“I Just Want to Retire Comfortably”
Have you ever heard someone say their goal is to “retire comfortably”? I have heard that many times. When I secured my first corporate position, that was my retirement goal as well. Thank goodness for age and wisdom!
What does “retire comfortably” mean? The truth is, it can mean something very different to anyone who answers the question. In order to achieve your desired retirement or any other financial goal, you must be specific, get granular and be as detailed as possible.
Your financial goals should also be quantifiable. If you cannot measure “it”, how can you know if you are getting closer to achieving “it”? As you identify a goal, link an amount back to it. Using the time value of money, you can project how much you will need to save now in anticipation of your future expenses.
As you work to achieve your retirement goals, here are some questions you should ask yourself:
- Where will you live?
- Will you travel? If so, how often and where to?
- Will you have large medical expenses?
- Will you work during retirement? If so, will it be part-time and how much do you plan to earn?
- What sources of money will you access (Social Security, investments in the stock market, rental income, wages, etc.)?
- Will you be gifting money to children, grandchildren, or charitable organizations?
This list is not all inclusive, but it is a great start. The more questions you ask yourself during the planning process, the more likely you are to be successful in the long-term. Live your current life in a manner that allows you to achieve your financial goals for the future. When in doubt, seek the assistance of a financial professional.
"A nation falls through a lack of guidance, but victory comes through the counsel of many." -Proverbs 11:14