Financial Literacy Month - Defining SMART Financial Goals

Financial Literacy Month - Defining SMART Financial Goals

April 01, 2021
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Are your financial goals well-defined? 

While "I want to have lots of money" may sound like a great goal, it's just too vague. How much is "lots?" If you don’t know … how will you know when you have it? And will the "lots" of today be enough for tomorrow?

In developing your financial goals, make sure they’re S.M.A.R.T. …

  • Specific 
    • I want to retire at age __.
    • I want to take 2-3 trips/year when I retire.
    • I want to move to _____ in retirement.
  • Measurable
    • I will need $____ of income per month in retirement.
    • I need a travel budget of $____ per year.
    • The home I want to live in will cost $______.
  • Attainable
    • I am currently on track to reach my retirement goals if I continue to save at the same rate.
    • I can increase my monthly contribution to my retirement accounts to reach my retirement goals.
    • If I do not increase my monthly withdrawals from retirement accounts, my assets are project to last until age 100!
  • Relevant
    • Retiring at age __ will allow me to pursue an encore career.
    • I have a travel bucket list and if I take 2-3 trips/year, I will visit most of those places in the next 10 years.
    • Moving to _____ in retirement will allow me to live closer to my children and grandchildren.
  • Timely
    • I will be age __ in ____. That gives me __ years to prepare for retirement and my encore career.
    • I have spoken with a travel agent and we are in the process of developing a plan for next year's trips!
    • I plan to fix up may house this year so it will be ready for sale early next year. 

These are just a few examples of S.M.A.R.T. retirement goals. Your goals might be similar to these or, they may be entirely different. We would love to hear what you are planning. 

April is Financial Literacy Month. If you haven't already taken some time to clearly define your financial goals, don't put it off any longer. Well-defined goals are imperative for creating an effective financial strategy. 

If you'd like help setting "S.M.A.R.T." goals, please feel free to give us a call.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All investing involves risk including loss of principal. No strategy assures success or protects against loss.

This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite, LLC, is not affiliated with the named representative, broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security.

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