Wealth Strategies: Modern Retirement – Considerations for Holistic Financial Plans

Traditional retirement planning centers on ensuring financial security and stability in retirement by replacing a substantial portion of your pre-retirement income. The primary focus is on determining retirement income needs, determining sources of retirement income such as pensions, establishing savings to supplement retirement spending, managing risks in portfolios to ensure funds will be available when needed, and factoring in tax implications. This is still an important part of the retirement planning process; however, modern financial plans are going beyond just the numbers and taking a more holistic approach by including things such as lifestyle and health-related factors.  

As people on average live longer, the approach to standard retirement has changed. Retirees will likely need to supplement their retirement spending for a longer duration, but perhaps more importantly, consider the activities and lifestyle of their retirement.  

Below are some considerations for financial planning with growing longevity: 

• Time: More time is a good thing but also requires more planning to ensure increased time does not become the enemy. Beyond just ensuring that sufficient assets are available to supplement retirement, individuals need to ask themselves what they are going to do with their free time once retired. The average Canadian worked 1,669 hours per year in 2024, and for those heavily focused on work, the transition into retirement can be difficult. This additional free time may seem like a gift; however, studies have shown that cognitive abilities and mental health decline sharply in retirement if retirees are not regularly engaging in stimulating activities. For this reason, ensuring thorough planning for how time will be used in retirement is a crucial step.  
• Working Life: Another major consideration is your career and how it fits into your retirement. Modern retirement may look very different compared to past generations, with many taking an alternative approach to how work can shape this stage of life. Some may choose to work longer, work part-time, pursue new education and training for a career shift, take earlier leaves to travel with the intention of returning to work later, as well as volunteering or mentoring. 
• Aging: Aging should be viewed as an opportunity, and keeping a positive mindset is critical to achieving a healthy retirement. Moving into this stage of life presents a lot of new opportunities and although planning must be done around risk management, asset protection, the potential need for long-term care, the mindset around aging should be met with a positive outlook. Studies have shown a direct correlation between optimism and healthy aging and emotional health.   
• Holistic Planning: Financial security alone does not guarantee a fulfilling retirement. Well-being later in life should also focus on health, social connections, and purpose. Establishing a plan on how to stay socially and mentally engaged, finding a purpose, and finding opportunities to learn and grow, play important roles - along with wealth - when considering a holistic retirement plan. 

Modern retirement planning requires a shift from purely financial considerations to a more comprehensive, well-rounded approach. While ensuring adequate income and managing financial risks remain essential, today’s retirees must also plan for how they will spend their time, adapt their working lives, and maintain both physical and mental well-being. With increased longevity, the importance of purposeful engagement, ongoing learning, and strong social connections becomes even more pronounced. By embracing a positive outlook on aging and integrating lifestyle, health, and personal fulfillment into retirement plans, individuals can create a more rewarding and resilient retirement experience that extends well beyond financial security.  

Milestone Wealth Management has recognized this as a priority and has partnered with Conquest Planning, allowing us to bring highly customized and detailed plans to clients with the use of specialized tools like AI, stress-testing analysis, dynamic real-time scenarios and strategies, and the entire CRA tax code built in, to help in the planning related to these important holistic factors. 

Sources: 

Harvard Business Review 

National Institute of Health 

Clockify 

 ©2025 Milestone Wealth Management Ltd. All rights reserved.  

Opinions and estimates are written as of the date of this report and may change without notice. Any commentaries, reports or other content are provided for your information only and are not considered investment advice. Readers should not act on this information without first consulting Milestone, their investment advisor, tax advisor, financial planner or lawyer. This communication is intended for Canadian residents only and does not constitute as an offer or solicitation by anyone in any jurisdiction in which such an offer is not allowed.