Setting achievable goals is the key to motivation, and planning a successful retirement is no different. Vague objectives like “I want a comfortable retirement” or “I want to enjoy myself” make it impossible to know if you’re succeeding. Here are 8 ways to set achievable goals to keep your retirement on track.
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1. Set A Budget
Whatever your long term retirement goals, you need to make sure that you have enough for day to day living. Setting a budget for everyday expenses helps you to work out how much you can afford to save for bigger projects.
If your retirement preparation involves moving money around on a regular basis, it is a good idea to automate these transactions. This means that you won’t jeopardise your plans by forgetting to put money into your pension or savings account.
When things get tough, it helps to remind yourself what you’re aiming for. If you’re dreaming of a particular house, car or holiday, put a picture of it somewhere prominent. If you simply want to spend more time with your loved ones, make sure you’ve always got a family photo to hand.
If your retirement plan is split into several goals, it is a good idea to have a separate savings account for each. This will allow you to monitor the success of each goal without having to mentally divide your savings.
Regular check-ins are important. Not only do they help you to stay motivated, they also allow you to spot any problems before they get out of hand.
Two heads are always better than one. Partnering up with a friend allows you to motivate each other when things get tough. You are less likely to give up if someone is holding you accountable, and you can learn from each other’s strategies.
Even the best-laid plans are not foolproof. Unexpected events or simple bad luck can throw you off course, and you need to be flexible enough to roll with the punches. If things are not working, there is no shame in re-evaluating your goals to get yourself back on track.
Saving for a long term goal can be hard work, so it helps to treat yourself every now and then. If you reach a milestone, make sure that you celebrate.
At Integritas, we have years of experience in helping our customers secure the retirement of their dreams. Our expert team can offer pension advice, investment advice and holistic financial advice to make your money go further. Get in touch today for a free initial consultation.
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