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Retirement as a Goal

The biggest and arguably the most important goal that you will have in your financial plan is your retirement. I recommend that you consider the complete retirement picture as a goal, but if you find that it helps to break it up by establishing smaller goals, that works just as well.

To set up your retirement goal, you need to determine all of the elements of your retirement to help in defining the costs. The reason that you need to have your preretirement budget established is that the work you have done will provide the foundation for the modifications that we need to make in retirement. For example, while you are working, your employer will typically pay for the cost of health care. But when you retire, this is a cost that you will have to bear.


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