Iowa Fiduciary

Iowa Fiduciary Services Part 6: Lifestyle Balance

Retirement is an opportunity to create a life that truly reflects who you are. Are you ready for a radical shift in your daily life? From financial issues to emotional stability, here’s how creating balance could lead to a healthier and wealthier lifestyle in your retirement years. 

Set money aside for the moment, and think about what will be left in your life once you take work out of the equation. How will you view your identity? Do you have hobbies or volunteer activities to focus on? How often do you get to socialize? Do you have relationships outside of work? Are you fit and active? Balance is an ideal we all strive for but seem to miss. Some of us may be struggling with ways to wind down after the workforce and practice relaxation methods, and perhaps, others have too much leisure time and need to incorporate more productive days into our lives. Of course there is always the concern of running out of money in retirement so many decide to continue working “to be safe”. But at Johnson Wealth and Income Management, we believe retirement is meant to be enjoyed, and dare we say it – stress-free!

Planning for a more secure and balanced retirement requires a little preparation, but it goes a long way. The following information will help you begin to plan for a more financially – and emotionally – stable future. 

Envision the Lifestyle You Want When You Retire 

Why is balance important? Picture a balancing scale, one side of the scale is work and the other side is leisure. When you put more energy into only one side of the scale, that side falls down. Take this collapse of the scale personally, because it’s your life.

It can be hard to keep up with life revisions on your own. That’s why the key to a more healthy financial future is to have a Fiduciary to help guide you through the lifelong process that is retirement planning. You can start at any time, but it works best if you factor it into your financial planning as early on as possible. That’s the best way to help ensure a safe, secure retirement. 

A good place to start is to determine if you would like to:

  • Gradually wind down your hours (a phased retirement)
  • Cut back to working part-time
  • Start a second career/hobby or explore new business ventures
  • Close your business entirely
  • Continue to work as long as you are able

You should also consider other plans such as travel, whether you will downsize your home and if you will relocate geographically.

Review Your Present Financial Situation

While determining how much you’ll need for retirement and how to allocate your savings among a defined contribution, the retirement plan’s investment menu will be extremely helpful in enhancing your financial education. Some of the most complex decisions that you’ll have to make involve the full breadth of personal finance issues.

An evaluation of your current finances could help you plan for what you will need in the future. By meeting with your trusted advisor, you can begin to:

  • Calculate your net worth (your assets minus your liabilities)
  • Organize your expenses in order to understand your spending patterns
  • Examine your retirement and other investments

Although calculations can be done manually, the use of a Fiduciary financial advisor could be super beneficial throughout the process. Additionally, unanticipated life circumstances may require you to change your course. Review your retirement plan with your financial advisor every year or two and revise it as necessary to help you reach your goals.

Determine Your Retirement Needs 

Based on your vision for retirement, work with a professional financial planner to decide how much money you will need to set aside and which investment vehicles are best for you. Consider factors such as:

  • the percentage of your annual pre retirement income you will need in retirement
  • when you plan to retire
  • the rate of return on your investments
  • inflation
  • taxes

Create a customized plan that you are comfortable with and that will help you maintain a lifestyle consistent with your retirement plans. Put concrete steps in place to reach your goals and stick with your plan over time. 

Keep Your Eye on the Prize 

Why did you retire? Or why do you want to retire? Make a list of your retirement goals: personal, professional, financial, physical needs, and spiritual needs and goals. Then check in on them as you get closer to retirement. The importance of the items in each list will give you a feel for their proportions in your retirement pie and keep you on track to reaching your dream retirement.

Think about whether what you are doing now is going to get you to where you want to go. If not, adjust. Retirement, more than any other period in our lives, should be a time when we are most able to go with the flow and adapt. Whether you’re embarking on a phased retirement or simply stuck in a loophole of where to turn and what to do next, reaching out to your full-service financial advisor can help fill the gaps and get you on your way to the retirement lifestyle you deserve.

Final Thoughts

A recent study showed employees who have good work-life balance tend to have better retirement planning. So, how do you plan on spending your retirement years? Are there parts of your current life that you hope to devote more time to? Have you thought about what your daily schedule will be like once you stop working? How will you create balance if there are too many demands on your time? At Johnson Wealth Income Management our fiduciary advisors are here to give you the tools that will help you with the following:

  • Budgeting
  • Retirement Planning and Investing
  • Money Management
  • Tax Planning
  • Estate Planning
  • Insurance Planning

Wanting to live well in the moment while saving for an enjoyable retirement can be a financial conundrum. The good news is, it is possible to do both. Balancing these two needs simply means making sure you are keeping your financial house in order while you are enjoying your lifestyle. If you’re like most people, qualified retirement plans, Social Security, and personal savings and investments are expected to play a role in creating a post-work lifestyle you want.

For more information on creating a balanced retirement life in the state of Iowa, reach out to your trusted Iowa advisors at Johnson Wealth Income Management here today.


All written content on this site is for informational purposes only. Opinions expressed herein are solely those of Johnson Wealth & Income Management and our editorial staff. Material presented is believed to be from reliable sources; however, we make no representations as to its accuracy or completeness. Investing involves risk. There is always the potential of losing money when you invest in securities. Asset allocation, diversification and rebalancing do not ensure a profit or help protect against loss in declining markets. All information and ideas should be discussed in detail with your individual advisor prior to implementation. The presence of this website, and the material contained within, shall in no way be construed or interpreted as a solicitation or recommendation for the purchase or sale of any security or investment strategy. In addition, the presence of this website should not be interpreted as a solicitation for Investment Advisory Services to any residents of states where otherwise legally permitted to conduct business. Fee-based financial planning and Investment Advisory Services are offered by Sound Income Strategies, LLC, an SEC Registered Investment Advisory firm. Johnson Wealth & Income Management and Sound Income Strategies LLC are not associated entities. Johnson Wealth & Income Management is a franchisee of the Retirement Income Store. The Retirement Income Store and Sound Income Strategies LLC are associated entities. © 2021 Sound Income Strategies.