Planning for retirement isn’t just about picking a date on the calendar—it’s about defining what financial clarity and personal freedom look like for you. That’s the difference between being retired and being unemployed.
And in cases where people haven’t fully thought through their new purpose in retirement, they often struggle. The good news is that this is very avoidable if you’ve put some thought into how you plan to spend your time, and what matters most to you.
In this article, we’ll walk through several key components of retirement planning to help you stay on course toward long-term financial security—on your terms and your timeline.
Define What Retirement Means to You
There is no single definition of retirement. For some, it’s a complete exit from the workforce. For others, it’s a pivot—scaling back hours, changing careers, or pursuing purposeful work without financial pressure. Do you see yourself traveling more? Moving closer to family? Downsizing your home or taking up a new hobby.
Understanding what retirement looks like to you adds context to the numbers. The more specific your vision, the more tailored your financial plan can be. And remember—what you want today might evolve. That’s why every financial plan is a living document.
Clarify Your Time Horizon and Milestones
The number of years between now and when you plan to retire is key. It not only influences how much you need to save, but also determines the investment mix that fits your risk tolerance and timeline.
Major life transitions—like when kids graduate from college, paying off a mortgage, or receiving an inheritance, can also serve as planning markers. Instead of viewing retirement as one distant event, think of it as a series of financial milestones. A flexible timeline allows you to adapt as your career, personal goals, or financial situation shifts.
Maintaining Your Lifestyle in Retirement
The best retirement plans are grounded in what your life actually costs—now and later. Some expenses may decrease in retirement (commuting, housing), while others may increase—especially healthcare, and travel (not just vacation, but visiting friends and family).
Many people assume that expenses may fall dramatically upon retirement but that’s not usually the case. Why? By the time most people retire, if they have children, it’s likely they have already left the house, and their home may already be paid off. These are two of the biggest expense changes people tend to see late in their career.
Keep Reviewing, Keep Adjusting
Retirement planning isn’t static. As your career evolves, your wealth grows, or your family circumstances shift, your plan should evolve with you. That’s why updating and reviewing your financial plan is an ongoing process, not an outcome.
Paceline Wealth Management partners with individuals and families to build adaptive, personalized plans that lead to lasting financial confidence. As you consider your own retirement journey, ask yourself: What kind of life do you want to create—and who is helping you build it?
This blog was written by Jeremy Bohne, Principal & Founder of Paceline Wealth Management. Paceline is a fee-only investment advisor serving clients in the Boston area, and on a remote basis throughout the country. Paceline specializes in helping tech and biotech executives, business owners, physicians, and those seeking financial planning services.