What Are Your Savings Goals?
The new year is the perfect time to reconsider your financial goals. If you have a partner, make this discussion a priority. It is the only way to determine if you are on the same page when planning for the future.
To assess your financial needs, ask yourself the following questions:
- Do you need dividends or interest to support your present lifestyle?
- Are there any impending near-term changes in your life?
- When do you plan to retire?
- What about other long-term plans such as having children, changing jobs, traveling, or starting a business?
- Do you want to help your children with college expenses?
- Do you want to support specific charities?
- Are there unique factors to consider, such as health issues?
- Do other people rely on you for financial support?
- Do you have children or other family members with special needs?
- Are you interested in and willing to work part-time during retirement?
- Would you like to downsize or possibly relocate in retirement?
Answering these questions will help you evaluate your priorities and needs.
