Retirement. It’s a word that often conjures images of relaxation, travel, and leisure. Yet, for many, it also brings a sense of uncertainty about financial security. Traditionally, retirement planning has centered around the idea of a decreased income post-retirement, prompting individuals to adjust their lifestyles accordingly. However, this approach may not always be the most practical, or desirable.

Contrary to conventional wisdom, planning for a significant decrease in income after you cut your retirement part cake may not align with the reality of modern retirement, or with the modern economy. With advancements in healthcare, increased life expectancy, and evolving work trends, many people may not realize they need to plan for a longer retirement that exceeds the traditional retirement age.

So why do so many people still adhere to the notion of downsizing their lifestyle post-retirement? There tends to be a prevailing fear of outliving one’s savings, which leads many to adopt a conservative approach to retirement planning. This way of thinking is part of the “poverty mentality,” an approach to finances that will always keep you “poor,” as you never expand from the financial habits that keep you living paycheck-to-paycheck.

Maintaining one’s current lifestyle in retirement is not an unattainable goal. With proper financial planning and strategic decision-making, individuals can take steps now to ensure they can live their retirement years like “everyday is Saturday.

Here are a few strategies to consider:

  1. Start Early: The earlier you begin planning and saving for retirement the better positioned you’ll be to maintain your current lifestyle.
  2. Maximize Retirement Accounts: Take advantage of employer-sponsored retirement plans like 401(k)s and individual retirement accounts (IRAs). Contribute as much as you can afford, especially if your employer offers matching contributions.
  3. Diversify Investments: Spread your investments across a variety of asset classes to minimize risk and maximize returns. Consider consulting with a financial advisor to develop a diversified investment portfolio tailored to your risk tolerance and financial goals.
  4. Consider Post-Retirement Income Streams: Explore opportunities for generating income during retirement, such as part-time work or freelancing. Even pursuing passion projects to a fee can bring additional financial stability and fulfillment.
  5. Budget Wisely: Develop a comprehensive budget that accounts for both essential expenses and voluntary spending. Be mindful of your spending habits and make adjustments as needed to align with your long-term financial goals.
  6. Save: Unless you’re in a position of making too little money, plan to save at least 20% of your overall income per year.

Ultimately, retirement should be viewed as an opportunity to embrace newfound freedom and pursue passions without the constraints of a full-time career. By reframing our approach to retirement planning and aiming to maintain our current lifestyle, we can ensure a fulfilling and financially secure future.

While it’s essential to plan prudently for retirement, it’s equally important not to underestimate your ability to maintain your current lifestyle during your golden years. By adopting a proactive approach to retirement planning, you can set yourself up for a financially secure and fulfilling retirement that aligns with your lifestyle aspirations.

This material is intended for general public use. By providing this content, Park Avenue Securities LLC and your financial representative are not undertaking to provide investment advice or make a recommendation for a specific individual or situation, or to otherwise act in a fiduciary capacity. Securities products and advisory services offered through Park Avenue Securities LLC (PAS), member FINRA, SIPC. OSJ: 4200 West Cypress Street, Suite 700, Tampa, FL 33607, 813-289-3632. PAS is a wholly owned subsidiary of The Guardian Life Insurance Company of America (Guardian), New York, NY. The individuals associated with Florida Veterinary Advisors do not maintain specialized licenses or qualifications for the financial services provided to veterinary professionals. Florida Veterinary Advisors is not registered in any state or with the U.S. Securities and Exchange Commission as a Registered Investment Advisor. Florida Veterinary Advisors is not an affiliate or subsidiary of PAS or Guardian. 2024-171040 ex 3/2026.