What’s Next? Defining Your Life in Retirement

Gone are the days of gold watches and a permanent tee time. Today, retirement isn’t so much a finish line as it is a mindset shift from “What do I have to do?” to “What do I want to do?”

Maybe you’ll keep working, but on your terms. Maybe you’ll travel, volunteer, or finally pick up that hobby that’s been sitting on your bucket list. With people living longer, healthier lives, retirement can now stretch 30 years or more. That’s not just extra time, it’s a whole new phase of life to explore and enjoy.

So, What’s Retirement Supposed to Look Like?

There is no blueprint for retirement. Some people want to quit working the second they can, pack a bag, and finally see all the places they’ve circled in travel magazines. Others find meaning in staying engaged through part-time work, volunteering, or mentoring. And plenty of folks just want more time for the things they enjoy, like golf, reading, or spending time with their grandkids, without checking their calendar first. What matters most is figuring out what you want out of this next chapter. Not what your neighbor’s doing. Not what your parents did. You.

And if you’re sharing this season with a spouse or partner, don’t assume their vision matches yours. Especially in households where one partner worked outside the home and the other didn’t, expectations can quietly diverge. It’s better to have those conversations early, before you’re both retired and wondering why one of you wants to travel the world while the other just wants a quiet morning routine.

Also, keep in mind: retirement isn’t a single moment. It stretches across decades. You’ll grow, your preferences will shift, and your energy may ebb and flow. The things that excite you at 65 might not hold the same appeal at 80, and that’s okay. There’s no gold star for doing retirement “right.” The goal is to spend your time in a way that feels meaningful to you. That’s the real plan.

Financing the Life You Want

Dreaming about retirement is the fun part. Funding it? That’s where planning comes in.

Start by estimating how much you’ll need to support your lifestyle. A common rule of thumb is your replacement rate, which is the percentage of your pre-retirement income you’ll want to replicate annually. This exercise isn’t about precision. The goal is to get a realistic sense of what your spending might look like, whether that includes travel, home upgrades, or simply enjoying a flexible, everyday lifestyle.

Next, take stock of your income sources. Will you receive a pension? How much have you saved in retirement accounts like a 401(k) or IRA? What can you expect from Social Security? Will you have income from part-time work or rental properties?

Once you’ve matched your likely income with your projected expenses, you’ll be able to see where things stand and if there are any gaps to fill. That clarity gives you the power to adjust and plan accordingly.

Building Your Retirement Strategy

When it comes to preparing financially, most people have two main levers: when you retire, and how much you save between now and then.

Saving more is the straightforward part. The more you set aside now, the more options you’ll have later. Be sure to take full advantage of tax-advantaged accounts like your 401(k), IRA, or HSA. And if you’re 50 or older, make the most of your catch-up contributions, which can give your savings a meaningful boost.

Delaying retirement by even a single year can also have a surprisingly big impact. It gives you another year to earn, another year to save, and one less year you’ll need to fund. Your investments also get more time to grow. Of course, this only works if that extra year feels worth it to you. Not everyone wants (or needs) to delay. But it’s an option that deserves real consideration if it aligns with your goals, energy, and lifestyle.

Planning your retirement is an ongoing activity. It’s a long, personal journey that should reflect your values, your priorities, and your version of a good life. Your opinions may change over time, and your plan should be flexible enough to allow for adjustments. There’s no universal milestone to hit or perfect plan to follow. The real success comes from building a retirement that works for you, both financially and personally.

Take the time to think through what will make this stage of life fulfilling and then create a plan that helps you live and enjoy it with confidence.