5 common goals for retirement planning
- Maintaining a comfortable standard of living:
One of the primary goals of retirement planning is to ensure that you have enough income to maintain your current standard of living after you stop working. This may include covering expenses such as housing, food, healthcare, and leisure activities.
- Paying off debts:
Another common goal of retirement planning is to pay off any debts, such as mortgages, credit card balances, and student loans, before retiring. This can help reduce financial stress and increase financial security in retirement.
- Travel and leisure:
Many people have the goal of using their retirement years to travel and enjoy leisure activities. Retirement planning can help ensure that you have the financial resources to pursue these goals.
- Supporting loved ones:
Some people may want to use their retirement savings to provide financial support to loved ones, such as children or grandchildren. Retirement planning can help ensure that you have the resources to do so.
- Leaving a legacy:
Some people may want to leave a financial legacy for their loved ones or for charitable causes. Retirement planning can help ensure that you have the resources to do so.
To discuss your retirement goals with a financial expert, contact My Online Adviser today.