Do you know what your goals and dreams are for retirement? Are you working with an advisor to make sure it’s possible?
Click on the timestamps below to jump to specific topics.
Everyone has different visions and goals for what they want out of retirement. What kind of retirement do you want? Figuring this out can help you better plan accordingly to make sure you accomplish your goals with your retirement savings.
Maybe you want to save up and live well below your means in order to pass along a legacy to your kids. Others may choose to use their money now to spend more time making memories with their kids and grandkids. Almost every one of Nathan’s clients want to travel to be closer to their family throughout the year. He shares one story though of a client who needed a bit of a break after a family vacation.
Once you get to retirement, maybe you’re ready to buy some things you’ve always wanted. Be it a classic car, an RV, or a kitchen renovation, you might decide that retirement is the time to treat yourself to what you want. Whatever your goal is, you want to make sure you have the ability to do it first and still able to fund the rest of your retirement.
People want to create more experiences in retirement, and sometimes that includes big travel plans. Do you have the money for that? It’s important to plan ahead. These things are expensive. They may be unforgettable experiences, but they cost a tremendous amount. Make sure it fits into your plan so you can still enjoy the rest of retirement after that big trip.
Some want to invest in future generations by setting aside money toward college for their kids and grandkids. Keep in mind the huge inflation rates for higher education. College inflation has gone up much faster than regular inflation rates. You may even choose to look into other types of accounts in case they don’t end up going to college but could use the money in other ways.
What are your wishes? Have the conversation with your advisor to go through your dreams, values, and what-ifs to see what kind of retirement you’re living for. Make sure you’re working with someone who can help you achieve these goals.
Listen to the entire episode or skip ahead using the timestamps below.
1:39 – What kind of retirement are you wanting?
4:43 – Do you want to spend and buy in retirement?
7:09 – Do you have big travel plans?
9:52 – Are you helping kids and grandkids with college?
11:53 – What kind of account options do you have?
A Point Of Wisdom:
People have these ideas, they have all these dreams–everybody’s different. But can you do it? That’s really what it comes down to. That’s where your spending plan can help make sure you can afford those things.
PODCAST: Understanding Values-Based Planning
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