When most people think about financial planning, they picture investments, returns, or picking the “right” funds in their retirement plan.

But meaningful financial progress doesn’t start there.

It starts with you; your values, your goals, and what truly matters in your life.

Financial life planning is not about chasing performance. It’s about building a thoughtful, coordinated process that aligns every part of your financial life with the life you want to live.

1. Start With What Matters Most

Before any numbers or strategies come into play, take a step back and reflect:

What does a fulfilling life look like to me?
What are my top priorities. Now and in the future?
What does retirement mean beyond just “not working”?

For some, it’s freedom and flexibility. For others, it’s security, family, or the ability to give back.

Your financial plan should reflect these answers. Not someone else’s definition of success.

Clarity here drives every decision that follows.

2. Build Around Your Goals. Not Just Your Accounts

Once your priorities are clear, your financial strategy should begin to take shape. This is where a true planning process comes into focus.

It’s not just about your workplace retirement plan. It’s about how all the pieces of your financial life work together, including:

Retirement income planning – How your savings turn into a reliable paycheck in retirement
Asset location – Placing investments in the right types of accounts (tax-deferred, Roth, taxable)
Tax planning – Being thoughtful about how and when income is recognized
Insurance planning – Protecting against risks that could derail your progress
Estate and legal planning – Ensuring your wishes are carried out and your family is supported

Each of these areas plays a role. When coordinated well, they create a more complete and resilient plan.

3. Focus on What You Can Control

A disciplined approach emphasizes the factors you can actually influence:

Saving consistently
Keeping costs low
Maintaining appropriate diversification
Staying invested through market cycles

Markets will move and sometimes unpredictably. A sound plan doesn’t try to outguess those movements. Instead, it’s built to endure them.

This is where process matters more than prediction.

4. Invest With Purpose

Your investment strategy should reflect your goals, time horizon, and comfort with risk. Not short-term headlines.

That means:

Avoiding emotional decisions during market volatility
Maintaining a diversified portfolio aligned with your plan
Understanding that risk and return are connected

The goal isn’t to eliminate risk, it’s to take the right amount of risk for your situation so you can stay on track.

5. Revisit and Adjust Over Time

Life changes and your plan should, too.

As your career evolves, your family grows, or retirement gets closer, your priorities may shift. Regular check-ins help ensure your strategy continues to align with what matters most.

Think of financial planning as an ongoing relationship with your future and not a one-time event.

A Real-Life Example

Consider Laura, a 42-year-old employee participating in her company’s retirement plan.

At first, Laura focused only on her 401(k), contributing enough to get the match and choosing a few funds she felt comfortable with. But she wasn’t sure if she was truly on track.

When she stepped back and went through a financial life planning process, a few important things became clear:

Her top priority wasn’t early retirement. It was flexibility in her late 50s to scale back work and spend more time with family.
She realized most of her savings were in pre-tax accounts, so she began adding Roth contributions to improve future tax flexibility.
She updated her beneficiaries and estate documents, something she hadn’t revisited in years.
She reviewed her insurance coverage to ensure her family would be protected if something unexpected happened.
And importantly, she began thinking about how her savings would translate into retirement income, not just an account balance.

Nothing about Laura’s situation required a drastic change. Instead, small, thoughtful adjustments, aligned with what mattered most to her, helped create a clearer, more confident path forward.

Bringing It All Together

Financial life planning is about connecting the dots.

It’s aligning your:

Goals
Investments
Income
Taxes
Protection strategies
Legacy wishes

…into one cohesive plan designed around you.

When each piece is working together, decisions become clearer and more intentional.

Final Thought

You don’t need to have everything figured out today.

Start with what matters most. Build a process around it. Stay consistent.

Over time, those thoughtful decisions can turn into something much more meaningful than just financial progress. They can support a life that truly reflects who you are and what you value.

Scott Higgins | AIF ®, CFP®, CPFA®, NSSA®

Financial Advisor

Securities and Investment Advisory Services Offered Through M Holdings Securities, Inc., a Registered Broker/Dealer and Investment Adviser, Member FINRA/SIPC. Rose Street Advisors is independently owned and operated. #5653321

Interested in more?

