The beginning of the year is always filled with great intentions, lofty goals, and a rejuvenated mindset. Goals are great if you have a plan to achieve them. Today we’re challenging you to shift the way you think when creating goals revolving around your retirement plan.
We’re not here to do it in a drill sergeant at the gym sort of way. We’re more like that teacher who saw your ability to succeed before you could see it in yourself. You’ve had one of those teachers, mentors, or coaches, right?
At Integrated Wealth Management, we’re educated in investment strategy and tax code, but our passion is teaching. After all, our goal is to empower you to make sound financial decisions to improve your future. So humor us for a few minutes and follow along as we outline how to put a new perspective on retirement planning goal setting.
Don’t Focus on a Number
We hear it all the time — you want to have X amount of money by the time you turn Y years old. You’ve done some number crunching and your figures have merit. But put down the calculator for a minute and think about your real goal.
When you close out the spreadsheet, you allow yourself to envision the retirement life you want. Consider where you’ll live and who you’re surrounded by. How will you fill your days? Picture yourself in your favorite places and spaces. Some envision combing the beaches of Sussex County, others picture their grown children in Wilmington.
Maybe catching a show at the Clear Space Theater is more your style. Outdoors, the arts, family, whatever you envision, there’s no doubt retiring to Delaware is appealing for an endless number of reasons. And when you stop thinking about the numbers, you can focus on what success looks like to you.
With a picture of success and the retirement of your dreams in mind, you’ve achieved the proper frame of mind to create retirement goals.
Make Sure Your Retirement Goals are SMART
We always begin with your retirement vision and work backward to determine the financial steps required to reach your goal. While our personalized plans take a bulk of the work out of the planning process for you, having goals is what will keep you on track.
Making S.M.A.R.T. goals are a great way to put your goal into perspective. The acronym stands for Specific, Measurable, Attainable, Realistic, and Time-based. This acronym likely isn’t new to you, but have you taken the time to apply it to your retirement goals? Maybe not.
The vision you just created is how you’ll complete the ‘S’ portion — get specific when orchestrating the details of your future retirement. When it comes to ‘M’, ‘A’, and ‘R’, we’re pros at helping you determine where you stand today and what is required to reach your goal. This is why we take the time to get to know our clients, understand their specific wishes, and create a roadmap to retirement that is attainable and realistic for their financial scenario.
And finally ‘T’ — everyone is understandably interested in the timeline to their retirement. Once all the pieces are put together, a realistic timeline is formed. But as time passes, remember that life doesn't always go according to plan. It’s these times when you need an extra hand in the accountability department or to reevaluate your goals — this is perfectly normal.
Hold Yourself Accountable
Just like the new year, it’s easy to feel excited and motivated when you first create financial goals. But as questions arise, hurdles form and other priorities take precedence — our advisors at Integrated Wealth Management are here to monitor your progress and help keep you on track.
We’re real people who can relate to the dreams and goals you set for your future self and your family. Our personalized financial plans are not a one-and-done meeting. We’ll monitor your personal plan and remain in touch. This can look like rebalancing your portfolio, meeting to review a new goal, discussing a change in workplace retirement benefits, or assisting and supporting you through personal hardships.
Let us be the sound council you turn to for financial advice. We’re here to empower you to make confident financial decisions that will lead you to the retirement of your dreams. When you can picture your ideal retirement life — come to us to take the next steps in making your vision a reality.
About Integrated Wealth Management
Integrated Wealth Management is owned by Burt Hutchinson, CPA, CFP. We’re a CPA-led organization, meaning we’re here to handle your complex tax scenarios and provide cost-saving insight related to your financial plan.
We’re here to guide you through the 3 stages of retirement:
Uncertainty Stage: When you are within 10 years of retirement and have questions about how to make it work
Stability Stage: When you have reached the financial milestone to retire comfortably and confidently
Reflection Stage: When you are looking to leave a legacy
We are also here to provide experienced, empathetic support during times of loss, such as the death of a life partner. You need confidence and a sense of security to enjoy retirement. As fiduciaries with a fee-only structure, we never receive commissions. Free of ulterior motives, you can be sure we’re focused on your goals.