You may be about to retire or a significant birthday has reminded you that you are getting older! Your first thoughts are probably money issues, such as how to save enough for retirement, how much do I need and how long will my money last? These are all very important questions, but have you considered planning your non-financial goals of the life you wish to live in retirement?
The focus of retirement planning is often all about quantitative financial goals. But, finding out what your non-financial goals are is the most difficult part of the retirement planning process.
“To establish what your retirement planning goals should be, start with qualitative issues, and consider what the money is for?”
Consider using the following ways to help understand your non-financial goals in retirement:
- Retirement Planning Vision
What is the vision of your retirement? Have you explored all your options and considered the impact on everything that is important to you.
- Ideal Week in Retirement
When you cease work, you will have 52 weeks of the year to fill. Taking the time to consider how you will spend your time is a worthwhile exercise to realise what you want to do and how much money you will then need.
- Retirement Planning Worksheet
Often we do not realise that our work provides a lot more than income to meet our needs and save for retirement. Working through what you are leaving behind, will help you find the gaps in your life before you retire.
- Retirement Profile
Often this is a time where you and your partner will now have more time to spend with each other. Having an understanding of what each other’s plans and dreams for the next 30 to 50 years of life will help you avoid the dreaded “grey divorce”.
Just like investment markets, retirement will not be a smooth process and there may be times when you enjoy it more than others. Review your return on retirement (“ROR”) each year and explore new options that may need to be considered.
- Retirement Coach
It can be difficult to establish your non-financial goals without assistance. A retirement coach with the benefit and know-how and wisdom can assist in you exploring the qualitative side of retirement which provides a foundation for the qualitative side of your retirement plan.
You can have a long, and happy retirement if you start the retirement planning process by thinking about your non-financial goals and the life you wish to live in retirement.
Having a clear vision of the life you wish to live in retirement will provide you with a foundation to begin ‘number crunching’ what you will need to retire.
For further tips on how to prepare for retirement, download the attached ebook “How to live an Inspired Retirement” or listen to the “Real Life Financial Planner”, Geoff Ivanac on our retirement podcast, “Real Life Retirement Radio”
General Advice Warning: Any advice on this site is general advice only and does not take into account the objectives, financial situation or needs of any particular person. It does not represent legal, tax, or personal advice and should not be relied on as such. You should obtain financial advice relevant to your circumstances before making any decisions.