“Are we going to be okay in retirement?”

Most of the time, when our clients ask this, they’re asking about their money. And for good reason. Nobody wants to end up 10 or 20 years into retirement, still full of life, and flat broke.

But there’s another side of retirement planning that’s critical to happiness.

Mandy Miser, our Vice President of Advisory, summed it up in one word she uses with clients.

“Purpose.”

Of course, that’s a loaded word. So what do we mean here?

• Are you actively choosing how you spend your time?
• Do you have hobbies? Activities? Projects? Goals?
• Are you being intentional? Purposeful?

It doesn’t have to be anything big. Sure, we’re all for mission trips, community service, volunteering, and other things that might be considered as purpose-driven activities.

And these can be excellent ways to spend your time in retirement, when your days and weeks are no longer consumed by working for a living.

But when you’re 11 years deep into retirement and it’s a random Tuesday morning, what do you expect to be doing? (And that doctor’s visit doesn’t count!)

This might have more to do with your happiness in retirement than the balance in your brokerage account.

Of course, it’s not either-or. Ideally, it’s both. A financial plan that gives you confidence as you design the lifestyle you want. And an on-purpose plan for how you’ll spend your time and make your golden years feel truly golden.

This article was written for financial advisory clients of Asset Strategies. If you’re not yet a client and you’d like to speak with a financial advisor about how they could help you be more ready for retirement, request a Ready for Retirement Review here.