Setting Goals

Greetings! I trust that this will find you well and enjoying life!

Goals are critical to succeed in any endeavor. If clear and realistic goals are established, the steps necessary to succeed can be studied and the goal ultimately achieved. This applies strongly to retirement planning and to success in pretty much any pursuit for that matter. Without goals efforts lack momentum, time and energy invested often aren’t maximized and a less than acceptable outcome usually occurs. With clear and practical goals the future can be planned for, all resources can be allocated and progress can be monitored.

In your retirement planning it is critical that you write out and own your retirement goals. Don’t fall pray to being vague or non specific as to what you want retirement to be like for you. Here’s an example of what I’m referring to. “We’d like to have enough money to enjoy life, we would like to travel more and we want to be able to help our grandchildren with college.” For goals to be effective they should be specific including amounts, as well as target dates and multiple goals must be prioritized.

Retirement goals are effective when stated in specific terms with clear time frames. The goal to help grandchildren with college for example lacks detail. How many children will require help, what dollar amounts are anticipated, when will the need occur? Here are examples of detailed goals that lend to success.

– Provide $10,000 for each of our grand kids when they enter college. Will enters college August 2025 and Jenny enters college August 2018.
– Wife retires in May 2022 at age 65, husband retires January 1, 2024 at age 66.
– Accumulate retirement savings valued at $950,000 by January 1, 2024.

Financial goals must also be prioritized as there may be limited resources to accomplish them. Foundational goals that meet basic needs such as food, shelter, clothing, emergency funds and transportation are priority and should be ranked as such. Lifestyle goals such as travel and college assistance fall into line only after foundational goals are achieved.

If you have questions about any retirement matter or feel that we can help in any way, don’t hesitate to call. It would be great to speak with you!

Best regards,

Jeff Christian CFP, CRPC

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