With many retirees expected to spend 20 or even 30 years in retirement, you should have more ambitious goals than being shuffle-board champion of your 55+ community (though an admirable goal). Dream big and work hard to make those dreams a reality. When you retire, it is finally your time. No more alarm clocks to spend eight hours a day doing what someone else tells you to do.
Setting personal goals is tantamount to setting financial goals when it comes to retirement planning. You have spent your entire life saving for this day, make it count. The dream may help you save more in the years leading up to your retirement as well. And, unlike your plans for the $1.5 billion Powerball, these plans can actually come to fruition.
I like to think of these personal goals in three buckets: experiences, growth and contributions. While they may not be entirely mutually exclusive, I’ll give you some examples to consider. And, make sure you have these conversations with your financial adviser.
The first big one is experiences. From the cliche RV trip across the country to finally traveling abroad, retirement is a chance to make this happen. The grander the goal, the grander the price tag, so if you dream to be part of Elon Musk’s first trip to Mars, you’re going to need to save more than if you want to spend a weekend flipping household creations at the flea market. While both are solid, going to Mars is clearly more ambitious.
The second one is growth. Just because we begin physically shrinking as we age, doesn’t mean we should stop intellectually growing. Have you always wanted to learn a new language? Si, oui, yes? Well, don’t be the crazy old man yelling at kids to get off your lawn, be the crazy old man yelling at kids to get off your lawn in German, Cantonese, Italian or whichever language piqued your interest all these years.
The final one is contributions. For many, the prospect of living a fulfilling and rewarding life is partially measured by your contribution to those around you, society, the world or a cause. This can be financially or otherwise. In retirement, you finally have the time to volunteer. More importantly, you no longer have an excuse not to.