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Financial Fitness

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Cassandra McKenzie
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What Are Your Retirement Goals?

What is your plan for retirement? Enjoy the golf course? Travel? Spend time with grandchildren? Keep on working, but purely for fun? In my talks with various individuals, there is immense diversity in how people want to spend their retirement.


But from a financial perspective, I’ve found most people are aiming to achieve one (or often more) of the following four goals. And before you focus on anything else, it is imperative YOU figure out what YOUR GOALS are for retirement.



Avoid Running Out of Money


For many this is their number one goal—and their number one retirement fear. Being forced to turn to your children—or go back to work—during retirement is a source of anxiety for many current and future retirees. Many folks think the key to achieving this goal is very low-volatility investments (e.g., Treasury bonds), but as we will discuss, this is not always the case.



Maintain or Improve Lifestyle



Most people have worked hard for their retirement and want to enjoy it. As such, a common goal for many of our clients is to maintain—or better yet, improve—their lifestyle during retirement. The key here is to maintain or grow purchasing power over time—this requires income growth to offset the malicious impact of inflation.


Increase Wealth



Some folks are easily able to enjoy the retirement lifestyle of their choosing with no fear of running out of money. For these fortunate individuals, the goal is often to grow their wealth over the long term—typically for legacy, whether that’s children, grandchildren or charity. Unsurprisingly, most folks with this goal take a growth-oriented approach to their investments.


Spend Every Cent





This isn’t a typical goal among most of the people I speak with, however, there are some people who think success is spending all of their money before they die. This is often a risky proposition—there’s no way to know exactly how long your retirement will last, and folks who attempt this may find themselves out of money sooner than they think.


Before you focus on anything else, figure out which of these goals are most important to you. You can’t figure out how to get there if you don’t know where you are going!

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