Retirement Planning Isn’t a One-Time Project: Here’s Why You Need Ongoing Support
When it comes to preparing for retirement, many people think of it as a box to check off. You meet with a financial advisor, create a plan, and then you’re done—right? Not quite. Retirement planning isn’t a one-time project. It’s an ongoing process that needs adjusting as your life, the markets, and your priorities evolve.
If you’re nearing retirement, this is especially true. The years leading up to retirement are critical, and the decades afterward bring new challenges and opportunities. Let’s explore why ongoing support is essential and how it can help you feel confident in the next phase of life.
Life Doesn’t Stay the Same
One of the biggest reasons retirement planning needs continuous attention is that life rarely goes according to plan. Health concerns may develop, career paths can change unexpectedly, and family circumstances—such as helping adult children or caring for an aging parent—can impact your carefully designed plans. Even after you retire, life events like relocating, welcoming grandchildren, or adjusting to new lifestyle choices can affect your budget.
If your plan was created years ago and never updated, it may not reflect your current reality. Regular check-ins with a trusted advisor ensure that your strategy adapts to the inevitable twists and turns of life.
The Economy Doesn’t Stand Still
Stock market fluctuations, rising interest rates, and inflation can all impact your nest egg. For example, a period of high inflation may mean your retirement income doesn’t stretch as far as you expected. Or, if markets take a dip early in your retirement, you may need to rethink your withdrawal strategy to avoid depleting your savings too soon.
These economic shifts are out of anyone’s control, but how you respond to them makes all the difference. Ongoing financial guidance gives you a sounding board to make adjustments and stay on track.
Tax Laws and Regulations Change
The most obvious example here is taxes. Congress is always tinkering with the tax code, and the rules for retirement accounts like 401(k)s and IRAs have seen some big changes recently. Required minimum distribution (RMD) ages have shifted, and more changes could come in the future. If you’re not keeping up, you risk paying more in taxes than necessary—or worse, facing penalties.
Working with an advisor who monitors regulatory changes and tailors a tax-efficient withdrawal strategy is one of the clearest examples of why retirement planning isn’t something you “set and forget.”
Your Goals may shift over time
At one point, you may picture retirement as lots of travel and new hobbies. Later, you may prefer a slower pace closer to home—or decide you’d like to give generously to family or charities. These evolving priorities have financial implications.
A good retirement plan isn’t just about numbers; it’s about aligning your money with your values and goals. Ongoing conversations with your advisor help make sure your planning reflects what matters most to you at each stage of life.
The Peace of Mind Factor
Beyond numbers, one of the greatest benefits of ongoing support is peace of mind. Retirement can bring uncertainty—about whether you’ve saved enough, whether you’ll outlive your money, or how to handle unexpected expenses. Knowing you have a partner who regularly reviews your situation and keeps your plan on course can ease those worries.
Instead of carrying the burden of figuring it out alone, you can focus on enjoying the retirement you’ve worked so hard to achieve.
Final Thoughts
Getting your car serviced only once is a poor recipe for keeping your car running well long-term. Retirement planning works the same way. A single financial plan won’t guarantee long-term success; it needs regular maintenance. Small adjustments help keep everything working well. With ongoing guidance, you can face life’s changes with clarity and confidence.
If you’re nearing retirement, now is the perfect time to take a fresh look at your plan. Even if you’ve already made preparations, having ongoing support can help ensure those plans actually work for you throughout the years ahead.
This column is prepared by Rick Brooks, CFA®, CFP®. Brooks is an owner and senior financial advisor at Blankinship & Foster, LLC, a wealth advisory firm specializing in financial planning and investment management for people preparing for retirement. Brooks can be reached at (858) 755-5166, or by email at rbrooks@bfadvisors.com.
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