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Planning Your Retirement Lifestyle

Laurence Hale, AAMS®, CRPS®
Principal/Managing Partner, Investment Advisor & Chief Investment Officer

Retirement should be an exciting time in your life when you get to enjoy the decades of hard work. However, it's not as simple as walking away from your job and doing nothing. Careful planning is required to ensure your retirement lifestyle fulfills your hopes and dreams for this new chapter. 

Envision Your Ideal Retirement 

The first step in planning your retirement lifestyle is to envision what you want it to look like. Do you want to travel frequently or stay closer to home? Are there hobbies or passions you've put on the backburner that you'd like to immerse yourself in? Get clear on your vision by making a list of goals, activities, and experiences you want to have in retirement. 

Determine Your Retirement Costs 

Once you have an idea of how you want to spend your retirement years, estimate the annual costs associated with that lifestyle. Major expenses to account for include housing, healthcare, travel, transportation, leisure activities, and any other anticipated expenses. Don't forget to factor in taxes and inflation over time. Having a realistic picture of your retirement costs ensures you save enough to fund your desired lifestyle. For more insights on determining your retirement costs, use our Retirement Planner Calculator to keep your goals on track.  

Take Stock of Income Sources 

In addition to estimating retirement costs, evaluate all your potential income sources like Social Security benefits, pensions, investment accounts, annuities, and any other savings vehicles. Ideally, your income will cover your basic living expenses so your investment accounts can be depleted more gradually to fund your retirement dreams and activities. 

Consider a Gradual Transition 

For many, going from full-time work to complete retirement is an abrupt shock. Instead, explore ways to gradually transition into retirement to ease the mental and emotional adjustment. You could start by going part-time for a couple of years or launching an encore career or small business that's lower stress but still engages your mind and passions. 

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Don't Forget Health and Well-Being 

A successful retirement lifestyle goes beyond just financial security. Take steps to safeguard your physical and mental well-being. Make your health a priority by staying active, eating nutritious foods, nurturing relationships, and continuing to challenge your mind. Retirees who remain engaged mentally and physically tend to be happier and live more fulfilled lives. 

Develop a Comprehensive Retirement Plan 

Bringing together all these elements into one cohesive retirement plan is essential for ensuring your desired retirement lifestyle becomes a reality. Work with a qualified financial advisor who can analyze your unique circumstances and develop a customized plan outlining your expenses, income sources, investment strategies, and more. The plan should account for potential longevity, increasing healthcare costs, economic uncertainties and other factors that could impact your retirement. 

Embrace Flexibility  

No matter how thoroughly you plan, your retirement will likely not go exactly as envisioned. Perhaps your interests and priorities shift over time, or your income needs change due to unforeseen circumstances. The key is to embrace flexibility and be willing to adjust your plans as needed. Revisit your retirement plan regularly with your financial advisor to assess if any revisions need to be made. 

With purposeful planning and a bit of flexibility, you can position yourself for a rewarding retirement lifestyle aligned with your values and dreams. Take the time now to lay the groundwork for the retirement you envision. 

To ensure your retirement vision becomes a reality, partner with a trusted financial advisor who can develop a comprehensive plan tailored to your unique hopes and circumstances. At WHZ, our team of experienced retirement planners will guide you through our personalized Plan Well, Invest Well, Live Well.™ strategic process to help you maximize your retirement resources, gain confidence in your financial future, and ultimately Live Well. Schedule a complimentary consultation on our website or by calling (860) 928-2341. 


Authored by Principal/Managing Partner Laurence Hale AAMS, CRPS®. Securities and advisory services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser. These materials are general in nature and do not address your specific situation. For your specific investment needs, please discuss your individual circumstances with your representative. Weiss, Hale & Zahansky Strategic Wealth Advisors does not provide tax or legal advice, and nothing in the accompanying pages should be construed as specific tax or legal advice. 697 Pomfret Street, Pomfret Center, CT 06259 and 392-A Merrow Road, Tolland, CT 06084. 860-928-2341. www.whzwealth.com.  

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