Recently I reviewed some of my earliest posts on myLifeSite and was surprised to find our very first entry dated more than eight years ago. I remember sitting in a Jason’s Deli in Raleigh, N.C., deciding to give blogging a try. Going back over that original piece, I realized the topic is still one I discuss often in talks across the country, so I’ve updated and revised it for today’s post.
What is “Retirement Planning” Anyway?
(Originally written 2/11/2013; revised 5/3/2021)
The phrase “retirement planning” can mean different things to different people. For some, it’s chiefly about saving and preparing financially for the years before retirement. For others, it centers on income strategies and tax planning during retirement. Still others focus on the psychological and lifestyle transition that comes after decades of working. In truth, retirement planning is a broad field that should include all of these elements.
Whichever perspective you identify with, I encourage you to consider a few important areas that are often overlooked.
Care planning as a part of retirement planning
People are living longer than ever. Although U.S. life expectancy has recently experienced slight declines, a 70‑year‑old today can still expect many more years of life, and a growing number of people reach their nineties and beyond.
Longer lifespans make it essential to take a proactive, comprehensive approach to planning for later phases of retirement. While care and long‑term needs have gained attention in recent years, they remain a neglected area for many families and advisors.
Too often, families are reactive—waiting until a health crisis forces immediate decisions. That approach commonly results in “crisis mode,” placing heavy burdens on adult children or other relatives who may lack the time, resources, or emotional capacity to manage complex care needs.
Additionally, social trends such as rising divorce rates among those over 50 have increased the population of “solo‑agers.” Between 1990 and 2010 the so‑called “silver divorce” rate doubled. Combined with seniors who have no nearby adult children or family support, these trends suggest caregiving challenges will intensify in the years ahead.
Housing: Another overlooked part of retirement planning
When people worry about retirement, their concerns often include serious health issues, social isolation, losing a sense of purpose, or becoming a burden to their children. A truly comprehensive retirement plan addresses these concerns beyond finances—particularly housing and living arrangements.
Where someone lives influences their health and well‑being: neighborhood and community, the safety and accessibility of the home, opportunities for social connection, and daily lifestyle habits all matter.
If a serious health event occurs—such as a fall, stroke, or heart condition—the home environment and community determine how independence can be maintained and what level of family involvement will be needed. The right living arrangement can reduce stress on both the individual and their caregivers.
Considering housing today and planning for potential changes in the future is a vital component of a holistic retirement strategy.
A resource for your planning
At myLifeSite, we aim to help people become better informed about retirement living and long‑term care options. That includes encouraging conversations with family and trusted advisors, exploring preferences for the future, and staying open to a range of possibilities.
Taking a proactive approach—learning about aging at home versus moving to a continuing care retirement community (CCRC or life plan community) or other retirement living options—can make a significant difference. Begin by educating yourself on the choices available and discussing them with loved ones so you’re prepared rather than reactive when life changes occur.