Retirement Goals

If you are 18 and plan to retire at 67 then you have 49 years to plan for your retirement...  and by the time you get to 67 the retirement age will be moved out to 70 or maybe even 75.

After high school, you have several directions you can take:

1. College
2. Community College, then college
3. Military
4. Trade School
5. Just start working somewhere

Each one of those directions has consequences but since you have a good fifty years to work, you could look at that time as TWO TWENTY-FIVE YEAR CAREERS...   that way, if you don't like one direction, you can move into another direction.

Each of these directions is going to require different amounts of money - some may require no money at all, like the military.

BUT REGARDLESS OF THE DIRECTION, at the end of your career is RETIREMENT and your retirement income will no doubt be substantially less than your working income.

What kinds of things should you be thinking about?

• Will you get married?
• How many children?
• Will you pay for their education?
• How many homes will you own?
• How many cars will you own?
• How much debt are you willing to live with?
• At what age would you like to be debt free?
• Are you willing to relocate to different cities?
• Are you willing to relocate to different states?
• How much money would you like to save each year?
• How will you invest your extra money?
• What type of quality of life do you want?
• What is your current lifestyle?  Will it change?
• How healthy do you want to be?
• Do you smoke cigarettes?
• Do you use recreational drugs?
• How much alcohol do you drink?
• Are you willing to bag your lunch?
• Do you have to purchase a new car?
• What level of income do you need for retirement?

The answers to many of the questions, if not all of these questions will change as you get older.  Therefore, if you are thoughtful enough to answer these questions at age 18 or 20, hold onto your work because it will change at ages: 30-40-50-60 and you will not have to start from scratch.

What I am suggesting is a retirement plan - one that is fluid and changes as you change, as you needs change.  A plan is not something that you have to follow perfectly - it is a suggestion, a guide, perhaps even a goal to reach.  Just don't push that goal out so far it is impossible to reach.

BUT FIRST,

You must know yourself.  Who are you and what do you want?  In what do you believe?  Is there something that you would like to be the best at?  If so, are you willing to sacrifice doing other things in order to reach that goal?

You will need to know yourself before you can develop a plan but once you do, your plan will be a natural extension of who you are?  Or, who you want to be?