You Don't Want Just a Financial Plan: You Need a Purpose and Retirement Ideals
These five questions will help you drill down to what you really want out of retirement. Then you can get down to the business of crafting a financial plan to make it happen.


You may have said it before: "I think I need a financial plan." But if we're being honest, you probably don't want a stack of reports, a folder full of charts or an overly complex retirement strategy.
What you really want is what you believe that financial plan will give you:
- Peace of mind
- Confidence you won't run out of money
- Reassurance you're not missing something important
- Freedom to enjoy your retirement without second-guessing yourself
And that's perfectly reasonable. Because the retirement stage of life isn't just about money — it's about making the most of the time and relationships you care most about.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.

Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Therefore, you first need to know specifically what you want out of your retirement years and why before you can devise a plan that provides the cash flow necessary to satisfy those goals.
The Kiplinger Building Wealth program handpicks financial advisers and business owners from around the world to share retirement, estate planning and tax strategies to preserve and grow your wealth. These experts, who never pay for inclusion on the site, include professional wealth managers, fiduciary financial planners, CPAs and lawyers. Most of them have certifications including CFP®, ChFC®, IAR, AIF®, CDFA® and more, and their stellar records can be checked through the SEC or FINRA.
The disconnect sometimes is that people don't really know all the things they want in retirement, or they don't know what those wants will cost.
Having only a vague idea of what your retirement will look like leads to a scattershot approach to planning that leaves you hoping you have enough rather than knowing.
For most people, living a full retirement means a sizable amount of money has to come from savings. Without having insight into what's important to them in retirement, they're chasing a blurry number.
'I need more income' — but why and for what?
Here's a story reflecting the importance of knowing your why and for what when building a retirement plan.
A couple came in for a planning meeting. They were both recently retired and had done a solid job saving over the years.
"We want about $160,000 a year in income," the husband said.
On paper, their expenses didn't require that much money annually. So, I asked, "That's a healthy amount. What would that let you do that you can't do now?"
They looked at each other and smiled. Then the wife said, "Our son and his family live out West. We want to spend the winters near them and maybe rent a place that fits all of us for the holidays. We want to create memories, not just survive retirement."
That was it. They had drilled down to an emotional level when thinking about a specific part of their retirement needs. They weren't asking just for income. They were asking for something priceless: family time.
That's a meaningful personal goal that, when realized, brings peace, happiness and great memories.
Looking for expert tips to grow and preserve your wealth? Sign up for Building Wealth, our free, twice-weekly newsletter.
Planning to have enough money to do such emotional and meaningful things requires taking a deep dive into what a retiree values most.
Key questions to ask yourself (or an adviser should ask you):
- What would you do if you had unlimited resources?
- Who are the people you want to spend more time with?
- What do you worry about when you think about the future?
- What does peace of mind mean to you?
- What would make you feel truly confident in this next chapter of life?
The answers to those questions are worth more than any spreadsheet. The most important answers usually come after the second or third question, not the first. That's when the real planning begins.
A holistic retirement plan covers five key areas
While it is important to establish your "whys" and "whats" to begin the blueprint of your retirement plan, the following five areas are essential.
Your desires are likely connected to these five aspects:
Income planning. Deciding when and how to draw Social Security, how to take your pension and when to tap your retirement accounts. Knowing how to craft a withdrawal strategy designed to provide reliable income and minimize tax surprises.
Investment planning. Retirement isn't about beating the market. It's about managing investment risk, volatility and sequence of return risk.
Tax planning. A CPA can file your taxes, but proactive tax planning often requires a team that looks ahead. Should you do Roth conversions? How can you minimize RMD taxes?
Health care planning. Medicare has penalties, deadlines and confusing options. Add long-term care needs, like assisted living or nursing home stays (which Medicare doesn't cover), and the picture gets murky.
Legacy planning. Wills are just the start. Coordinating trusts, beneficiaries, charitable giving and tax-efficient transfers sometimes requires legal and financial expertise.
As you can tell, some of these key areas can be complicated. Working with a trusted financial adviser to help you navigate the details and make sure your strategies are implemented accurately can be one of the best ways to gain confidence in your plan.
But remember: The best financial plans aren't just about money, and they're not just about having more.
Rather, a solid financial plan is tailored to help you live the retirement you've earned and the retirement you want — with clarity, confidence and purpose.
Dan Dunkin contributed to this article.
The appearances in Kiplinger were obtained through a PR program. The columnist received assistance from a public relations firm in preparing this piece for submission to Kiplinger.com. Kiplinger was not compensated in any way.
Related Content
- What Is Your 'Enough Is Enough' Number for Retirement?
- Five Tax Strategies to Help Your Money Last in Retirement
- 10 Things You Should Know About Estate Planning
- Retirement Savings on Track? How Much You Should Have by 55 and 60
- Know Your ABDs? A Beginner's Guide to Medicare Basics
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

As Founder of Elevated Retirement Group, Inc., Scott Dougan has built a comprehensive retirement planning company focused on helping clients grow and preserve their wealth. Under Scott’s leadership, a team of experienced financial advisers, Certified Financial Planners (CFP®) and CPAs use tax-efficient strategies, professional investment management, income planning and proactive health care planning to help clients feel confident in their financial future — and the legacy they leave behind. Scott has also written a book titled “Exceptional Retirement: Tools and Strategies for Retiring on Your Terms” (click here to request a free copy). You can find Scott on YouTube by clicking here, where he creates educational videos for those near retirement. If you would like to talk to Scott’s team, you can schedule a call by clicking here.
-
Government Shutdown Puts IPO Resurgence at Risk
The IPO market has been sizzling in recent months, but the government shutdown threatens to put a short-term halt to public offerings. Here's why.
-
Florida Residents Could Soon Get Property Tax Relief
Property Tax The push for a solution to end high property taxes could lead to significant tax cuts in the Sunshine State next year.
-
Government Shutdown Puts IPO Resurgence at Risk
The IPO market has been sizzling in recent months, but the government shutdown threatens to put a short-term halt to public offerings. Here's why.
-
Q3 2025 Post-Mortem From an Investment Adviser: Markets Continue to Climb, Gold Shines
The third quarter saw market gains driven by Fed rate cuts and strong earnings, despite high valuations and concerns about speculative trading and job growth. Gold and international stocks could be potential hedges.
-
Moving Abroad? You Might Need a Cross-Border Financial Adviser
If you want to live in another country long term, you could benefit from an expert's guidance. Here's how to find a good qualified adviser to help with residency requirements, documentation, financial laws and tax impacts.
-
Government Shutdown Could Delay 2026 Social Security COLA Announcement
The shutdown of the federal government has thrown a wrench in the 2026 COLA calculations. Here is what you need to know as we wait for the forced furloughs to end.
-
S&P 500 Sees New Highs on Shutdown Day: Stock Market Today
Most of its components were in the red, but the S&P 500 Index still managed to hit a new intraday all-time high.
-
The Medicare Surcharge: Test Your IRMAA Knowledge
Quiz Test your basic knowledge of the income-related monthly adjustment amount in our quick quiz.
-
A Checklist for a Comprehensive Retirement Plan
A successful retirement is built on a solid foundation of careful planning and self-awareness. Here are nine areas you should plan for if you want to retire with confidence.
-
Government Shutdown to Delay Data, Including Key Jobs Report
While government shutdowns typically don't impact stock returns, they can delay the release of key economic data – including the monthly jobs report.