Retirement Planning: Why It Involves a Lot More Than Dollars and Cents
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Here's your Money Briefing for Monday, November 29th. I'm J.R. Whalen for The Wall Street Journal. When we talk about retirement, we often focus on money, building your 401k account or your IRA over time to ensure you have enough to live on once you leave the workforce. But financial advisors are reminding retirement planners that there's more, a lot more, to mapping out your later years than just dollars and cents.
For many people, work really is their life. And so the question becomes, when you no longer have that focal point, what are you going to do every morning? After you get up and eat your breakfast, what's next?
Wall Street Journal and Barron's contributor Cheryl Winokur-Munk has been talking to financial planners and advisors about the non-financial priorities that they discuss with their clients. We'll ask her about that after the break.
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What non-financial retirement priorities are advisors highlighting?
Many retirees believe that attaining financial security will be the key to a fulfilling retirement. But financial advisors say that's just one side of the equation, and that people nearing retirement also have to think about non-financial questions as they plan for their later years. Our contributor Cheryl Winokur-Monk wrote about this for the WSJ sister publication Barron's, and she's with us to discuss. Cheryl, thank you for being with us.
Thanks for having me.
You know, Cheryl, when it comes to retirement, all we hear about is managing your 401k or your IRA properly to be sure there's enough money to live on. But it sounds like financial advisors are raising the old adage that money isn't everything.
And that's right, because you can have a million dollars or two million or three million or whatever in retirement. But that doesn't mean you're going to be happy in retirement and you're going to enjoy and feel fulfilled in your retirement. Money is important, but it really isn't everything in this case.
Okay, so what typically falls into this non-financial category that financial advisors are talking about?
It's all sorts of things. It's really like, what are you going to do when you get up in the morning? Now, you've been working for so many years of your life, and for many people, work really is their life. And so the question becomes, when you no longer have that focal point, what are you going to do every morning? After you get up and eat your breakfast, what's next? What makes you happy? What fulfills you? What gives you meaning and what gives you purpose?
Well, let's talk about why advisors say people need to focus on these non-financial retirement goals. What can happen if they don't?
A lot of people are just really miserable when it comes to retirement. So when you leave the workforce and you think, I'm going to have so much free time and I'm really looking forward to it. But then after a while, it just becomes boring and mundane. And it's the same thing every day, right? How many times can you weed the garden? How many times can you take a walk around the block?
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