Rather than a simple home we may wish for a home on a lake or golf course. Recreation and travel expenses tend to increase in retirement while clothing expenses tend to decrease. Be specific when establishing your goals. After you have set your goals, go back to review your list. Remember, your goals should be realistic yet optimistic.
Retirement planning is a process, one that is fluid and changeable as circumstances dictate.
Take Inventory Planning for your retirement is like planning a trip you must know where you are now before you can determine the best route to reach your destination. The process of gathering information relative to your current financial situation is one of the most important steps in planning for your retirement. Identify all current assets, both liquid and non-liquid, as well as all current and future real and contingent liabilities. College expenses as well as anticipated major purchases such as automobiles and home repairs should be considered. The end result of this process should be a realistic net worth statement that will give you a foundation which will serve as a basis for your future financial value projections.