Spring 2026
Saving. It is the ultimate test of a person’s discipline because it means putting off immediate gratification in favor of long-term happiness. It means prioritizing what we want the most over what we only want right now.
When we think of saving for retirement, we often tend to think of big buckets: We contribute to a 401 (k), IRA, or other type of vehicle in order to grow — hopefully — a bigger and bigger pile of cash on which to draw from once we retire and stop earning a paycheck. But sometimes, it helps to break down the concept of saving into more specific strategies for more specific purposes. By doing this, we can take advantage of all possible ways to save for retirement while maximizing all the fun and fulfilling things we want to accomplish with our savings.
Is 2026 the year you finally remodel the kitchen or put in a new deck? Maybe it’s the year you decide to take your family to the upcoming World Cup. After all, the last time it was held in the United States was Or maybe you really want to buy that boat, RV or motorcycle you’ve had your eye on. Perhaps it’s all of the above and more!
Each year, there are always multiple things we want to do and accomplish. But retirement doesn’t just last one year. For many people, it can last for 20 or 30 years, and sometimes even more! Think about it: 30 years to tick off all the items on both your bucket list and your “honey-do” list.
But retirement doesn’t mean those things will just automatically happen. Most of them will cost money, and when you’re drawing from one big bucket labeled “retirement savings:’ it can sometimes be difficult to know what to prioritize, how much to spend or if you can even afford it.
That is why one of the most important things you can do when saving for retirement is not to just save for retirement.
Instead, save for the specific goals you want to accomplish in retirement!
Start thinking strategically about the items on your bucket list. Determine now which ones are the most important to you. Next, estimate how much each is likely to cost, either as a one-time payment or an ongoing concern. Then, ask yourself how much you have already saved up for each goal and how much you still need.
One smart tip is to open a different savings account for the most important goals. While the bulk of your “retirement savings” will of course stay in your 401(k) or IRA, by putting a little seed money into smaller, individual pots for specific goals, you will become more likely to accomplish that goal.
Because you have planned for it. Prioritized it. Saved for it.
The idea is to become more purposeful, organized and strategic with your saving. By allocating your savings towards specific goals in addition to your overall retirement, the more your retirement will be everything you have dreamed it will be.
“Retirement By The Numbers,” Lake Wylie Today, Issue 1, Spring 2026
Steven Mullooly, CFP®, is a Registered Investment Advisor, Financial Planner and CFP° exam instructor located at 264 Latitude Lane, Suite 102, Lake Wylie, SC. Mullooly Wealth Planning is a fee-only financial planning and investment advisory firm specializing in assisting those approaching and already in retirement set a solid, workable plan for their retirement. Steve will help you manage not just the investment aspect, but the taxation and legacy issues associated with your family and your assets. We help you manage your: taxes, retirement, investments, estates, insurance, education and debt management.
With over 35 years of investment experience, Steve will listen to your specific needs and work with you to develop a financial plan that is as unique as you are. We treat your money as if it were our own, using evidence-based insights at every stage of your financial journey all with a goal to Simplify Complex Wealth, Tax and Legacy Decisions. Call us at (803)272-1003 for a no obligation review of your situation.
www.mulloolywealthplanning.com
