What Are Your Retirement Goals?

​Whether we realize it or not, our lives are often structured in an incredibly “goal oriented” way. At work, we push ourselves: to reach the next promotion, pay raise, or a new and exciting level in our business.

At home, we have financial goals: building an emergency fund, padding our retirement savings nest egg, and sticking to a budget.

We also have goals throughout our personal lives: we want to get married, have kids, enjoy time with family, take our dream vacation, celebrate our grandkids, and maintain a positive relationship with our spouse or partner.

Even if we’re good at living in the moment, most of us are working toward something almost every moment of our lives. That’s a good thing! That kind of drive is what pushes us to be our best selves, and results in long, fulfilling lives.

Unfortunately, during retirement, a lot of those traditional goals that have guided us until now fall by the wayside. We’re left with laid-back days and endless downtime. While this may sound like the dream, it can cause some pretty serious cognitive dissonance. So much so that many retirees start thinking:

Well, what now?

The Shift to Retirement: Setting New Goals

Defining your retirement lifestyle is key, and it should be done before you enter retirement. Sitting down and mapping out what you want to do during the day-to-day and some bigger, more meaningful retirement goals can help to set new goal posts as you make this lifestyle transition.

It’s often easiest to start with your “bigger” goals during retirement. A few examples I’ve seen from clients and other new retirees are: Traveling to Europe Spending 6 months on a newly-purchased boat Taking a dream trip to a famous, exclusive golf course Bringing your entire family (grandkids and all) on a once-in-a-lifetime cruise Selling your house in the suburbs to move to a smaller home in the country/mountains/by the beach, surrounded by nature and the things you love Remodel your home with a big bunk bedroom and a pool for the grandkids Start a business (or invest in a family member’s business that you’ve always been passionate about supporting) Go back to school 
These goals are larger than life. They’re the things you’ve always pictured your retired-self doing by the time you retire. It’s important to have these big goals because they give you something to look forward to and work toward. However, what we often fail to account for are the smaller goals that keep us motivated each day. 

A trip to Europe or a huge home remodel project may be a big part of your life during retirement, but they’re not going to take up space every single morning when you wake up and don’t have your usual routine and work schedule to stick to. That’s why I also encourage retirees to focus on smaller, bite-sized goals, as well. These goals aren’t intended to help you achieve life-changing experiences, but they do help you to live your days as a retiree in an exciting, fulfilling way. A few examples I love are: Going to the gym for a minimum of 30 minutes a day Learning a new hobby like painting, pottery, or yoga Taking a class on a topic that interests you at a local community college Hosting a potluck dinner with friends one night a week Taking your spouse or partner out on a date once a week Trying a handful of new recipes a month 
These goals might not seem very exciting at first glance, but they’ll keep you motivated to get out of bed and move forward with confidence and purpose each day.
​

Feeling Stuck?

You’re not alone. Many retirees struggle with goal setting, and that’s because it’s not easy to transition from a life of pre-determined career and personal goals to one where you’re no longer saving toward anything, you don’t have a career ladder to climb, and many of your personal goals have been checked off the metaphorical to do list. This is where working with a financial planner who helps you think through both the dollars and cents of your retirement as well as your lifestyle can be incredibly helpful. 

Want to learn more? Schedule a call today!

​Tony Velasquez runs Wisely Advised, LLC a full-service Registered Investment Advisory Firm offering Financial Planning, Accounting and Investment Advisory services to individuals, families, and businesses. 
 
Whether it's traveling, being at the beach, or at his family's ranch in Texas, Tony loves enjoying time with his family and friends. ​​​
​​​