job.
If you would like to go even further, try your hand at your Ideal Day or your Ideal Year. You might also consider outlining your broader life goals. This gives you a clearer vision of what you hope to achieve during retirement. Along with your Ideal Week, these represent some of the inspirational exercises we have clients complete when we work together on their Life Plans.
But work isn‘t the only aspect of life that changes in retirement—adjusting to a new financial reality can be equally challenging.
2. Life without a paycheck.
Living off retirement assets instead of a steady paycheck can make some retirees feel like they’re always running on empty. Even earning a little extra cash from a side gig or part-time job might not be enough to provide the confidence that retirees need to spend without worry or guilt.
At any stage of a retirement plan, changes to your spending levels represent the most powerful adjustment you can make. Give yourself a clean slate in retirement by reviewing your monthly budget. You’ll almost certainly find a few ways to economize just because you aren’t working anymore.
For example, you won‘t have to worry about daily travel, lunches, new professional clothes, and annual certifications. Then, move on to things like streaming subscriptions, club memberships, or second vehicle payments that aren’t a part of your retirement vision. Finally, make a list of some of your big bucket list goals: vacations, new activities to try, moving to a beachfront community, or helping your grandkids pay for college.
When considering which expenses to eliminate, consider how you can best align your TEAM of resources —Time, Energy, Attention, and Money—with your values.
Some simple back-of-the-napkin math will probably show you that your money will go further than you think in retirement. Bring your new budgets the next time we meet, and you can discuss an annual withdrawal strategy that will help you meet your basic needs and your big goals. We can create a retirement paycheck (see here or here for more information). That can make the money you need to live your most fulfilling life available when you need it.
3. Life without certainty.
Clear roads and bright skies can turn rainy, snowy, bumpy, or slippery in an instant.
You might find that the weekend hobbies and sports you loved just aren‘t as fulfilling once you‘re retired.
Your relationships with friends and family might change.
Your house might need a major emergency repair.
You or your spouse might receive a life-altering diagnosis.
But if you have a financial plan, there‘s almost always a way to work with your advisor, course correct, and keep moving forward.
While these moments can feel overwhelming, they‘re also an opportunity to reflect on what matters most and make intentional choices about your next steps.
Whatever challenges you‘re spotting on the edges of your financial map, our interactive Life-Centered Financial Planning process and related inspirational exercises can help you stay fixed on your North Star.
What’s Next
As you navigate these transitions—whether it‘s finding structure, managing finances, or preparing for the unexpected—Flourish Though Life’s Big Changes Assessment can help you evaluate your readiness and create a roadmap for your next chapter.
If you’re facing a new beginning—divorce, loss of a loved one, an empty nest, or retirement—our Life Planning process can help you navigate with confidence. Schedule a call today so we can discuss how Life Planning can help you live your most fulfilling life now and in the future.
This Week‘s Favorite Reads
This week’s favorite reads include articles discussing renting vs. owning in retirement, a blueprint for aging, a must-have when hiring contractors for home renovations, five regrets of the dying, and some suggestions to make your estate plan easier for your heirs.
Here are the links to this week‘s articles, as well as a brief description of each and why you should check it out:
1. Here are the pros and cons of renting versus owning a home in those retirement years.
More than 7 million Americans aged 65 and above are renters, a growing trend among retirees. The benefits of renting include reduced maintenance, greater flexibility, and access to amenities. These features make it appealing for those who want to avoid the complexities of homeownership. However, renters face rising costs and the uncertainty of variable rent prices. Rent increases can be particularly challenging if you live on a fixed income.
On the other hand, homeownership provides fixed monthly costs and equity. However, it also comes with ongoing expenses for maintenance, repairs, and potential renovations. These issues can be costly and physically taxing in later years. The decision ultimately depends on financial needs, lifestyle preferences, and retirement goals.
2. A blueprint for aging has the power to add years to your life, one expert says.
In her book, The Second Fifty: Answers to the 7 Big Questions of Midlife and Beyond, aging expert Debra Whitman explores how to thrive in the second half of life. She emphasizes how happiness increases with age, peaking in one’s 70s. She also notes that adopting healthy habits like exercise, a balanced diet, and social connections can add years to life expectancy while reducing the risk of dementia. Using global examples like Singapore’s lifelong learning programs and New Zealand’s Kiwi Coffin Club, Whitman highlights the importance of community and a positive mindset, which can extend life and improve well-being. She advocates for meaningful relationships, gratitude, and flexibility in end-of-life planning, offering a roadmap for aging with purpose and joy.
3. Don’t Build Without It.
Are you thinking about some home renovations? When selecting a contractor, did your due diligence stop with getting a neighbor’s recommendation, reviewing several quotes, and looking up the contractor’s Better Business Bureau ratings? That may sound thorough, but it’s not enough. Add requesting a certificate of insurance from the contractor to your due diligence. Otherwise, you could be in trouble if something goes wrong.
4. 5 Regrets Of The Dying.
Bonnie Ware, a former palliative care worker, compiled a list of the five most common regrets expressed by her dying patients. These reflections offer powerful lessons to help you live a happier, more fulfilling life:
- Live True to Oneself: Pursue your dreams rather than live according to others’ expectations.
- Work Less: Prioritizing your career over relationships can cause you to miss meaningful moments with family and friends.
- Express Feelings: Suppressing emotions can cause us to settle for mediocrity and carry resentment.
- Maintain Friendships: Nurturing your friendships can keep you from lamenting lost connections you can no longer rekindle.
- Choose Happiness: Fearing change and the comfort of familiarity can result in denying yourself true joy, laughter, and moments of silliness.
These insights remind us to prioritize authenticity, meaningful relationships, and happiness.
5. 5 Things to Do Now to Make Your Estate Simpler for Your Heirs.
Finding the time for estate planning can make things much easier for your heirs. It starts with not just having a will but making sure you update your will periodically. Life circumstances change. Your will needs to reflect those changes. It would also help if you didn’t forget your digital assets, including email and online photos. For example, if you save files on a Google Drive, you should have a Google inactive-account profile. Otherwise, it will be difficult—if not impossible—for your heirs to gain access to them. Check out the article for other helpful suggestions, including one to help avoid conflicts after you‘re gone.
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Shares of Google are owned in some client portfolios as well as my personal portfolio.
For firm disclosures, see here: https://apprisewealth.com/disclosures/
Phil Weiss founded Apprise Wealth Management. He started his financial services career in 1987 working as a tax professional for Deloitte & Touche. For the past 25+ years, he has worked extensively in the areas of financial planning and investment management. Phil is both a CFA charterholder and a CPA.
Located just north of Baltimore, Apprise works with clients face-to-face locally and can also work virtually regardless of location.
