Retirement lifestyle planning looks beyond numbers. Beyond money there is the question of how to spend and invest a more precious resource – time.
The normal approach to retirement planning is to start with the amount of savings. Then ask for an idea of how much income those savings will produce. Conversely a retirement lifestyle plan starts with describing what you need, want, and wish for. Then ask for an idea of how likely it is those savings can get you there.
Some people need help coming up with their wishes. It might not have occurred to them before to ask what will bring meaning and fulfillment to them in that chapter of life. For some this is a more difficult decision than figuring out an investment plan or tax strategy.
If you come up short on your goals, the plan recommends what can be done instead. If you come up with excess, the plan asks what you might have left out.
People who engage in the retirement lifestyle planning process understand that there is only so much that money can do. The rest is up to you.
If your vision for the next chapter in your life seems like a jumbled puzzle, John Nelson and Richard Bolles's book helps to put the pieces together using a simple process. It's too bad they have to use the "R" word in the title. The book could be used by anybody at anytime in their lives to figure out "What do I want next"?