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Ep 29: Setting Financial & Retirement Goals

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Ep 29: Setting Financial & Retirement Goals

The Concept:

We talk all the time about how people need to give their dollars purpose or set goals for their retirement and even specifically for certain investments. But let’s dive deeper into what different goals look like for various folks approaching retirement. How do you determine if a goal is realistic or out of reach? We’ll tackle that conversation with plenty of examples on this episode.

The Reality of the Matter:

Setting goals and taking the steps to follow through and achieve those benchmarks is imperative when it comes to financial planning. It’s too tempting to spend that paycheck as soon as it arrives, but you’ll enjoy a much better retirement if you put that money to work for you instead.

On this episode of the Retirement Reality Podcast, Mike Kojonen will help us understand what different goals look like for clients at different stages of the retirement planning process. It’s easy to talk about creating goals but many people have a difficult time taking that first step. It can be the most overwhelming but we’ll talk about how to begin that process.

We have clients come through the office to set up a plan and don’t have their own goals in place yet. We have certain questions that will ask them to help determine what’s the priority and what they want retirement to look like. Mike will share those conversations to give you an idea of how you can develop your own planning goals.

The show will also include examples of unrealistic goals we’ve heard, what some of the general goals everyone can shoot for, and why you don’t have to be a financial expert to build a successful plan.

Stick around for the mailbag question at the end because we’re going to talk about Social Security benefits. One listener saw how much more they’d receive at 70 rather than taking it years before that and wants to know if that’s the claiming strategy he should be using. Mike will discuss why or why not it might be best and why that number might actually be higher than you anticipate.

1:35 – It’s a busy time around the office.

3:33 – What general goals can everyone shoot for when building a plan?

5:30 – Not having a plan is planning to fail.

5:55 – You don’t have to completely understand finances to build a plan and set goals. That’s what we’re for.

7:26 – How do you help someone determine what their goals are?

8:46 – What unrealistic goals have you heard from people?

11:35 – How can you know if your financial goal is realistic and achievable?

13:19 – Mike shares a client story about underestimating expenses.

14:50 – Mailbag question: I just looked at Social Security estimate and see how much I’d get at 62, 66, and 70. I’m blown away by how much more I’d get at 70. I’m inclined to wait as long as possible to start it event though I’ll retire around 66. Is that the best option for me?

Thanks for checking out the Retirement Reality Podcast. We’ll talk to you again next week.


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