Retirement should be enjoyed, not dreaded. If you’re planning for your golden years, or you are nearing retirement age, then you will be thinking about what you are going to be doing for the next chapter in your life. Before you hit the age of 65, you’ll want to be prepared.
Putting goals in place gives you a checklist to achieve and makes planning possible. Without setting your goals you could possibly be setting yourself up for a dismal retirement rather than the glorious twilight years, spending time doing the things you love with the people that matter.
If you want to be able to go exploring the things that are important to you, then you’ll need a strategy (or at least a basic plan) unless you strike it rich with a lottery win. Given the fact that the odds of you winning the lottery are 175 million to one, planning for your retirement is the best way to ensure you are prepared.
Here are some goals to set for your retirement:
1.Have a roof over your head
Work out the amount you have to have to pay on your rent or mortgage. Make sure you can take care of those bills for well after you expect to be on this planet. The last thing you need on your 90th birthday is an eviction notice
If you own a home and have equity in it, you may be able to sell your home, downsize, and free up some cash. Americans have almost $14 trillion in equity, the highest in history. Do some research, and work out what the best move is for you. It may be possible to refinance or get a home equity line of credit or HELOC.
2. Budget annual and monthly cost
Do the math. Make a list of everything you spend money on every month. Utilities, taxes, food, and gas need to be accounted for. Think about everything, even down to pet food. Don’t forget those bills that have to be paid annually. According to research, the average American household spends $7,068 per year on utilities and other household operational expenses and equipment. Budgeting is essential, as your nest egg can get whittled away. If you are not prepared, you could find yourself being kept up at night worrying about people demanding money from you. Your golden years should be as worry-free as possible.[G6]
Healthcare during retirement costs can be exorbitant.  According to Fidelity Investments, a couple retiring at age 65 who are in good health can still expect to pay $280k in healthcare costs over the course of their retirement. Make sure your coverage is the best you can afford, and work out how much your co-pays will be.
If you are able to set goals for your retirement, then you’ll be able to achieve them. If you don’t have a target to aim for, you may not get where you want to be. Get as prepared as possible, and the golden years could be fantastic.
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