Goals for Retirement Planning

There are lots of items to think about when planning for retirement. The earlier in your career this is done the better, and it can always be adjusted over time. Any plan should be discussed with your spouse as well as your attorney, financial advisor, and accountant. In addition your plan should be reviewed when there is life changing moments, such as the birth of a child, marriage, or divorce.

Retirement Goals

Each item below should be given a number between 1 and 5 with 1 being the least important and 5 being the most important to you. After ranking, discuss each item with the individuals above to make sure the planning being done agrees with what is most important to you.

  1. At what age do you want to retire and with how much income
  2. Achieve a certain return on investment
  3. Provide for your favorite charity
  4. Provide financial security for loved ones
  5. Fund education for generations after you
  6. Provide safety net for items such as loss of job, death of spouse, or disability
  7. Maintain flexibility in the overall plan
  8. Avoid probate and other associated costs
  9. Avoid disputes among family members
  10. Avoid the complexity of the plan

This is not an exhaustive list but something to get you started if retirement planning has not been on your radar. Finally, remember to discuss with loved ones so they are aware of what is important to you.