Seven most common retirement dreams

A lot of people want to retire because they are sick of their job.  They don’t wish to go to their office, cubical or assembly line one more day so doing anything besides going to the job they hate will do.  Because of this phenomenon proper life planning does not take place and ultimately these people are sitting around watching too much television and still not happy.  I know this because when I meet clients for the first time, I start with a broad discovery of everything that is important to them.  I ask questions in the following areas; goals, relationships, assets, advisors, process, and interests.  All of these subjects are easy for people to talk about except goals.  If you want to know more about how to set dreams, please listen to episode number 17.  Most people either have not thought about how they want to live out their retirement years or have not discussed these goals with their significant other.  This lack of discussion sometimes leads to a semi-awkward moment in my office where they just stare at each other.  I then play the role of a psychologist and ask more questions to try and help the situation.  Too often I talk to people already retired, and they wish the topic of dreams and goals would have been figured out with their spouse before retirement.  Just like anything else in relationships, there must be compromises made to achieve everything you want in life.  However, if you start thinking about these things now, there is a much higher likelihood that you might achieve everything you want out of life.  My hope is that you will start setting your dreams now.  Here are 7 of the most common retirement goals that people have.

Living Expenses

When I help people set goals for retirement this is at the top of the list.  It may not be glamorous, but it is a necessity.  Many people come to my office with a world of stress upon them because they are afraid that they will outlive their money.  When you are younger, it is not something you think about but when people start hitting their mid-forties reality starts setting in.  The reality is your working capital will end someday, and you will only live off of the amount you save.  Start planning now and avoid the stress later. 

Healthcare

Health care is another dream that people may overlook.  We don’t realize how much health care costs even when we are on Medicare.  Paying for things like Medicare part B, C and D along with out of pocket expenses add up the older you get.  Also, inflation in health care is playing a greater role in the need to plan properly for healthcare in retirement.

Travel

Travel can come in the form of vacations for a few weeks to buying a vacation home.  There needs to be a discussion with your significant other to determine how long and where you want to travel.  Do not assume that you want what your spouse wants.  Work now to compromise on what you do want and then set a plan to get there.

Home Improvement

Once we are in retirement, we sometimes have so much more time on our hands.  We look at our house and now feel the need to make home improvements.  We all know that home improvement projects can be extremely costly so plan with your significant other what improvements you want done with your house or even if you wish to sell the house and live in something smaller.  Figuring out where your home will be in retirement is a big decision.  Make sure you are on the same page as your spouse.

Car

Cars can be a significant expense.  Do you want to drive the same car until the wheels fall off, or do you want a new car every couple of years?  Almost any significant expense can belong to this category.  If you want a new boat in retirement, it is best to talk with your spouse now.  If there is agreement, then it is time to start planning now for that brand new Lexus every couple of years.

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