As part of the 2025 Investment Outlook Seminar, Steve Giles advised clients and their guests on how to handle some of the important, ongoing non-financial sides of retirement – and beyond.

Click here or on the image above to view Steve’s presentation. A written version is included below.

(Money Talk Videos edited by Jason Scuglik)

By Steve Giles

Last month, my wife, Jennine, and I moved our youngest off to college. My next big milestone may be my own retirement, but that still seems like such a long way off. Eventually, I know I will be there.    

Either you know this already or will soon find out, but retirement is one of the biggest changes you will experience. For decades, your days were shaped by work and responsibility: Earning, saving, raising families. 

Now, retirement offers freedom — but also new responsibilities. You need to make sure your hard-earned resources last, make sure your health — both physical and mental — lasts, and ensure your families are prepared for the future.

For many of you, retirement is the first time in decades that your schedules are no longer dictated by work but instead by the priorities you choose for yourselves and your loved ones. That freedom is deeply rewarding, but it also requires forethought.

My remarks today are threefold:

1. To help you focus on carving out the best possible retirement.
2. To encourage you to create clarity for your heirs and loved ones regarding your assets
3. To urge you to include your children in the process before you are no longer here or able to help guide them.

Retirement planning doesn’t end when you retire.

Planning doesn’t stop the day you leave work. It simply shifts.

When most people think about financial planning, they often focus on the working years — saving, investing, preparing.

But retirement itself demands careful management: Balancing enjoyment today with future security. The idea of holistic retirement planning is not new, but understanding it will help you through this new transition.

At Landaas & Company, we’ve helped thousands of retirees launch this new chapter, and we’ve seen a few common themes:

1. Spending with confidence. Many retirees worry about drawing down their savings. My job is often to remind people that the goal isn’t to live frugally but deliberately. A good plan gives you the confidence to enjoy your money without fear of running out.

2. Prioritizing health. Good health is the foundation of a good retirement. Take for example Jennine’s mom. She is an avid biker and at age 83 just finished a 700-mile bicycle tour across Wisconsin with a group of like-minded cyclists. Staying active — through biking, walking, golf, pickleball, whatever you enjoy — helps keep health care costs down and quality of life up.

3. Creating structure and purpose. Without the rhythm of a workday, some retirees feel adrift.  Fill your time with hobbies, volunteering or just learning so you can create meaning and connection. Hobbies can keep you active. Volunteering can be rewarding. Learning engages your mind.

My parents, now both 75, have been constant travelers for the last decade. They were always looking forward to that next big trip after my dad slowed down at work. He enjoyed the planning and research that went into each trip as much as the trip itself.

Routine promotes purpose. Purpose is fuel for fulfillment. 

4. Staying socially connected. Relationships are vital. Friends, clubs, classes, community activities and of course family time — especially with grandchildren — help combat loneliness and keep us engaged mentally and emotionally.

Retirement is about more than money. At Landaas & Company, we know that a fulfilling retirement requires balancing financial security with mental and physical health, social connections and a sense of purpose.

Estate planning: The overlooked piece

Of course, living well today is only half the story. What about tomorrow, when you’re no longer here? At Landaas & Company, we recognize that there is another side to retirement planning that too many retirees overlook, push off or outright ignore: Your estate.

Full disclosure, I’m not an attorney. But I’ve seen firsthand how estate planning (or the lack thereof) affects families.

It’s not just about dividing assets. It’s also about:

• Creating clarity.
• Reducing stress for yourself and loved ones.
• Making sure your wishes are honored.

That means keeping your will, power of attorney and health care directive up to date.

• Review your beneficiaries regularly.
• Simplify and combine accounts when possible.
• And, most importantly, leave clear instructions for those who will one day step into your shoes.

I don’t want to put anyone here on the spot, so no need to raise your hands. But how many of you share financial responsibilities equally with your partner?

I ask because I’ve had too many meetings with surviving spouses who felt lost — unsure of where income was coming from or how bills were paid. Talking with your partner, children and loved ones now about finances is an act of care. 

If you think that conversation might be awkward or confusing, let us help. We know you and your situation and are happy to facilitate that conversation with your family.  

Another question: How many of you have served as the executor of an estate – most likely your parents’? And how many of you would say it was a completely stress-free experience?

For most, it’s challenging. Now imagine your children as your executor in that same role. Would they be prepared?

Estate planning is one of the greatest gifts you can give your family.

Jennine’s father recently updated his estate plan because her stepmother passed away last summer. When he visited his attorney to finalize the changes, Jennine attended because she was to be his new designated trustee and POA. He wanted her present in that meeting to make sure she understood her role in his estate plan. 

Have you let your trustee, POA or executor know you appointed them to handle part of your estate?

Conversations matter, and involving your children or heirs now can:

• Provide clarity on your wishes and reduce conflict.
• Prepare them for the responsibility of serving as executor, trustee or power of attorney.
• Teach by example.  Show your kids what responsible estate planning looks like by including them in the process. 

I know it can feel private for some or like a burden to others. But silence often creates bigger problems than an honest, thoughtful conversation ever will.

Don’t put your loved ones in the position of simultaneously grieving your death while cursing your lack of planning.

Involve your kids

Please don’t misinterpret my comments to mean your kids should write your will. And involving family doesn’t necessarily mean sharing every detail of your investments and bank accounts.

But simple steps make a big difference:

Tell your family where your important documents are kept. Or, better yet, give them a copy. This includes your will, any trust documents and your powers of attorney for health and property.

Let them know where you bank and who manages your investments.

And, if you do have POAs for property and finance, does your bank and/or Landaas & Company have a copy? While you may have taken the time to execute a POA for finance, we cannot help the POA unless we have a copy on file. Knowing us and knowing they can turn to us will help your family execute your wishes.

Involving kids also lets you explain your reasoning for decisions regarding charity, family property and heirlooms.

Consider holding a family meeting.

Ideally, those meetings should eventually include your attorney or advisor. We have found that a great way to involve your adult children in the process is to introduce them to the professionals you’ve enlisted. And if you think your family is ready for those conversations, let us know. We’d love to meet them. 

Another suggestion is to encourage your children to start saving for their own retirements – assuming they haven’t already. We can help them the same way we have been helping you.

So, please do not keep us a secret!

The more familiar your heirs become with the ins and outs of investing, including the rules for different retirement accounts, the easier it will be for them to navigate settling your estate.

These simple actions provide reassurance for you, and confidence for them.

 Embrace the change you know is inevitable.

Overall, retirement is about more than financial independence. It’s about living fully today, while leaving a legacy of clarity, peace and harmony for the people you love. 

Jennine and I have now moved all three of our kids to college. Each one was hard for different reasons, but we knew they’d be OK — because we had prepared them for the change we knew was coming. Incidentally, we are now dealing with what most refer to as being empty nesters. If anyone here has advice for me along those lines, I’m certainly open to ideas.

But no matter where you are on this path right now, I know that with the right mindset and proper planning, you will be OK. Whether that is embracing the change that comes with moving your kids to college, to launching a retirement, to preparing your families for a smooth transition of your estate.

Trust yourself, trust your loved ones and trust the professionals you surround yourself with.

Our role is to help you live the retirement you’ve earned and to ensure your legacy is carried forward with clarity and care.

Thank you for your time, your attention and for letting us walk this journey with you.

Steve Giles is a senior vice president and investment advisor at Landaas & Company, LLC.