For generations, retirement was viewed as the reward for decades of hard work and dedication. Today, for those of us approaching the end of our careers, it feels more like a guessing game than a guarantee. Rising costs, market fluctuations, and added responsibilities — like caring for aging parents — can make planning seem almost impossible. The good news is that with a clear strategy and the guidance of trusted advisors, it’s still possible to retire with confidence and purpose.
Spend for Now? Save for Later?
There’s an old adage that says, “Youth is wasted on the young.” While it’s usually mentioned as a tongue-in-cheek comment, the saying captures one of retirement’s most pressing challenges: the desire to experience the benefits of retirement—free time, hobbies, travel, volunteering — while still having the time and energy to enjoy them. The only problem is that these classic retirement activities tend to require spending, and long-term security generally calls for saving. These conflicting desires leave many people at emotional and financial crossroads.
It’s natural to approach this challenge as an either/or scenario. Spend or save. Travel or Invest. Make memories or make plans. Fortunately, this isn’t always the case. Smart retirement planning can turn either/or into both/and.
The New Retirement Landscape: What To Consider
Thinking about retirement during uncertain economic times can bring up a wide range of considerations. Some of the most common involve market conditions, home values, Social Security, healthcare, and caring for aging parents.
Interest Rates & Market Conditions
With rates rising and markets fluctuating, it’s understandable to feel unsure about when to retire. While timing does matter, the real key is flexibility. A strong retirement plan can adjust to economic changes by allowing for changes in spending, withdrawal timing, or even part-time income. Rather than waiting for best-case scenarios and perfect conditions, focus on building a plan that works in real life.
Home Investments
Smart renovations — like energy-efficient upgrades or home updates that make it easier to stay long-term — can add immediate comfort and long-term value if you are planning to stay in your home. Just be sure the costs fit within your broader retirement goals. With the right plan, it’s possible to enhance daily life now without compromising financial security later.
Social Security & Healthcare
Timing Social Security benefits is a careful balance between accessing funds earlier and receiving a higher monthly amount by waiting. Healthcare planning is equally important, especially if you plan on retiring before Medicare eligibility. Preparing for these costs can help avoid financial gaps and provide greater peace of mind.
Caring for Others While Planning for Personal Needs
If you are in your early 60s, you are part of the “Sandwich Generation” that balances retirement goals while supporting aging parents or adult children. This dual responsibility can strain finances and emotional health. Prioritizing personal financial stability allows for better support of your loved ones and helps ensure a more secure retirement.
A Positive Perspective on Retirement Planning
Retirement doesn’t have to be a finish line. It can mark the start of a new stage, a fresh season that introduces more opportunities to uncover meaning and purpose, whether through volunteering, part-time work, or pursuing long-held passions. And, it doesn’t have to be an all-or-nothing approach.
You may choose a phased approach, gradually shifting from full-time work to more part-time endeavors that allow you to maintain structure and income while gaining more freedom. You could also use this time to make intentional, values-driven financial decisions and pursue projects and opportunities that bring you joy, fulfillment, and impact. With a mindset that focuses less on limitations and more on possibilities, retirement can offer more chances to enjoy what matters most.
Retirement Is Still Within Reach
There’s no doubt that retirement looks different than it did a generation ago, but that doesn’t mean it’s out of the question. With thoughtful planning, a clear sense of your goals, and support from trusted Spero advisors, you can build a retirement that’s both secure and deeply fulfilling.
This material is for educational purposes only and is not intended to provide specific advice or recommendations for any individual.
