A core part of my work is leading clients through the financial planning process. Money is an important part of that—nobody I know wants to run out of money before they die—but it is actually only one piece of the puzzle.

Consider building a new house for your family. Would you simply settle on a number of square feet, and then not worry about the rest? Doesn’t it matter how many rooms there are? How those rooms are laid out? What the fixtures in the bathroom looks like, the kitchen cabinets, etc? The landscaping? Of course! All of those things matter, if you want to have the best possible house for your family.

Think of your retirement plan as your financial house. In addition to financial concerns, you’ll want to seriously contemplate the other things that will impact your long-term happiness: a sense of purpose, personal health, relationships, and maybe freedom. That’s why I like to call what I do “Holistic Financial Planning”.

I will often use the term “financial independence” instead of “retirement” when discussing that major life transition. While folks 50 years ago tended to retire at a certain age and then never work again, adults now choose a variety of different paths as they age. Some keep working. Some work less. Others find different work that is meaningful, but may pay less. Still others choose to volunteer, or not to work at all. That’s the beauty of financial independence—you get to the point where you don’t need the money, so anything is possible. It’s a great place to be later in life!

Even with financial resources, a classic retirement mistake is making big retirement decisions without trying them out first. It might seem like a dream to move to a beach and spend your days in the sun sipping piña coladas. Unfortunately, it turns out that many people get tired of that after a few days. I’ve heard more than a few stories of retirees selling everything and moving to another country, or to a beach somewhere, only to come back home a few months later after realizing that the new lifestyle was boring or unfulfilling. Many life coaches will recommend that their client spends a month or more in their proposed new destination before making any commitment to move. I second that advice.

At the end of the day, money is still a critical part of your holistic financial plan. A good plan will provide you with the money you need, when you need it. But you need to plan for the rest of it as well. Happiness is about a lot more than money, so plan ahead by considering what fulfills you, who you want to be around, and what you want your days to look like. You won’t regret the time you spend to think it all through!

However you choose to live your retirement, invest smart and invest well!

Larry Sidney is a Zephyr Cove-based Investment Advisor Representative. Information is found at https://palisadeinvestments.com/ or by calling 775-299-4600 x702. This is not a solicitation to buy or sell securities. Clients may hold positions mentioned in this article. Returns are not guaranteed and past performance does not guarantee future results. Consult your financial advisor before purchasing any security.