Taking the time to prepare a financially stable and secure retirement is vital to having a successful post-professional life. As a result, establishing clear and measurable goals is an integral part of effective planning. When seeking to prepare for retirement, it is important to first understand what goal setting involves and how it helps.
In this blog, we will define retirement goals, and explore important considerations when setting personal goals for retirement.
What are retirement goals?
Retirement goals are self-determined milestones on a person’s journey towards their retirement. For most, retirement goal planning is a lifelong process featuring multiple benefits which remain unrealised until after a person retires.
There are multiple steps to retirement goal planning. These include working out sources of income, producing a savings programme for retirement, estimating potential expenses in retirement, managing both current and future assets and managing risk.
Key factors regarding retirement planning goals
The first factor to consider is always the anticipated lifestyle a person seeks. Expected retirement income is also important which includes, but is not limited to, pensions and savings. Risk tolerance must also be assessed for those who wish to include corporate investing into their goals to make their money work harder for retirement. Finally, a strategy for coping with long-term care expenses, like medical bills or the fees for assisted living, are also crucial.
Expert help is always at hand to prepare for your retirement with our team at Hartey Wealth Management. For advice from retirement planning specialists in Chester, contact us today.
