Why Putting Off Your Bucket List Is a Bad Idea

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Retirement is often looked at as the shining light at the end of a long professional career. Ever catch yourself thinking thoughts like these?

When I retire, I’ll finally travel the world.

Once my career slows down, I’ll get started on that passion project I’ve been dreaming of.

After my children are grown and out of the house, I’ll really begin having some adventures.

The problem with this all-too-common way of thinking is that it isn’t rooted in the present. Instead, it glorifies the future—retirement, specifically—as the time when you’ll finally honor your truest self and check off the bucket list items that are close to your heart. It makes sense in theory, but it puts a good chunk of your happiness at a future point way down the line. As a longtime wealth advisor, I can say that this is the norm for most folks.

Unfortunately, I’ve seen this plan backfire more than a few times. The truth is that none of us has a crystal ball. Despite our best-laid plans, we can’t control every aspect of what the future will bring. What if you or your spouse experience an unexpected illness in retirement that prevents you from fulfilling those big goals? Or an adult child needs help that takes resources away from turning your dreams into reality. These may sound like extreme circumstances, but things like this happen more often than you’d think.

This is precisely why it’s so important not to put off your bucket list until after you retire. The reality is that by then, it may be too late. Sometimes it isn’t a serious emergency or health crisis that changes the plan. For many others, it’s things like financial restraints or insurance issues that make it near impossible to live out their long-held dreams.

There is a silver lining here, though. These seemingly opposing goals—maintaining financial stability in everyday life and checking off your bucket list—don’t have to be at odds with each other. In fact, it’s more than possible to nurture both without neglecting either. The answer comes down to smart, values-led financial planning. At JJ Burns & Company, the operative word is “values.”

The reason there’s no one-size-fits-all approach when it comes to financial planning is that we all have different values, goals and dreams. For some, it’s traveling across Europe and experiencing different cultures. For others, it’s volunteering and exploring service projects that make a positive impact on the world. Smart financial planning makes room for whatever you value right alongside life’s most practical demands, like contributing to retirement, investing wisely, and protecting and growing your net worth. These things go hand in hand, each supporting the other.

Wise planning empowers you to fill more than one bucket at the same time without negatively impacting either. This involves creating realistic timelines and financial plans to allow you to sprinkle bucket-list experiences into everyday life leading up to retirement. The driving force, in life and financial planning, is striking a balance that feels right to you; working toward fulfilling your dreams in a way that doesn’t derail your other responsibilities. This may require asking yourself some big questions and contemplating a variety of trade-offs that will ultimately allow you to enjoy the best of both worlds. This task is a lot more manageable when you have the right wealth advisor by your side to help you weigh your options, explore your choices, and ultimately create a plan that’s in line with your values.

We only have this one life, and the reality is that we can’t predict what the future holds. Delaying your happiness until your golden years could end up being one of your greatest regrets. (Take it from me; I’ve seen it firsthand!) Thankfully, better financial planning is the secret weapon that allows you to enjoy life now and in the future. It doesn’t have to be one or the other.

This truth guides our financial planning at JJ Burns & Company. We’re driven to help each and every client live life to the fullest today, while protecting their financial health for tomorrow.

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