Get the Planning Advantage!  A great retirement plan involves both financial and non-financial aspects, ensuring that retirees can maintain a fulfilling, secure, and enjoyable lifestyle. Here are the top 20 attributes that contribute to an excellent retirement plan:

Financial Planning Attributes:

1. Adequate Savings – Having a sufficient amount saved to cover living expenses throughout retirement.
2. Diversified Investment Portfolio – Ensuring a mix of investments (stocks, bonds, real estate) to minimize risk and maximize returns.
3. Retirement Income Strategy – Developing a clear plan for generating consistent income from savings, pensions, Social Security, or other sources.
4. Budgeting & Expense Management – Knowing how much money you’ll need to cover essential and discretionary expenses.
5. Debt-Free Status – Entering retirement with as little debt as possible, including paying off mortgages, credit cards, and loans.
6. Social Security Optimization – Understanding when to begin taking Social Security to maximize benefits.
7. Healthcare Costs Planning – Budgeting for healthcare, including long-term care insurance or setting aside funds for unexpected medical expenses.
8. Tax Efficiency – Minimizing taxes on retirement income through tax-deferred accounts and smart withdrawals from taxable accounts.
9. Withdrawal Strategy – Creating a sustainable plan for withdrawing from retirement accounts without outliving your assets.
10. Emergency Fund – Having a financial cushion to cover unexpected expenses without disrupting your retirement plan.

Non-Financial Planning Attributes:

11. Clear Purpose or Activities – Identifying hobbies, interests, or volunteer work to stay engaged and feel purposeful.
12. Health and Wellness Focus – Maintaining good physical and mental health through exercise, diet, and regular check-ups to enjoy a higher quality of life.
13. Social Connections – Building a strong social network and maintaining relationships with friends, family, and community.
14. Lifelong Learning and Personal Growth – Keeping the mind sharp and engaged through courses, reading, or new activities.
15. Work-Life Balance – Retirees who enjoy part-time work, consulting, or creative projects to stay mentally stimulated and socially active.
16. Emotional Readiness – Adjusting emotionally to the shift from a career-focused life to one of leisure or purpose-driven pursuits.
17. Travel and Exploration – Planning trips and adventures to enjoy new experiences and create lasting memories.
18. Maintaining Mental Health – Having strategies to cope with stress, loneliness, and potential feelings of boredom or lack of purpose.
19. Flexible Lifestyle Choices – Being adaptable with where and how you live in retirement, such as downsizing, relocating, or moving closer to family.
20. Legacy Planning – Thinking about how to pass on wealth, values, and knowledge to future generations, including creating a will, trust, or other estate planning tools.

By addressing both the financial and non-financial aspects of retirement, retirees are better prepared to enjoy a satisfying and stress-free retirement. A well-rounded plan ensures that not only their financial needs are met but also their personal fulfillment, relationships, and long-term happiness are prioritized.

One Question:

Do you have a retirement plan?

One Exercise:

Get the Planning Advantage! This week take our Retirement Readiness Assessment and make a note of your ideas & insights here.  Discover with significant other or trusted friend to explore next steps & actions.