Setting clear goals for retirement involves a comprehensive assessment of your future needs and desires. Begin by envisioning your ideal retirement lifestyle, considering factors such as travel, hobbies, housing, and healthcare. Next, calculate your expected expenses in retirement, factoring in inflation and potential healthcare costs. Determine a realistic retirement age based on your financial situation and goals. Evaluate your current savings, investments, and retirement accounts to determine how much more you need to save. Set specific financial milestones, breaking down your overall goal into manageable steps. Consider the impact of longevity and health on your retirement plans, and explore options like long-term care insurance.
