Six Common Retirement Goals

Having a goal or a vision for anything you want to accomplish is going to be important, but especially when that comes to retirement. So first thing that I would encourage you to do, is set a retirement budget. Nobody loves to, nobody likes to talk about budgets and all that, but it’s so vital when you’ve worked so hard to save this money for your retirement. But then to turn around and start spending that money is going to be crucial to knowing what amount you’re looking to spend in retirement. Number two, plan maybe a milestone event. So set a savings goal for a big trip that you’ve always dreamed of. And there’s that excitement of planning and something that you look forward to upon retirement. Number three, maximize your health. Here in northern Michigan it offers plenty of different exercise opportunities for you whether that’s inside or there’s plenty of beauty outside. A fun sport that I have recently started here at Centennial Wealth Advisory with the team here, we’ve been playing Pickleball. And that’s one that I strongly encourage you to go out and try if you haven’t already as well as having just a balanced diet and trying to avoid stress is going to help you in your retirement and health. So number four, what about discovering new interests? Maybe that’s joining some type of gardening club. Maybe there’s different art classes. Or a lot of clients talk about how they’ve always dreamed of traveling and they bought the RV or travel trailer of some type and now they’re traveling across the country visiting all of these different areas that they enjoy now so much. What about volunteer work? Maybe there’s an area in the world that you’ve really enjoyed being a part of, whether that’s building or maybe it’s working alongside children or other maybe seniors that need assistance. So there’s a lot of different areas to help there. Number five, something you may want to consider for you retirement is maybe downsizing your home. What if now is the time to sell the bigger house and move to something a little bit smaller that fits your needs a little bit better. And with that, maybe your goal has always been to pay off the mortgage. So focusing on that and maybe if you’re able to downsize to a smaller home, then that will work or maybe it’s looking at a different location. The last that I want to share with you is this idea of legacy planning. In retirement you maybe get to a stage where to realize okay, I’m not going to spend all this money or maybe I have a desire to leave funds behind to children or grandchildren. Maybe it’s a church or charity that you really want to help them and leave a legacy. So that’s something that can be very important to a number of you. So if you don’t necessarily have a plan here for your retirement, we welcome you to give us a call here at Centennial Wealth Advisory.