Setting Financial Goals for the Year Ahead: A Retiree’s Guide

Retirement may represent the culmination of a lifelong savings journey, but that doesn’t mean planning stops. In fact, setting financial goals for retirees is a key part of staying intentional with your spending, adjusting to life changes, and aligning your resources with what matters most.

Whether you’re entering your first year of retirement or have been retired for a decade, each year presents an opportunity to reevaluate and realign. Setting goals allows you to stay connected to your financial plan and gives your retirement lifestyle a clear direction.

Types of Financial Goals Retirees Should Consider

Not all goals in retirement revolve around accumulating wealth. Instead, they often reflect a balance of purpose, lifestyle preferences, and stewardship. Here are several categories that can help guide your goal-setting for the year ahead:

1. Income and Spending Goals

You may want to:

Review and adjust your withdrawal strategy

Revisit your monthly spending categories

Reassess your discretionary budget for travel, hobbies, or gifts

This kind of review helps ensure your current spending still aligns with your retirement income streams, whether they include pensions, investment withdrawals, annuities, or Social Security.

2. Tax Planning Goals

Each year brings different tax planning opportunities, especially for retirees. You may consider goals such as:

Evaluating the timing of Required Minimum Distributions (RMDs)

Exploring partial Roth IRA conversions

Reviewing how capital gains, dividends, or other investment income affect your tax bracket

Proactive tax planning can help you manage your annual obligations while keeping longer-term strategies in mind.

3. Health and Insurance Planning

Healthcare often plays a growing role in retirement finances. You might set goals to:

Review your Medicare coverage or supplement plan

Evaluate long-term care insurance options or update your plan

Budget for out-of-pocket healthcare expenses

These reviews can help you align coverage with current needs and anticipate potential future costs.

4. Legacy and Gifting Goals

Many retirees wish to support family or charitable causes during their lifetime. Consider goals like:

Annual gifting to family members or a grandchild’s education fund

Charitable giving through Qualified Charitable Distributions (QCDs)

Reviewing or updating beneficiary designations

Legacy planning isn’t only about end-of-life distributions—it can be an ongoing expression of your values and priorities.

5. Lifestyle Goals

Financial planning is about more than numbers. It’s also about how you want to spend your time and resources.

Plan a trip you’ve been dreaming about

Set a goal to fund a new hobby

Volunteer or get involved in a community project that reflects your passions

These goals reflect the emotional and relational rewards of retirement and should be thoughtfully integrated into your overall plan.

Tips for Setting and Reviewing Goals as a Retiree

Be Specific: Instead of a general goal like “spend less,” try “reduce monthly expenses by 10% by the end of Q2.”

Review Progress: Revisit your goals quarterly or midyear to evaluate whether they’re still relevant or need to be updated.

Prioritize Flexibility: Life in retirement can shift quickly. Be prepared to adjust your financial goals based on new circumstances.

Align with Your Values: Financial goals should reflect what matters most to you—whether it’s travel, family, philanthropy, or personal development.

How a Financial Professional Can Help You Set Clear Goals

Working with a financial professional during the goal-setting process can help you gain clarity, run helpful projections, and identify options you may not have considered. Whether you need help fine-tuning a withdrawal strategy or exploring charitable giving techniques, an objective review can support more informed choices.

Start the Year with Intention and Alignment

Setting financial goals for retirees can help bring structure and purpose to your retirement lifestyle. Whether you’re seeking greater confidence in your income strategy, thinking about your legacy, or simply looking to make the most of your time and resources, goal-setting is a valuable annual habit.

At Hanson Wealth Management, we support retirees in aligning their financial plans with their lives. If you’d like to reflect on your financial goals for the year ahead, our team can help you evaluate your current position and explore strategies to support your objectives.

Reach out to us today to schedule a consultation. Let’s plan for a year that aligns with your values and priorities.

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