What Are You Retiring To?

Endless rounds of golf, plenty of time to pursue your favorite hobby, evening walks on the beach, vacations to dream destinations—when we think of retirement, we often picture a life stage of leisure and happiness.

There’s certainly nothing wrong with well-deserved rest after a successful career to spend more time on hobbies and activities post-retirement. However, many people think of retirement as complete freedom: doing whatever you want, whenever you want. Even though retirement can feel that way during the honeymoon phase, at some point, a lifestyle based solely on entertainment and leisure doesn’t satisfy.

At OneAscent, our greatest desire is to help you live well and finish well. We want your retirement years to be fulfilling, purpose-driven, and impactful, and we believe it starts with a simple shift in mindset.

“Retiring to” instead of “retiring from”

Our culture has depicted retirement as an artificial finish line. Many people focus on reaching the end of their career with no thought as to how they’ll spend their retirement time, where they’ll find purpose, and what passions they’ll pursue after retirement. They focus on retiring from their vocational years, but they don’t have a plan for what they’re retiring to. What if retirement isn’t about what you’ve left, but instead about where you’re going?

Retiring isn’t a finish line; it’s simply a step into your next phase of life. Embracing a “retiring to” mindset instead of a “retiring from” mindset allows you to consider what your next role is in life and ensures a purpose-driven retirement.

How to “retire to”

A new, purpose-driven phase of life after the end of your vocational career doesn’t happen on accident—it requires intentional planning and decision-making. OneAscent advisors give guidance in several key areas of your retirement planning.

Purpose and productivity

In retirement planning, we help you move from a life cycle of saving and accumulating to properly distributing your assets and income based on your specific goals and desires. OneAscent advisors personally walk with you through the thought process of how you’ll find purpose and productivity in retirement. We help you discover what it is you want to “retire to” by exploring where you want to dedicate your time, talent, and treasure in order to serve others and leave a lasting legacy.

Necessary resources

One of the biggest misconceptions about retirement is that your retirement lifestyle will cost much less than your lifestyle during your working years. While some costs may be reduced and/or eliminated, they’re often replaced by other things like travel, more time for hobbies, increased medical costs, and other expenses. Additionally, it can be hard to think through how your cash flow will change after your paycheck stops.

OneAscent advisors help you determine how to “recreate your paycheck” and live off your assets in the most tax-efficient manner. We look at your take-home pay and how much you typically spend on your lifestyle to create a distribution strategy for retirement. For example, let’s say your family needs $7k a month of household take-home pay for your lifestyle, and after retirement, you’ll receive $4k monthly in Social Security payments. This leaves a gap of $3k per month. We help you design a tax-efficient distribution strategy that gives you the money you need on a monthly basis and mitigates the risk of spending down your assets during your lifetime.

How much is enough?

Another common misconception about retirement is that you can save enough money to make you feel content and completely secure. The reality, though, is there is no amount of money that will give contentment or complete security. Contentment comes from being satisfied with what you already have.

OneAscent advisors help you answer the question, “How much is enough?” In other words, we help you think through:

• “Am I content with what I have right now?”
• “Do I behave as a steward of my possessions by holding them with an open hand?”
• “If I’m in a position where I have more than enough, how might I be called to deploy that money elsewhere to charitable causes, family giving, or other areas?”

We want to help you live out your values with purpose and leave a lasting impact. When you know what you’re “retiring to,” you’re empowered to live well and finish well. Contact us today to schedule a consultation and learn more.

Past performance may not be representative of future results.  All investments are subject to loss.  Forecasts regarding the market or economy are subject to a wide range of possible outcomes.  The views presented in this market update may prove to be inaccurate for a variety of factors.  These views are as of the date listed above and are subject to change based on changes in fundamental economic or market-related data.  Please contact your Financial Advisor in order to complete an updated risk assessment to ensure that your investment allocation is appropriate.