What Are Your Retirement Goals?
What are your retirement goals? Many of us went through the process of developing annual goals each year during our working years. Our performance reviews were usually discussion based on how successful we were over the past year in achieving each of those tasks that we put down on paper the year before. It usually involved some give and take between you and your supervisor to make sure there was enough “stretch” in each of those measurements. But has anyone ever asked you (or have you ever asked yourself) what are your retirement goals? Most of us have answered this from a financial perspective to make sure we have enough money to comfortably retire but, if your financial advisor is doing their job and if you are making an accurate assessment of your retirement needs, the first step is to determine what you want to do during your golden years? Don't be afraid to dream big. Walt Disney built an empire by dreaming big and there are many people who believe that if you can create a vision in your mind, you can achieve it. That vision is your goal and that's why people who have a clear goal in mind, usually accomplish more in life. Through many years of reading books in the self-help category and reading biographies of successful people, I became a believer in this philosophy. It's never too late to get started. When you change your thoughts, you change your world and it's usually for the better.
What are your retirement goals? It’s a question you should take some time to answer. Goals are proven to enhance results. Studies show that college graduates who had made goals for their life achieved significantly more than those who didn’t so why shouldn’t that be true for who retire? We charted out our first two years of travel, and we were able to see everything that we wanted. After our first year we got a little more ambitious and made plans to see the Middle East and Australia. We are happy to say that we have achieved all of those goals and keep making plans for the future. We were able to do it because we made a plan to do it. That’s why everyone approaching the end of their working career should be asking that all important question: what are your retirement goals?
What are your retirement goals? The clearer your answer, the more likely you are to achieve them.
Your goals shouldn’t just be travel related although that has been our primary focus in the first few years of retirement. Your goals should also be related to who do you want to be and what do you want to learn during your retirement years? Most people had a hidden dream or a hobby or interest that they let fade into the background during their working years. Did you want to learn a language or how to play an instrument? Is there a hobby that you may have had an interest in but not the time to devote yourself to it? You have the time now and, if you make a plan to turn those dreams and interests into a reality, the odds that you’ll achieve those ambitions increase dramatically. Again, I ask: what are your retirement goals?
If your finances are not what you need to support your list of dreams, there are things that you can do to change that. A retirement budget is a must for every retiree no matter how much money they have. A good financial advisor can always help with that, but you will be the one who’s going to provide most of the information on what your expenses are and how you think your life will change once you retire. Downsizing is an option for many retirees and finding a more affordable area to live is also a possibility. Just make sure you’re not sacrificing too much by changing your residence. Many retirees also look into reverse mortgages or selling their life insurance policies. Be sure to consult a competent financial advisor before you take either of those steps and never listen to only the person who is offering those services because they may only be after a commission. In the end, you’ll have to be the one to answer the question: what are your goals in retirement?
As you examine the possibility of revisiting an old hobby or starting a new one, keep in mind that your hobby might be able to create an income for you. Many retirees are becoming entrepreneurs during their golden years and are having a lot of fun doing it. It can certainly give you a challenge and hours of enjoyment as learn how to generate an income from something that gives you so much pleasure. You can even get a job that will tie in nicely with your hobby. Do you live to play golf? A lot of retirees do and some of them can be found working a couple of hours at a country club for a little extra money or some free rounds of golf in exchange for their labor. Are you a crafts person? A job at a craft store could help defray the cost of pursuing your hobby in the way that you’d like to. The point is that you’re going to have to be the one that gets a little creative here and then make it happen. It all begins by asking yourself that all important question: what are your retirement goals?
Life is too short to head off in any direction. Make a plan for your retirement years that will take into account all the things you wanted to do and all places you wanted to see and then get going. It’s time to Enjoy Retired Life!
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