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Get SMART about setting goals for retirement

Article By Janik Hrabovcak | | Financial Planning

Learn how to use the SMART acronym to save for the retirement you want.

Do you think about life after work? How you want to live and what your day-to-day could look like? Are you planning on sailing a small yacht around the archipelagos or is a humble tree change more your style?

Regardless of lifestyle choices, if you’re planning on experiencing fulfilment after retirement it is important to get a sense of what kind of financial goals you may need to make.

Setting goals allows you to celebrate savings wins and encourage yourself to achieve better results. In our experience, the lives of those who set financial goals are more aligned with their idea of success. This is because you can hold yourself to account on what your targets are when setting concrete goals. Financial goals also allow you to be more conscious of your spending.

Goals, the SMART way

You’ve probably heard of SMART goals, an acronym with the aim of helping more lofty goals to become clear and reachable. It is as follows:

  • Specific: So you can focus your efforts and feel truly motivated to achieve.
  • Measurable: So you can track your progress and stay motivated.
  • Achievable: Goals should stretch your abilities but still remain possible.
  • Relevant: Goals should matter to you, and align with other relevant goals.
  • Time bound: So you have a deadline to focus on and something to work towards.

More recently, it has been suggested smart goals should be updated to acknowledge the importance of efficacy and feedback. By sharing your goals with your partner, family, and friends it enables you to be more accountable in your planning. The original acronym has been updated to be SMARTER, including Evaluated and Reviewed.

COVID-19 may have changed some things… but you can plan again.

If you are all over this goal setting stuff, but COVID-19 seems to have thrown a spanner in the works, it may be time to pivot. Life happens and a global pandemic was unanticipated. It might be time to start figuring out what you want in the future again. Despite setbacks, what is possible in your financial future?

Remember: It is never too late to start, and nothing changes when you procrastinate.

Your retirement can last 30 years or more. That’s a long time, which might mean you need to look at your financial future realistically. It is never too late to investigate saving for your future and with a concrete vision that involves budgeting, saving, planning, and investing you’ll have better chances at living the life you want.

Don’t feel like you’re alone on this journey either. Altitude has a team of skilled professionals prepared to hold your hand at every step of your journey. Book a consultation with one of our Financial Advisers and take the pressure off your shoulders, by leaning into a support network that already knows the best ways to prepare you for success and wealth creation.

Remember to check out our social media, like Instagram and LinkedIn for our short guides and quick tips on topics like financial goal setting for all the stages of life.

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