Let's Talk

As more employees approach retirement, one question continues to rise to the surface:

“How do I turn my savings into a reliable paycheck?”

With the passage of the SECURE 2.0 Act, employers now have more flexibility to incorporate in-plan income solutions, including annuities, directly into their retirement plans. At the same time, participants still have access to out-of-plan income strategies once they leave employment or roll over their assets.

For HR leaders and CFOs, this creates both an opportunity and a decision point.

Why Income Guarantees Are Gaining Attention

For years, retirement plans have done an excellent job helping employees accumulate assets. But as retirement gets closer, the focus naturally shifts:

• Will my money last?

• How do I create consistent income?

• What happens if markets decline early in retirement?

Income guarantees, typically through annuity structures, help address these concerns by converting a portion of savings into predictable, often lifetime income.

In-Plan Income Guarantees: Pros and Considerations

What It Means

An in-plan solution allows participants to allocate a portion of their workplace retirement plan into an income product while still inside the plan.

Advantages:

• Simplicity and Access
Participants can elect income features within a familiar environment; no rollover required.

• Institutional Pricing
Plans may offer lower-cost options due to scale and fiduciary oversight.

• Fiduciary Vetting
Plan sponsors evaluate and monitor providers, helping bring a level of due diligence to the selection.

• Behavioral Benefits
Participants are more likely to engage with income solutions when they’re built into the plan experience.

Considerations:

• Fiduciary Responsibility
Adding an income solution introduces ongoing oversight, including insurer selection and monitoring.

• Portability Limitations
Income features may not always transfer seamlessly if an employee changes jobs.

• Plan Complexity
Additional features can increase administrative and communication demands.

• Limited Customization
Plan-based options may not fit every participant’s unique financial situation.

Out-of-Plan Income Guarantees: Pros and Considerations

What It Means

Participants roll assets to an IRA or other vehicle and purchase an income solution independently.

Advantages:

• Flexibility
Participants can tailor income strategies to their personal goals and timelines.

• Broader Selection
The retail marketplace offers a wide range of products and features.

• Portability
Income strategies are not tied to an employer plan.

• Integrated Planning
Allows coordination with tax, estate, and broader financial planning strategies.

Considerations:

• Potentially Higher Costs
Retail pricing may be higher depending on the structure.

• Decision Complexity
Participants must navigate choices without the built-in framework of a plan.

• Advice Dependency
Outcomes often depend on the quality of guidance received.

• Behavioral Risk
Without structure, some participants delay or avoid converting assets into income.

Why Consider One Over the Other?

There’s no one-size-fits-all answer and that’s exactly the point.

In-plan solutions can be especially effective when the goal is to:

• Increase access and participation across the workforce

• Provide a simplified, guided experience

• Leverage fiduciary oversight to support better outcomes

Out-of-plan solutions may be more appropriate when:

• Participants have more complex financial needs

• Customization becomes a priority

• Individuals are working closely with a financial advisor

A Practical Takeaway for Plan Sponsors

This doesn’t have to be an either/or decision.

Forward-thinking employers are increasingly viewing in-plan income as a foundational option, while recognizing that some participants will benefit from more personalized, out-of-plan strategies.

This is where thoughtful plan design and participant guidance come together.

The real opportunity is helping employees make the shift from focusing on how much they’ve saved to understanding how that savings can generate income they can rely on.

That’s where confidence increases and where plan sponsors can make a meaningful impact.

Final Thought

As income solutions continue to evolve, so does the role of the plan sponsor from offering a savings vehicle to supporting a more complete retirement income strategy.

Taking the time to evaluate these options today can help position your plan, and your people, for greater confidence tomorrow.

Scott Higgins | AIF ®, CFP®, CPFA®, NSSA®

Financial Advisor

This material and the opinions voiced are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine waht is appropriate for you, please contact me directly or consult another qualified professional

Securities and Investment Advisory Services Offered Through M Holdings Securities, Inc. A Registered Broker/Dealer and Investment Advisor, Member FINRA/SIPC. Rose Street Advisors is independently owned and operated. #5341149

Interested in more?

