retirement blog

By Sweet Financial Partners On May 17, 2024

Planning for Retirement: More Than Just the Numbers

Retirement planning is a crucial phase of financial preparation that goes beyond mere number crunching. At Sweet Financial Partners, we understand that successful retirement planning encompasses a holistic approach, considering both financial stability and personal fulfillment. This blog aims to guide those approaching or at retirement through the multifaceted aspects of retirement planning, ensuring a secure and enjoyable retirement phase.

Understanding the Financial Landscape

First and foremost, financial stability is the bedrock of any retirement plan. It’s essential to have a clear understanding of your retirement savings, investment portfolio, and expected income sources such as pensions or Social Security benefits. According to the U.S. Department of Labor, fewer than half of Americans have calculated how much they need to save for retirement. Sweet Financial Partners recommends starting with a comprehensive financial review to establish your retirement budget and savings goals.

Health Care Considerations

Health care is a significant concern for retirees. A recent study with Fidelity Investments estimated that a 65-year-old couple retiring in 2021 would need approximately $300,000 saved (after tax) to cover health care expenses in retirement. Planning for health care expenses involves understanding Medicare coverage, considering supplemental health insurance, and possibly investing in a long-term care insurance policy.

Lifestyle and Location

Retirement planning is not solely about ensuring you have enough money; it’s also about how you want to spend your retirement years. Do you dream of traveling, pursuing hobbies, or relocating? Your retirement lifestyle will significantly impact your financial planning. For instance, relocating to a state with a lower cost of living can stretch your retirement savings further.

Estate Planning

Estate planning is another critical component of retirement planning, ensuring that your assets are distributed according to your wishes upon your passing. This process involves drafting a will, setting up trusts, and making healthcare directives. According to a survey by Caring.com, only 42% of U.S. adults have estate planning documents such as a will or living trust. Our team at Sweet Financial Partners stresses the importance of estate planning as part of your retirement preparation.

Social and Emotional Aspects

Retirement is a significant life transition that can impact your social connections and emotional well-being. Planning for social activities, volunteer work, or part-time employment can provide structure and purpose in your retirement years. The American Psychological Association highlights the importance of staying mentally and physically active to maintain your health and happiness during retirement.


Retirement planning is a comprehensive process that extends beyond financial considerations to include health care, lifestyle choices, estate planning, and emotional well-being. At Sweet Financial Partners, we are dedicated to helping our clients navigate these complexities, ensuring a fulfilling and secure retirement. Remember, it’s never too late to start planning for your retirement, but the sooner you begin, the more prepared you will be.

For personalized retirement planning advice, contact Sweet Financial Partners at 507-235-5587. Let us help you build a retirement plan that goes beyond the numbers, tailored to your unique aspirations and needs.



U.S. Department of Labor. (n.d.). “Top 10 Ways to Prepare for Retirement.” dol.gov

Fidelity Investments. (2021). “How to Plan for Rising Health Care Costs.” fidelity.com

Caring.com. (2021). “2021 Wills and Estate Planning Study.” caring.com

American Psychological Association. (n.d.). “Retirement.” apa.org

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