How to Set Goals for The Retirement of Your Dreams, Ep #19 

Are you in your sixties and thinking about your impending retirement? What does your dream retirement look like? Will the money you have allocated for retirement help you accomplish those dreams? In this episode of Retirement Made Easy, I share the #1 thing you can do to live the retirement you’ve been dreaming of. I share how you can define a successful retirement and how to set goals to determine the path of your investments. If you’re nearing retirement, this will give you peace of mind about your future. Don’t miss it!

You will want to hear this episode if you are interested in…

  • [1:51] What do Arnold Schwarzenegger and retirement goals have in common?
  • [5:47] How to define a successful retirement (HINT: set goals)
  • [12:52] Set goals to live the retirement of your dreams

What Arnold Schwarzenegger can teach us about setting goals

What is your vision for your future? I encourage you to get on YouTube and watch this video: The Speech that Broke The Internet. In this video, Arnold Schwarzenegger delivers one of the best speeches I’ve heard in my entire life. Arnold defines the rules of success. The #1 rule? Have a vision for your future.

For those of you who are unfamiliar with Arnold, he was an interesting guy. He came to the US from Austria and didn’t speak English well. He became a body-builder and won Mr. Universe at the young age of 20. It came with fame and fortune. He then took acting classes and was in a movie called “Stay Hungry” which was a complete flop.

In an interview with Sports Illustrated, he was asked what was next for him. He responded: “I want to be the biggest movie star ever.” The interviewer started laughing. But Arnold was 100% serious. So they asked what his next steps were to reach that goal. His response? “All I have to do is do exactly what I did to win Mr. Universe. I have to see a vision and work to create that vision until it comes true.” What a powerful statement.

Arnold Schwarzenegger went on to become one of the biggest movie stars in the US. He eventually married a Kennedy and became the governor of California.

How to define a successful retirement: set meaningful goals

Setting goals that are meaningful to you is one of the best things you can do to have the retirement you dream of. It gives you a detailed plan to work toward. What are some ideas for goals?

  1. Do you have family? You may want to financially impact your children and grandkids in a meaningful way. Perhaps you want to fund a grandchild’s college education so they don’t graduate with thousands in student loan debt. According to a Forbes Article, We’ve reached a record $1.6 trillion in student loan debt. The greatest gift you can give is a college education.
  2. Another popular goal is to pay off your home by retirement. Who wants a mortgage payment hanging over their heads? Not only will retirement cost you less without a mortgage payment, but it gives you a sense of freedom as well.
  3. If you’re accustomed to living on $6,000 a month, perhaps a retirement goal is to maintain the same lifestyle you’re accustomed to.
  4. Do you want to travel more? Do you have aspirations of traveling to national parks or taking your family on vacations? What about taking your grandkids to Disney?
  5. Do you want to plan for your future medical needs? If you may need long-term care, many retiring couples don’t want that burden to fall on their children. We can plan for that.
  6. Retirement is a time when you can spend more time on the things that you love. Do you want to start a small business in your retirement? Can you turn a hobby or passion into a small business? Do you want to golf or fish in your retirement? Everyone has different things they want to pursue in retirement.
  7. Do you still want to work part-time in retirement? I link a great book in the resources that you can read about the new era of retirement.

Write your goals down. If you don’t write them down and plan for them, they won’t happen. You don’t want to think back on your life with regrets.

You deserve to live the retirement you’ve been dreaming of

Overall, I’ve found that people are looking for a comfortable retirement without financial worries. You want to do the things that you’ve always wanted to do that bring meaning and joy to your life, right? A financial advisor can help you make sure you have a sound retirement plan.

After the financial side is taken care of, make sure your retirement brings you joy. Ask yourself this question: If I could spend my time in retirement doing any three things that would bring me happiness, what would they be? Only YOU can answer that question. The next 3 or 4 chapters have blank pages. YOU get to decide how your story will end. After all, you deserve to live the retirement of your dreams.

 

Resources & People Mentioned

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