When I first began setting goals for retirement, I didn’t know quite how to start. I was afraid I’d waited too long and that I’d never be able to catch up.
Have you been setting goals for retirement all along?
Are you wanting to start setting goals now?
Even if you have a job with a pension, like me, you will want to start setting goals so you can retire on time.
In this post, you’ll find the answers to these questions:
- Where should I start when setting goals for retirement?
- How tasks should I most consider?
- What tools can I use to get and stay organized?
Quick Links to Information in this Post
Setting Goals for Retirement – Questions Answered
Notebooks, journals, binders…I’ve always had a passion for them. I buy a new pretty journal, write in it a few days, plan out a week or two, and then…. months or even years later, I’d find that very journal buried among other journals I’d started and stopped, pages as empty as can be.
When I determined to grab hold of my life and become intentional, I knew I had to change my goal setting habits. In order to reach our goals, we first have to set them.
Sounds easy, doesn’t it?
If you’re like me, though, it may not have been easy for you. I’m guessing I just had to have a goal big enough and important enough that I’d do anything to reach it.
Being able to retire on time was that goal for me.
If you’re reading this post, I’m assuming you have a similar goal. If not, that’s okay! Whatever your vision may be, setting goals for retirement can get you where you want to be.
Let’s take a look at the answers to the questions posed at the beginning of this post:
Where should I start when setting goals for retirement?
Take stock of where you are
How does your financial situation look now? Are you out of debt? (If not, use my debt snowball calculator to help!).
Is your mortgage paid off? Do you have savings?
And most of all, what is your plan for retirement income? Do you have a pension? A 401K? Enough savings? Or do you need to continue working part-time somewhere?
If you want to make some extra money in retirement, be sure to read 10 Fun Ideas for Retirement Income.
I prefer not to work for anyone else when I retire, but I will still need to work. My blogs will provide enough income so that I shouldn’t have to get a job outside of my home.
I’ve wanted to be my own boss my entire adult life and am excited to finally have that opportunity when I retire.
If you’re interested in starting a blog and building it to a part-time income for your retirement years, read my popular article, How to Start a Blog for Retirement Income.
In it, I’ll show you the way to get started and begin making money. The sooner you begin the better as making significant money from a blog can take a while.
Blogging is not a get-rich-quick scheme even if you see all the posts out there about people making $20,000 per month their 4th month of blogging.
While that might be the case, that kind of money is rare. Still, blogging is a great way to make a good steady part or full-time income.
Determine where you want to be (literally and figuratively)
What type of retirement do you want? Would you like to travel? Or would you rather stay close to home and enjoy being still?
My parents had the opportunity to travel extensively both domestically and internationally throughout their careers. That’s why when they retired, they both wanted to simply stay at home on the ranch in Oklahoma and take care of their cattle full time.
My husband and I hope to camp more frequently when we retire. Our dream is to pull our travel trailer up the East Coast into Maine. We bought our first camper just a couple years ago and look forward to having more time for adventures.
What do you want to do with your days? Where do you want to be? Whatever your goals, do you know how to reach them?
These are important questions to consider as you begin setting goals for retirement.
Develop a plan
Dave Ramsey says, “A goal without a plan is just a dream.” If you want to experience retirement in the way you hope, you need a plan.
Sure, there may need to be some give and take, but you should still be able to plan for the majority of your goals and be able to reach them.
What tasks should I consider?
What do I need to do now?
1. Check your financial situation right away. This is the very first task to conquer. Discover how close your retirement date can be based on your income and savings.
2. Talk with loved ones such as your spouse and children. If you do have a spouse or partner, decide together what retirement should look like.
3. Research your particular retirement plan and determine if you need to adjust anything. Break any habits that hinder your ability to retire.
What will I want to do later (think skills I need for post retirement job, certain savings, etc.)
Pay off debt! I mention this all the time, I know. The stress involved when you owe money will keep you from fully enjoying retirement. My husband and I graduated in 2007 from Dave Ramsey’s Financial Peace University but then had to do a debt snowball again because we didn’t stay diligent. I created a debt snowball calculator in Google Sheets to help us. Try it out; it can help you, too!
If you’re behind on saving, you need to start catching up. There are ways to do this, and the sooner you start, the better.
Find a way to earn extra income to help with your debt payoff and savings goals. If you want to blog about a topic you’re passionate about and make money with it for retirement, learn how to set it up and get started now. The sooner you begin creating content and building your audience, the sooner you’ll earn a significant income.
You might like to check out these free resources for beginning bloggers:
How do I stay organized? Tools I Use:
Digital planners
I keep a digital planner where I track goals I want to reach. I’ve created my own digital planner that I use both on my laptop and on my iPad. You can find many of my FREE digital planning pages HERE (Coming Soon). Print them or import them into a note-taking app on a tablet.
Planners
Because I also like to have something tangible to hold and look at, I also use the Living Well Planner from Ruth Soukup. Here’s what a page in my Living Well Planner looks like:
Because I also like to have something tangible to hold and look at, I also use the Living Well Planner from Ruth Soukup. Here’s what a page in my Living Well Planner looks like:
No matter what type of planner you use, the key is to USE IT! (sorry to shout, but if you’re like me you’ve had tons of planners but never used them! My life didn’t change until I began implementing my plans.)
YNAB (You Need a Budget)
Along with the debt snowball calculator, getting my husband and I on the same page budget and spending-wise made the most difference to us in getting control of our finances. YNAB allowed that to happen easily.
We still use YNAB to manage our budget. All we had to do was download the app for both of our phones, set it up our categories and add budgeted amounts.
Now, before we spend we look at our YNAB app to see if we have money in a category. If we do, we can buy what we need and then immediately enter the amount which is then deducted from the category.
Since YNAB syncs between devices, we don’t have to worry that we’ve overspent even if we aren’t together when we’re spending.
YNAB has a FREE 34 day trial. I highly recommend checking it out.
The Very First Goal to Set if You Have Debt
Pay off Debt!
Are you tired of me saying this yet? I think I’m so obsessed with it because debt has kept me from doing so many things I’ve wanted to do.
The things we only did by going into debt weren’t nearly as much fun because of the underlying worry of how we would pay.
Being able to retire without debt will make everything go so much more smoothly for you. Please pay off your debt. <3
Related Post: FREE Debt Snowball Calculator for Google Sheets
Last Thoughts on Setting Goals for Retirement
I’ve gotta tell you, this post took me a long time to write. There’s so much I want to cover, and I think I got most of it.
I’m determined to help you when you’re setting goals for retirement. It’s daunting to me to have to work even longer in a job that doesn’t fill my heart, and I know you are probably the same, especially if you’re still reading this long post.
The best advice I can give you is to get started now. Implementing each task needed to reach your goals will help you reach them and finally live the life you imagine.
You Might Also Like:
- How to Save for Retirement when You’re Behind
- 10 Fun Ideas for Retirement Income
- Setting Goals for Retirement
- 10 Habits Hurting Your Ability to Retire
- How to Live Intentionally so You Can Retire on Time (or Sooner)
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