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Setting Retirement Goals

Core Facts


Friday, November 23, 2018

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] 

3. Health

Healthcare during retirement costs can be exorbitant. [5] 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.

 

IMPORTANT DISCLOSURES

Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. 

Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable-- we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC.

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Founded in 1976, David Lerner Associates is a privately-held broker/dealer with headquarters in Syosset, New York and branch offices in Westport, CT; Boca Raton, FL; Teaneck and Princeton, NJ; and White Plains, NY. For more information contact David Lerner Associates Call 516-921-4200 Visit our website: www.davidlerner.com

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Contact

Jake Mendlinger
Account Manager
Zimmerman/Edelson
516.829.8374 X 232
jmendlinger@zimmed.com

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