Retirement Planning Guide


Identify Your Goals

When establishing your goals, it is important to be realistic and optimistic. Don't simply target your needs and ignore your wants. Certainly we all have basic needs for which we must plan - food, shelter, clothing and medical. But beyond the basic needs is our wish list. Rather than a simple home, we may wish for a home on a lake or golf course. Recreation and travel expenses tend to increase in retirement, while clothing expenses tend to decrease. Medical expenses tend to increase during retirement years also; however, government assistance for many of those needs is available.

Be specific when establishing your goals. After you have set your goals, go back to review your list. Have you included items that are unrealistic? Were certain items ignored as being frivolous in nature?

Remember, your goals should be realistic, yet optimistic. Retirement planning is a process, one that is fluid and changeable as circumstances dictate.