It’s a classic line. The thug sneaks up behind his victim, gently presses a blunt object against the back of his target, and whispers those immortal words, “Your money or your life.”

Think about that phrase for a moment. It succinctly presents the omnipresent dichotomy we all face. “Shall I save a few pennies here at the cost of some inconvenience there?” – or – “Should a pay a little more today for a more pleasant experience tomorrow?”

One of the last items on the “7 Point Pre-Retirement Checklist” (see “The #1 Retirement Saving Goal for People in Their 60s and the Most Useful Strategy to Get There,” FiduciaryNews.com, May 31, 2017) states “Remember, there’s more to retirement (and life) than money.” Too often those in the financial services industry forget this. It’s understandable. One’s fiduciary duty generally revolves around money, either the safekeeping of it, the management of it, or the transfer of it. Each of those duties entails significant professional risk. No one expects clairvoyant perfection, but if you make a careless mistake with someone else’s money, your personal liability for that action soars.

And that will cost you money.

Contrast that to failing to remind your clients to spend time with their grandchildren. You probably won’t get in much trouble for that, but what has greater meaning to the client: missing a bag of cash or missing a grandchild’s college graduation? The former represents an awful pain in many ways, but a pain one can nonetheless easily remedy. The latter represents a once-in-a-lifetime event that can never be duplicated. The former may expose a fiduciary breach. The latter, well, about all you can say is “better luck next time.”

Now, what I am about to say does not in any way diminish the importance of caring for someone else’s money. That’s an important role every fiduciary must play and, in fact, the reason why trust law and fiduciary conduct first emerged in ancient society. While we cannot ignore the money aspect, we must nonetheless recognize the importance of certain non-monetary aspects far exceeds that of money.

I learned this a long time ago as a trust officer. Grantors would set aside a pile of money for their beneficiaries. The trust document themselves did specify what the trust money could be used for. What I quickly discovered was the true intention of the grantor went well beyond the confines of that written document.

Grantors create trusts not to stockpile the money, but to ensure it’s used to provide the beneficiaries with a lifestyle the grantor wishes. It’s like what Dolly Levi (of Hello, Dolly! fame) quoted her deceased husband Ephraim saying: “Money, pardon the expression, is like manure. It’s not worth a thing unless it’s spread around, encouraging young things to grow.”

So, it’s not about how much money you’ll need in retirement, it’s about what you plan to do with your life – both before and after retirement.

You may find, if you ask retirement savers who aren’t saving “enough,” they might just tell you, “If it’s a choice between my money or my life, I choose my life.”