Do you have financial and retirement goals set? How do you know if those goals are doable or simply unrealistic? Let’s talk about goal-setting and how we approach it with our clients to make sure they stay on track for retirement.
Click the timestamps below to jump ahead in the episode…
Other Retirement Facts:
When creating a financial plan, a lot of it comes down to what your financial and retirement goals consist of. What do you want retirement to look like, and how do you plan accordingly? On this episode of Phil’s Tax Hacks, we take a look at what goes into retirement goals.
It starts by giving dollars purpose. Know how your money is spent and where it goes. Understand what it takes to run your household on a base level. You’ll want to ask what you want to accomplish and what do you want to do?
Retirement is not about an age, but the ability and independence to walk away and do what you choose. Emotionally, it may be a shift after working for years at a career to then switch to something else in retirement and determine what you want to do with that time.
Make sure you run the math to see if your goals and your finances align. Expecting to live beyond your means is an unrealistic goal. Start with what you spend now, but then factor in travel or hobbies or even medical expenses on top of that.
Then, remember to stress test your financial plan to see if your goals are possible, even in case of an unfortunate situation. Ask, what happens if one spouse passes away? What happens if someone loses their job earlier than expected or there is a market downturn? You’ll want to approach your investments differently in retirement because risk affects you in a different way. It’s important to have contingency plans to strengthen your plan and ensure your goals are achievable.
Are your financial and retirement goals realistic and achievable?
We close out with a question from the mailbag. Miles asks if he should work with only one financial advisor or if he can continue to work with two different advisors that he likes. What are the pros and cons in having multiple financial advisors?
Listen to the full episode or click on the timestamps below to hear Phil answer these questions when it comes to setting retirement goals.
1:30 – In the News: Student loan debt is at $1.6 trillion.
6:43 – How do you set financial and retirement goals?
7:06 – What general financial rules should you follow?
8:28 – How do you narrow down the specific goals for retirement?
10:03 – What are unrealistic goals people make in retirement?
11:47 – How do you get the most out of investments without losing anything?
14:04 – How can you know if a financial goal is realistic and achievable?
16:45 – Mailbag: Should you work with one financial advisor or work with multiple?
A Quotable Moment:
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