I don’t know what I was thinking. I either forgot or didn’t see the need last year to set goals for this past year. Heck, I was retired and could do what I wanted. What would be the point of going through the time and effort of goal setting?
Boy, was I wrong!
Now, I find myself questioning if I had set some good goals would the past year been any different? I have no doubt with a better retirement plan and good set of goals my transition from work to retirement would have been less stressful and more enjoyable. (I’m planning on discussing ” What I Should Have Given More Thought Before Retiring” in a future post)
If Goal setting was so important and beneficial in my working life why would I think I no longer needed to set some good Smart goals now that I’m retired.
For most of my sales career, the last couple of weeks in December, I along with our sales team would take time to reflect on the past year, review last years sales and personal goals and develop 3 to 5 good meaningful Smart goals for the upcoming year. Goal setting didn’t stop there. We would review our goals quarterly and make any needed changes throughout the year. This process helped us define our purpose and direction for the year.
Annual planning in retirement my be one of the most important exercises you can do for yourself when retired.
If the thought of setting goals causes your blood pressure to rise or you have never been successful setting goals in the past let’s look at it another way. Maybe in retirement we should look at it as an annual plan. Just plan 3 to 5 things (goals) you need or would like to achieve over the next 12 months that would make a difference in your life. If things change during the year you can adjust your plan or modify your goals. As you get better at goal setting or planning you will find less changes are needed.
Keys to a Successful Retirement
Many think three keys to a successful retirement are Money, Health and Time.
I think these keys are a good place to start in the annual planning or goal setting process:
Money – review last year’s income and expenses, anticipate this year and future years needs and wants, then set a goal and make a plan to reach your goal. You probably already have your financial plan in place, so now is a good to to review it and make changes as needed. If you have an advisor you may have already had your annual meeting and have this plan in place. If not, do not skip this step as it’s most critical for a successful retirement.
Health – This may be the hardest of the three keys to plan. You need to give an honest evaluation of your health. Over the past year what has changed? Are there any medical procedures needed for the next couple of years? What can you do to improve your health? Now’s the time to make the plan. If there is an surgery or procedure needed, plan when you want to have it. If you need to lose a little weight or want to start walking every day, set your goal, make a plan and get to it. I’m thinking if I can do good on this goal I may squeak out an extra year or two of healthy living.
Time – How much time do we have in retirement is the great unknown but what I do know is every year that passes is one less year I have to live. Time is why I think goal setting or annual planning is so important. If we have a limited amount of time why would we not plan to spend it as wisely as we can? Maybe you have a bucket list of things to do in retirement. With good planning you may be able to empty the bucket before your time runs out. Without a good plan your bucket list may only be a bucket of dreams.
I’m leaving it to you to come up with 2 additional Smart Goals that will make a difference in your life.
You may already have daily, weekly or monthly plans. You may already have your goals and plans in place and do not need this nudge or encouragement to get started. The point of this is to use this time to think big. Reflect on the past year but plan on what you can do this next year to enrich your life in the future. I think a goal without a written plan to get there is just a wish. Write your goals down and share them with others who will help hold you accountable.
If this is your first attempt at annual goal setting and planning you will be surprised the benefits and what you can accomplish. If goal setting has always been an important part of your past there is no sense to stop now.
For a review on Setting Goals and Smart Goals check out a blog post I wrote A Goal Setting Refresher back in 2013.
Let’s get to work and get those goals set!
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