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What are your Retirement Goals? You Should Know the Answer

Most people say they want to retire by a particular age, such as 62, and automatically assume that this is good enough. However, many realize after some time that they are not on track to do so.

One of the best ways to protect yourself, ensuring that you retire at your target age, is to set goals.

No two people are in the exact same position. For this reason, no two people are going to share identical retirement goals.

If you have yet to set any goals, consider the following. These may not be perfect for you, but some variation could be just what you need to get on the right track:

1. Save a million dollars. This is a common goal for a variety of reasons, including the fact that most people feel this is enough money to live well after they hang up their work boots.

If one million is too much money or not enough, don’t be shy about adjusting your target number.

2. To eliminate some or all of your debt. For example, many people understand the benefits of having their home paid off before retiring. This may be a large goal that sounds impossible to reach, but if you have a plan in place you can get there.

Note: don’t overlook other bills that may be dragging you down, such as credit card balances and student loans.

3. Find a new hobby. Believe it or not, this is easier said than done. Once you retire, you will have tons of time on your hands. What are you going to do to enjoy life and stay busy? As you close in on retirement age, it may be time to find a hobby that you can get excited about.

It doesn’t matter if you are in your 20’s or only a few months away from retirement. What does matter is that you set realistic goals that will allow you to enjoy this part of your life.
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Friday, 10 July 2020

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