When people think about legacy, finances often come first. But near-retirees increasingly say they want to be remembered for their values, not just their assets. A Merrill Lynch/Age Wave survey (2022) found that 75% of retirees felt passing down values and life lessons was more important than money.
Types of Legacy Beyond Wealth
Legacy isn’t only about financial inheritance; it’s about the values, wisdom, and personal touch you leave behind. These are the gifts that carry meaning long after money is spent.
- Stories: Record family history, personal milestones, or reflections. These become priceless artifacts for future generations.
- Skills: Share what you know — teaching cooking, woodworking, gardening, or even career wisdom.
- Traditions: Preserve cultural rituals, holiday recipes, or seasonal family events.
With Children or Without Children
The way legacy shows up often depends on family structure and personal connections. Parents and non-parents alike have rich opportunities to pass something meaningful forward—just in different ways.
Retirees with children naturally pass traditions to children or grandchildren. Family dinners, bedtime stories, or cultural celebrations can live on for decades. For retirees without children, legacies extend to mentees, nieces, nephews, or communities. Many invest in mentoring programs, nonprofits, or recording their stories for broader audiences.
Final Thoughts: The Importance of Planning for Retirement in Every Dimension
Legacy is not measured in dollars but in impact. What you teach, share, and preserve can live on for generations.
As you approach retirement, it’s easy to focus only on the financial side—savings accounts, pensions, and investment strategies. While those are essential, they’re only part of the picture. The emotional and lifestyle transitions are just as important. Preparing for identity shifts, new routines, meaningful legacies, and even learning to enjoy solitude ensures that retirement is not just secure, but also deeply fulfilling.
By planning for both the financial and emotional sides of retirement, you set the stage for a life that’s not only well-funded, but also well-lived.
Work With Us
At Purposeful Wealth Advisors, we understand the need for comprehensive retirement planning. Our approach considers your complete financial picture, in support of your overall retirement goals. Contact us today to develop a retirement plan that strategically addresses your income flow and needs throughout retirement.
Keating Financial Advisory Services, Inc. is an SEC Registered Investment Advisor. Investment advisory services are offered only through a written agreement and are described in our Form ADV Part 2A. This content is for informational purposes only and does not constitute personalized investment advice. All investing involves risk, including the possible loss of principal.
