How to set retirement goals

Setting retirement goals is important because they will form the framework for the financial decisions you make as you get older.

Like all goals, your retirement goals should be specific. You should be thinking in terms of lifestyle, so start by asking yourself questions like:

  • When do you want to retire?
  • What sort of lifestyle do you want in retirement?
  • What do you picture yourself doing?
  • Where do you plan to live?

These are good starting points for your retirement planning. Obviously, in retirement, you won't have a salary to pay for these things, so you need to start estimating what they will cost.

Your financial adviser can help you estimate the cost of these goals and how much wealth (ie assets) you will need to accumulate for retirement. They will also help you assess whether you're on track to accumulate that amount of wealth and explain some investment strategies you can employ to help achieve your goal. They can help you consider options like working longer or remaining employed part-time.

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