By Gregg Gonzalez, CFP®
At RetireStrong Financial Advisors, we know that the path to a confident future starts with clear financial choices. One of the most important lessons in money management is understanding the difference between needs and wants in your spending.
What Are Needs?
Needs are the essentials you can’t live without. They form the strong roots of your financial forest – the things that ground you and must be covered no matter what. Examples include:
- Housing and utilities
- Groceries and basic nutrition
- Healthcare and insurance
- Transportation
- Debt repayment obligations
What Are Wants?
Wants are the extras – the branches that bring variety, beauty, and enjoyment to life. They’re important, but flexible. Examples include:
- Dining out and entertainment
- Vacations and travel upgrades
- New gadgets or clothing beyond necessities
- Hobbies and leisure activities
Why This Matters in Retirement
During your working years, it can be easier to cover both needs and wants with a steady paycheck. But in retirement, your income may come from Social Security, pensions, or investment withdrawals. Knowing the difference between what you must spend and what you choose to spend allows you to:
- Prioritize essentials – Ensure core needs are always met.
- Preserve flexibility – Adjust wants when markets or life events shift.
- Align with goals – Spend intentionally on the things that bring the most meaning and joy.
The RetireStrong Approach
At RetireStrong, we don’t believe in cutting out wants; we believe in balancing them. Your retirement plan should cover your needs confidently while leaving room for the wants that make life enjoyable. Just like the deer in our logo moves with strength and purpose through the forest, you too can navigate your financial landscape with clarity, direction, and balance.
👉 At RetireStrong Financial Advisors, we help you build a retirement plan that covers your needs while protecting the freedom to enjoy your wants. Because retirement isn’t just about surviving…it’s about thriving.
