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.