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Setting Concrete Retirement Goals
By plrprousers | July 5, 2009
Know your ultimate financial goal for retirement and save until you get there. That’s the basic advice that every investment advisor will tell you when you settle in to discuss your retirement savings – but how do you know what that final number should be? Sure, you can guess at how much you’ll need to save by guessing at the annual returns on your IRAs or crossing your fingers that your 401(k) retirement fund will make more than a million; but when it comes to your retirement, it’s far better to have concrete goals to work towards than just playing it all by ear.
So how do you set the right goals that set you up for retirement success? Follow these simple steps and you’ll see results in the form of more dollar signs:
- Forget the idea that Social Security will set you up for a decent retirement. To set realistic retirement goals, you need to get comfortable with the idea that you’ll need to eliminate Social Security from your thoughts entirely. While these checks will provide a supplemental income each month, they’ll hardly pay for your monthly utility bill; so set goals that involve just your savings and investments.
- Figure out what your retirement age is going to be. Although you can guess at your retirement age, this will definitely be influenced by how much you’ve already saved and how much you’re planning to put aside. If you can save enough to reach your retirement age, then fine; if not, considering pushing up the date by a few years to give your savings and investments more time to grow.
- Approaching your investment advisor with a concrete goal in mind is one of the best ways to map out your retirement planning. To get a firm number to approach your advisor with, search online for a free retirement calculator that can help you determine how much you should save in order to retire comfortably. Once you’ve got this number in mind, it’s time to plan your savings and investments around it – and enjoy the kind of retirement that you’ve always dreamed about!
For more information on smart retirement planning, visit www.kenhimmler.com, the IRA and 401(k) experts!
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