The Anti-Goals for Retirement

So often, the idea of “retirement planning” is centered around saving and investing toward a specific financial goal—the magic number needed to afford retirement. The focus has historically been on “Will I have enough?” as people spend their working years laser-focused on building a portfolio that will support their future financial independence.

While we believe your ability to feel financially secure in retirement is important, it’s also just one piece of the retirement planning puzzle. That’s why we encourage you to come up with some “anti-goals” for retirement, which will challenge the way you approach retirement planning and redefine your idea of success.

What Are Anti-Goals?

What people often don’t realize about preparing for retirement is that this is a life phase unlike any other before. For what may be the first time in your life, you will be untethered—you no longer work a 9-5, the kids are raised and grown, and you have the freedom to build out your schedule however you want.

You have the potential to create an amazing, exciting, and rewarding retirement, but it’s going to take some planning and strategizing to ensure you’re spending your time in a fulfilling way (while preparing for unexpected events that could jeopardize that freedom).

While a focus on your financial goals is essential, it’s equally important to consider what you want to avoid in retirement. By identifying these "anti-goals," you can shape a retirement that truly reflects your values and aspirations. Let’s explore some examples of anti-goals you might want to consider as you continue planning for this next chapter.

Example: Lacking Purpose in Retirement

Many people don’t realize just how much of their purpose and self-worth is tied to their careers. When you step out of the office for good, you may have a hard time feeling fulfilled with your time in retirement. If you lack direction or the motivation to get out of the house and be productive, it could lead to some detrimental health risks like isolation, depression, loneliness, and cognitive or physical decline.

That being said, there are plenty of ways to add more purpose to your time in retirement—you just have to decide what sounds most appealing to you.

You could try:

• Working part-time as a consultant, adjunct professor, tutor, or guest lecturer to help share your experience and professional knowledge with others.
• Volunteering in your community at a local museum, food bank, botanical garden, theater, animal shelter, or other organization of interest.
• Picking up a new hobby you may not have had the time or energy to try in the past like writing, gardening, photography, or traveling.
• Getting a membership to the local country club or community center.
• Joining a walking group or exercise class that piques your interest.

Establishing a routine is critical to feeling fulfilled and purposeful in retirement. While you certainly don’t have to overcrowd your calendar, find ways to bring regularity to your weeks while making a concerted effort to get out and stay active in your community.

Example: Being a Burden to Your Children

As you age, the chance of experiencing a cognitive or physical decline grows.

Unfortunately, the cost of healthcare continues to rise, which puts an additional burden on retirees and their portfolios (or sometimes their families) to cover these ever-increasing costs. According to the 2024 Fidelity Retiree Health Care Cost Estimate, a 65-year-old today should expect to spend around $165,000 on healthcare costs during their lifetime. Notably, this is a five percent increase from 2023.

If you’re concerned about the possibility of becoming a financial or physical burden on your children as you age, now’s the time to make a plan for covering future medical costs, including long-term care.

While there are different ways to cover the future cost of care, here are a few options to consider:

• HSA: Build up your health savings account (HSA), if you’re eligible for one. The funds can be rolled over year after year, and withdrawals used for qualified medical expenses are tax-free.
• Long-term care insurance: If you’d like to transfer the financial risk of needing long-term care to an insurance company, a long-term care policy may be an appropriate solution.
• Emergency savings: If you’re not eligible for an HSA, consider creating a separate emergency fund that you or your children will only tap into to cover future medical costs.

It’s important to speak to your advisor before making a decision, as they can help you determine what works best for your unique needs and financial situation.

Example: Regret Over a Stagnant Retirement Lifestyle

Many people use retirement as an opportunity to pursue lifestyle changes they never had the chance to do before. These might include moving to a new city (or even a new country), hitting every line item on their travel bucket list, downsizing the family home to a condo closer to the grandkids, or starting a business.

What defines a successful retirement isn’t how much you save up, it’s how you use your funds to build out the retirement of your dreams.

Need Help Creating Anti-Goals for Your Retirement?

After being told for so many years that you should approach retirement planning with a certain mindset, it can certainly be difficult to shift into a whole different way of thinking. But beyond hitting a financial goal, retirement is about freedom—reclaiming your time to do what you love, and having the financial security to do it.

Our team at Conway Wealth helps those preparing for retirement think about this next phase of life from all angles, including creating and working toward exciting lifestyle goals. If you’d like to learn more about how we can help you to and through retirement, reach out to our team today.

Investment advisory and financial planning services offered through Summit Financial, LLC, an SEC Registered Investment Adviser, doing business as Conway Wealth Group (4 Campus Drive, Parsippany NJ 07054. Tel. 973-285-3600). 6982820.1