Retirement Answer Man

#27 Screw Retirement Goals, Here's a Better Way


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Setting retirement goals can be a big waste of time.

In my 23 years of advising individuals and families, I've rarely found someone that had clear retirement goals.  Guess what?  They were still able to live a great life and retire comfortably.

In this episode I'll explore the problems with setting retirement goals and offer a better way to plan.

Retirement Tip of the Week

How to Prepare for the Unthinkable: a House Fire

Recently someone close to me went out for a movie and returned to find their home burnt to the ground. They lost everything, including their dog.  In a few short hours they had no home, no clothes, no furniture, no family photos, no records, no nothing.

This is the type of thing that can never happen to us, right? It's the type of thing that happens to "other" people. Think again.

Here are some simple tips to help you prepare for this unthinkable crisis.

Complete a Video Inventory
  • Work room to room
  • Narrate, describing items (brands, models, amounts)
  • Specifically document valuables (jewelry and artwork)
  • Don't forget the garage
  • Keep copy of video outside the home
  • Update annually
  • Back Up Important Documents
    • Tax returns
    • Photos
    • Contracts
    • Estate plan
    • Financial information
    • Keep back up offsite (loved one's safe or safe deposit box)
    • Update Annually
    • Understand Your Home Fire Coverage
      • Full replacement cost coverage
      • Market value coverage
      • Personal property coverage
      • Valuables rider for expensive items such as Jewelry, etc.
      • After the Fire
        • contact insurance agent immediately
        • Ask for advance on your claim to cover short-term costs
        • Secure your property
        • File claim right away
        • Keep track of all living expenses (with receipts)
        • Don't stop paying your homeowners insurance premium
        • Don't close your claim out too fast
        • Get grief counseling
        • Feature Presentation: Screw Retirement Goals, Here's a Better Way

          Retirement Goals. In my experience, few people set them and even fewer stick to them over the long-term. Retirement goals are something we are told we need to have so we can plan for them. Traditional planning forces them upon you and then shows you all the saving and sacrificing you'll have to do to achieve them.   No wonder nobody plans.

          Recently a mentor of mine, Michael Hyatt, wrote a great blog about the problem with the traditional concept of retirement (Why Retirement is a Dirty Word). I agree with him.

          If retirement and retirement goals are outdated concepts than how do you plan for the future?

          In this episode, I'll explore some of the problems with setting retirement goals and show you a more productive way to plan for the the future.

          I discuss:

          • The problem with traditional retirement goal setting
          • Why we don't stick with retirement goals
          • How you might be limiting your future
          • How you might be limiting your current life
          • The importance of priorities
          • How to turn your financial priorities into actions
          • How to negotiate with yourself
          • How to live a more balanced life
          • QUESTION:  Do you have retirement goals?
            • If so, are they meaningful?
            • If not, Why?

              Let me know via Twitter Tweet to @roger_whitney

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              Retirement Answer ManBy Roger Whitney, CFP®, CIMA®, RMA, CPWA®

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