Making Clear Financial Goals: 10 Questions to Ask As You Plan Your Retirement


Nobody wants to go backward in their lifestyle once they reach retirement. Planning for your future financial goals is essential to living the kind of lifestyle you’ve already found yourself enjoying. So many retirees today are finding themselves stuck with as little as $60,000 or less in savings and a very meager pension. You don’t want that to be you.

Here are 10 great questions to get you started on making clear financial goals for your future:

1.     What kind of disposable income do you want to have? Do you want to be cutting coupons for groceries? Or would you prefer to shop at your favorite organic market?

2.     Where do you imagine yourself living? A condominium, townhouse, farmhouse or maybe you’re dreaming of a winter and summer home.

3.     What do you want to drive? The older you get, the more you will want a reliable vehicle that can get you places without the worries of breaking down or always having your car in the shop. So what’s it going to be—a new Lexus, cool Corvette, or maybe a fun classic car?

4.     Do you want to travel? Whether it’s your dream to travel to far off lands or take that RV around the country, you can’t get it done without money. Will you take that missions trip you always wanted to go on or visit your children and grandchildren in different states?

5.     Will you have a pet? Yes, many retirees have a pet to take care of. And pets require their own budget. Plan ahead for pets you already have so that they can receive necessary medical care as they see their final days during your retirement.

6.     What do you plan to do for entertainment? In the home and out? There will be birthday parties, graduations, weddings, and holidays. Beyond that, you need a budget for hosting friends, purchasing media subscriptions, golf club memberships, and maybe something you’ve never tried before!

7.     What organizations are you a part of? Even after you’ve retired, there are plenty of ways to become active in clubs, churches, political parties, and trade organizations. They will be seeking you out as a person with wisdom and experience as well as finances to contribute. Will you have what it takes to travel to yearly conventions and meetings?

8.     Do you think you’ll volunteer? Volunteering takes time, which retirement affords. However, the incidentals that go with volunteering, the mileage, and any unreimbursed supplies can become expensive if you don’t have a plan for it.

9.     How will you pay for your medical needs? With today’s uncertainty about health care, be prepared to have options at retirement. Ask yourself, what medications do your already require, what are your plans in case you get seriously ill or need a surgery?

10. How do you want to say good-bye? One of the nicest things you can do for your loved ones as you say good-bye is to have every cost covered—from the plot of land to the casket, to the headstone. When people fail to plan for these items, the surviving relatives end up with the bill or put it off until they can afford it. Don’t leave these expensive details to them.

Taking time to dream and talk about your expectations is the first step to an enjoyable, worry-free retirement. Now that you have a lifestyle in mind, you’re ready for a financial plan. Only with careful planning can you make adequate financial goals to help you get to a place where you can reward yourself. I can show you how to get paid during your retirement securely and tax-free so that you can achieve your big dreams for retirement.

cheryl bio Cheryl Fields is as speaker and Founder of Lifestyle Wealth Group, Author of The W.E.A.L.T.H.Report (ebook) and creator of the Wholistic Wealth for Women approach to financial security.  Her new book “Zero Is The New Million- how to pay less in taxes and be well on your way to the millionaire lifestyle” An entrepreneur for over 35 years, Cheryl began her life over after escaping 4 years of abuse in a bad relationship, and reinvented herself to become a champion for the American family and in support of the women who want to know that they can lead life on their own terms

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