Building a Legacy: How to Plan Beyond Your Retirement

When most people think of financial planning, retirement is often the first thing that comes to mind. However, what if we broadened that vision beyond the years of "stopping work" and considered a legacy? Financial planning doesn’t end when you retire—it’s about securing your future, providing for loved ones, and leaving behind a meaningful impact on the world.

What Is a Legacy?

A legacy is not just the wealth you pass on, but also the values, traditions, and impact you create during your lifetime. It can take many forms—financial, personal, charitable—and it doesn’t have to be about leaving millions. It’s about ensuring that your hard work and values have lasting effects.

1. Estate Planning: Protect What You’ve Built

Estate planning isn’t just for the wealthy. It’s for anyone who wants to ensure that their assets are distributed according to their wishes after they pass away. This includes creating wills, trusts, and designating beneficiaries for assets such as life insurance or retirement accounts. Estate planning also involves making arrangements for healthcare decisions, should you become incapacitated.

The right estate plan can help minimize the tax burden on your estate and provide peace of mind for your loved ones, ensuring that they don’t have to navigate complicated legal processes.

2. Charitable Giving: Making a Difference

For many, one of the most rewarding aspects of building wealth is being able to give back. Charitable giving is a powerful way to leave a lasting impact on causes that matter to you. Whether it’s through donations, charitable trusts, or foundation work, strategic philanthropy can be an essential part of your financial legacy.

In addition to benefiting the causes you care about, charitable giving can offer tax benefits that reduce the size of your taxable estate, making it a win-win for both your charitable goals and your financial plans.

3. Passing Down Wealth: Empowering Future Generations

Passing down wealth doesn’t only mean giving money—it’s about transferring knowledge, values, and lessons learned. Whether it’s teaching financial literacy to your children or creating an educational trust, empowering the next generation with the tools they need to manage wealth responsibly can create a lasting legacy that extends far beyond material assets.

This also includes considering how your values—such as generosity, sustainability, or education—can be incorporated into the legacy you leave behind.

4. Legacy Is About More Than Money

At its core, legacy is about what you leave behind. It’s the traditions, the wisdom, the culture you’ve built, and the positive changes you’ve contributed to the world. As you plan for your financial future, don’t forget to think about what you want to be remembered for and how your wealth can carry your values forward.

Disclosures

The information provided in this article is educational in nature and is not intended to be a recommendation for any specific investment product, strategy, plan feature, or other purposes. Accordingly, it should not be construed as personalized business, legal, financial, investment or tax advice for compensation.