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Retirement Planning Means Having a “Financial Purpose”

How Establishing Goals Can Improve Your Retirement Planning Strategies

 

Retirement planning should really be about planning with a purpose in mind. Many people avoid this crucial planning stage because the numbers confuse them and the whole process may seem daunting. However, money is more than a number; when you attach a goal to it, the planning process become less confusing.

Rather than thinking about dollars, try thinking about what you want your wealth to do for you in retirement. And remember – your goals will probably change, even in your golden years, which means you have to be flexible in your planning.

In fact, a recent Kiplinger article titled “To Make a Financial Plan, You Need a Financial Purpose” reminds readers of key questions to ask now, and to revisit often. As you embark on retirement planning goals, keep the following questions in mind:

·         Which relationships are important enough that you will be willing to provide (financially) for them?

·         Do you have health concerns?

·         What lifestyle do you envision in retirement?

·         What is your idea of a happy and healthy retirement?

·         What hobbies would you like to pursue in retirement?


Answering these questions will help you round out more concrete ideas of what your future will look like and also give you an idea of how much money you will need in retirement. Here are some other questions to explore:

What will you do in retirement? Everyone has different ideas about that, which is why every plan has to be just as unique. For instance, do you plan to continue working part time into your 70s? If the answer is yes, your planning will differ from the person who plans to never work again after the day they retire. Do you want to travel extensively or just stay local and enjoy your family and friends? Again, the traveler will have to make extra room in their budget for the expense of traveling.

When will you quit your career? Do you have a set date that you’ve been looking forward to for years, or are you going to step down when you have saved enough money to retire and have enough for the goals you’ve set for yourself during those years?

 

Where you plan to retire will also have an impact in how you plan your investments. Are you planning to downsize your current living situation or upgrade to something less modest? Maybe you want to move to a different city in a different state or live with nearby family. The way you answer the question of “where” will also change how you approach your investments.

Getting an objective viewpoint from a qualified professional can go a long way in making the decisions that will put you on the road to reaching your goals. An investment advisor has the expertise to help you invest money in a way that is as unique as your goals. However, be sure to seek out the assistance of a fiduciary. When your investment advisor operates as a fiduciary, they will work for your best interests, not theirs. Instead of pushing products that pay them a commission, a fiduciary will only make recommendations that match your goals.

At Family Investment Center, we’ve looked out for our clients’ best interests since day one. We’ll listen to your plans for retirement and help you choose investments that provide you with confidence toward your future.

 

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