10 Tips for Balancing Family, Finances and Freedom in Your Retirement

Joel Lim

Sat, Apr 5, 2025, 9:01 AM 10 min read

Thinking about retirement can be overwhelming, especially if you’re still raising children or supporting them in college, caring for elderly parents and working. Managing your finances now and looking ahead to financial freedom during retirement is a big load. That’s why we talked to an expert on the subject.

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James McFall is a certified financial planner (CFP) who is the founder, managing director and senior financial advisor of Yield Financial Planning. He has been in the financial industry for over 20 years.

He’s helped hundreds of people plan and manage their finances, so they can live the life they want, both now and well into retirement. His expertise includes retirement planning, tax structuring, investing in shares,  property and debt markets, debt restructuring and more.

Here are his 10 tips for balancing family, finances and freedom in your retirement.

The first step to finding financial freedom in your retirement, while finding time for family, is to figure out what it is you want.

“Before diving into the financial side of retirement, pause and ask yourself: ‘What does the best version of retirement look like for me?’ When I talk with my clients about retirement, I ask them to imagine their ideal lifestyle with no compromises,” McFall said. “Because if there ever comes a time when choices need to be made, having a clear picture upfront makes it easier to prioritize what truly matters.”

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More than one-third of employees in the private sector don’t have a retirement plan.

“This is where setting clear and realistic retirement goals becomes so powerful,” McFall explained. “Think about both your short-term desires, like taking that long-awaited trip across Europe and your long-term ambitions, like leaving a financial legacy for your family or staying financially independent for as long as possible.”

Now that you have a vision, McFall wants you to get a clear plan written down.

“To understand what it will take to fund them and where you currently stand,” he said. “Start by looking at your income, expenses, assets and liabilities. How much does your lifestyle cost today? And what might change in retirement?”

These questions are critical to move forward with a plan.

“As you outline your living costs, account for unavoidable expenses like housing, food, clothing, utilities, transportation, insurance and healthcare,” McFall added. “Then think about what you want, like holidays, supporting your children, car upgrades and entertainment.”