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You’ve Reached Your Retirement Goals… Now What?

Feb 25, 2022 | Retirement

They say money doesn’t buy happiness. In our experience, it’s working toward goals (including financial goals) that gives people a sense of drive, purpose, and ultimately, happiness. But what happens when the goal is reached? Many people feel a little lost when they reach this incredible milestone. Today, we would like to share some tips to help you break out of that post-retirement “wandering” phase, enjoy your success, and move on to a new goal in life.

Go Ahead and Celebrate

When you meet your target number for your retirement funds, we highly encourage you to take the time to pause and acknowledge that achievement. Saving your money for your later years is not an easy task to accomplish. There will always be other competing priorities in life and unexpected struggles that can come between you and your financial goals, and so reaching your retirement figure is worth celebrating. Marking that moment is essential, and we recommend doing so by doing something you enjoy.

Show Gratitude

Expressing gratitude is an excellent way to acknowledge your accomplishment and help it genuinely sink in that you have achieved something great. Studies show that feeling grateful will immediately improve your mood. You can even celebrate and show gratitude at the same time by donating to a charity that is meaningful to you. Generosity is another way to mark your accomplishment and bring more goodness to your community.

Think about the Future Differently

Once you’ve celebrated your milestone, shared the news with your family and friends, and passed on your gratitude and wisdom, we recommend taking some time to reflect on what you achieved while also looking toward a different kind of future. Now that financial goals are not on the horizon, you have many opportunities ahead of you, whether big and bold or more modest in scope. Start considering which opportunities you want to take advantage of, whether they relate to travel, family, hobbies, or new ventures.

Set New Financial Goals

Setting a new financial goal is an excellent way to refocus your energy and lay out a new path and target. Maybe you have grandchildren in your life, and you want to help set money aside for their education. Maybe your children could use some assistance in purchasing a home. Or perhaps you’d like to save up some money to upgrade your home with solar panels or finally buy a new vehicle. Whatever dreams you have, now is the time to make them happen while knowing your future is securely supported. Be sure to consult your financial advisor to make the most out of any gifts, purchases, or investments—there are often tax-saving strategies that will help your finances go further.

Set Goals in Other Areas of Life

If you’re tired of thinking about investments and dollar signs, focusing your energy on a new target in another area of your life can help you regain your focus and purpose. This may be a good time to take on a home renovation project you’ve always wanted to complete. Or you could focus on developing skills you’ve always wanted to learn, such as playing an instrument, picking up a new physical activity, or joining a social group in your community. Keeping your brain engaged by working towards new goals in other areas of your life is an effective way to lift your mood and keep feeling fulfilled and active.

Get Ready for Retirement

Congratulations! You made your retirement savings goals a reality. If you haven’t yet reached retirement age, you have some time to plan how to manage your finances once you leave your job. If you’re working with a retirement financial planner, you have likely already discussed the strategies for making your investments reach the furthest. Maintaining annual reviews and planning sessions can help you adapt to any changes in the markets or government regulations and ensure you remain prepared.

Financial Advice for Pre-Retirees in Edmonton

Here at Regan Schiller & Associates, our priority is to hear your goals, help you find clarity, and create a comprehensive plan for success. You can reach out to book an appointment with us and get started today on building your financial future.

 

This is a general source of information only. It is not intended to provide personalized tax, legal or investment advice, and is not intended as a solicitation to purchase securities. Regan Schiller is solely responsible for its content. For more information on this topic or any other financial matter, please contact an IG Wealth Management Consultant.