Let's Talk

Retirement is one of life’s biggest transitions. Your paycheck may stop, but your expenses don’t. And your time, priorities, and goals often shift in meaningful ways. If you’ve never created a formal budget before, you’re not alone. Many people haven’t needed one during their working years.

The good news? It’s never too late to put a simple, flexible plan in place that helps you feel confident about your spending and your future.

Here are some practical tips to help you build, and stick to, a retirement budget that works for you.

1. Start with What You Spend Today

Before building a retirement budget, take a look at your current spending. This gives you a realistic baseline.

Focus on:

• Housing (mortgage/rent, taxes, insurance)

• Food and utilities

• Transportation

• Insurance and healthcare

• Discretionary spending (travel, hobbies, dining)

From there, adjust for what will change in retirement as some costs may go down (commuting, work expenses), while others may increase (healthcare, travel, leisure).

2. Separate “Needs” from “Wants”

A helpful way to simplify budgeting is to divide expenses into two categories:

• Needs: Essential expenses you must cover (housing, food, insurance, basic healthcare)

• Wants: Lifestyle choices (travel, entertainment, gifts, dining out)

This approach gives you flexibility. In years when markets are volatile or unexpected expenses arise, you can adjust discretionary spending without disrupting your core lifestyle.

3. Plan for Healthcare… More Than You Expect

Healthcare is often one of the most underestimated retirement expenses.

Be sure to account for:

• Medicare premiums and supplemental coverage

• Out-of-pocket costs (deductibles, prescriptions, dental/vision)

• Potential long-term care needs

Building a cushion here can help avoid surprises later.

4. Build in a “Buffer Zone”

Life rarely follows a perfect plan. Home repairs, helping family, or simply wanting to take an extra trip can all impact your budget.

A good rule of thumb is to include a buffer (5–10%) in your annual spending plan. This creates breathing room and reduces the stress of unexpected costs.

5. Align Your Budget with Your Income Strategy

Your retirement income may come from multiple sources:

• Workplace retirement plans (401(k), 403(b))

• Social Security

• IRAs or taxable accounts

The key is making sure your withdrawal strategy aligns with your spending needs so your money lasts while still supporting the lifestyle you want.

This is where thoughtful planning really matters; balancing reliable income with flexibility for the years ahead.

6. Revisit and Adjust Each Year

Your retirement budget isn’t a one-time exercise. It’s a living plan.

Each year, take a few minutes to review:

• Changes in spending

• Market performance

• Income sources

• Life goals or priorities

Small adjustments over time can make a big difference in keeping your plan on track.

Final Thoughts

Creating a retirement budget isn’t about restricting your lifestyle. It’s about giving yourself clarity and financial confidence. When you know where your money is going and how it supports your goals, it becomes much easier to enjoy retirement without second-guessing every decision.

If you haven’t created a budget yet, that’s okay. Starting now, even with a simple outline, is a powerful step toward making the most of the years ahead.

Scott Higgins | AIF ®, CFP®, CPFA®, NSSA®

Financial Advisor

Interested in more?

Let's Talk

1. Start With What Matters Most

2. Build Around Your Goals. Not Just Your Accounts

3. Focus on What You Can Control

4. Invest With Purpose

5. Revisit and Adjust Over Time

A Real-Life Example

Bringing It All Together

Final Thought

Scott Higgins | AIF ®, CFP®, CPFA®, NSSA®

Financial Advisor

Interested in more?

Why Income Guarantees Are Gaining Attention

In-Plan Income Guarantees: Pros and Considerations

Advantages:

Considerations:

Out-of-Plan Income Guarantees: Pros and Considerations

Advantages:

Considerations:

Why Consider One Over the Other?

A Practical Takeaway for Plan Sponsors

Final Thought

Scott Higgins | AIF ®, CFP®, CPFA®, NSSA®

Financial Advisor

Interested in more?

1. Start with What You Spend Today

2. Separate “Needs” from “Wants”

3. Plan for Healthcare… More Than You Expect

4. Build in a “Buffer Zone”

5. Align Your Budget with Your Income Strategy

6. Revisit and Adjust Each Year

Final Thoughts

Scott Higgins | AIF ®, CFP®, CPFA®, NSSA®

Financial Advisor

Interested in more?