Place Planning is Financial Planning

Financial planning is a relatively young profession. In the 1960s and 1970s, it began to emerge in earnest as households faced new complexities: tax policy shifts, more widespread access to credit, new retirement vehicles, and an expanding array of investment products. Before then, most families relied on savings accounts, pensions, and maybe some stocks or bonds. The idea of a professional financial planner—someone who could help chart a course through competing demands and long-term uncertainty—was novel. Yet it quickly became indispensable.

Half a century later, financial planning is even more critical. The sheer complexity of modern financial life can overwhelm: multiple retirement accounts, rising healthcare costs, housing market volatility, student loans, and a lifespan that now stretches decades longer than it did when financial planning first emerged. A good planner today is not only an investment advisor but also a strategist, guiding clients through both the day-to-day and the long-term questions that shape their quality of life.

Longevity Raises the Stakes

One of the biggest reasons financial planning matters more than ever is longevity. Many of us will live well into our 80s and 90s. That means we are often planning not just for retirement but for 20, 30, even 40 years of it. Longer lives are a gift, but they also bring costs: extended healthcare needs, inflation’s effect over multiple decades, and the real possibility of outliving savings.

Financial planning has adapted to this challenge. Retirement calculators stretch projections further. Advisors encourage a more conservative withdrawal rate. Portfolios are built with longevity risk in mind. But one major factor is often overlooked: the role of place.

Place as a Financial Variable

Where you live is one of the biggest drivers of your financial reality. Housing costs alone can vary dramatically from city to city, neighborhood to neighborhood, and even block to block. Property taxes, insurance rates, and utility costs follow. Beyond the roof over your head, your location shapes the cost of groceries, transportation, healthcare, and even recreation.

Consider two retirees with identical savings. One chooses to live in a high-cost metropolitan area; the other moves to a smaller city with lower housing and healthcare costs. Their financial trajectories will diverge dramatically. The same is true for young professionals deciding whether to rent in an urban core, buy in a suburban neighborhood, or pursue a more flexible arrangement like co-living.

This is why place planning -- which we define as "a holistic, research-based approach to help people find the right place for every stage of life, unlocking joy, peace of mind, and a sense of fulfillment" -- must sit alongside financial planning. They are inseparable. A well-crafted financial plan that ignores place risks being unrealistic at best—and unsustainable at worst.

Beyond the Numbers

Of course, place planning is not only financial. At Here, we talk about four dimensions: environment, health, community and finances. Financial considerations may be the most measurable, but they do not exist in a vacuum. Moving closer to family might reduce loneliness and increase support, but it may also mean higher living expenses. Choosing a city with excellent healthcare access may require sacrificing a bit of space or adjusting lifestyle expectations. Opting for a lower-cost area could free up money but create challenges in building a new social network.

These are not simply financial tradeoffs—they are life tradeoffs. And yet they belong in financial planning discussions because they influence both the numbers and the lived experience those numbers are meant to support.

The Evolution of Planning

Just as financial planning evolved from a niche service in the 1970s to a mainstream profession today, we can expect place planning to become an integral part of financial advice in the years ahead. Advisors will increasingly need to ask not only, How much do you need to retire? but also, Where do you imagine living—and what does that mean for your costs, your connections, and your health?

This shift will apply across the adult age spectrum. Young adults weighing whether to rent or buy need guidance that combines market analysis with personal aspirations. Mid-career families making decisions about school districts, commuting, and community involvement must balance lifestyle with affordability. Older adults planning for retirement or a possible move to a different environment will find that place is as central to their future as their investment mix.

Financial planning was never just about money—it was about creating security and freedom to live the life you want. In the same way, place planning is not just about location—it is about aligning your surroundings with your goals, values, and needs. When we bring these together, we can design lives that are both financially sustainable and deeply fulfilling.

Strong financial planning has always been about more than numbers on a spreadsheet. It is about preparing for the realities of life—its risks, opportunities, and possibilities. Today, one of the most important realities is place. Where you live shapes your financial picture, your health, your relationships, and your sense of purpose.

The future of financial planning will not just calculate returns and withdrawals; it will integrate the full dimensions of place. And when it does, it will better serve what people truly want: not simply wealth, but a good life in the right place.

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