Clarify Your Retirement Goals with These 4 Questions
Before you get wrapped up thinking about savings, income and taxes, you need to think a little harder about what you really want from your retirement. Setting some life goals will give you and your financial planner a clear direction.


What’s important to you about money?
I ask clients and potential clients this question all the time, and I’ve learned — after having had thousands of these conversations — that few people give the topic much thought.
That’s unfortunate, because the answer — or answers — will help you focus on what matters to you most.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.

Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Investors (and many financial professionals) tend to put all the emphasis on growing their nest eggs for retirement and not focusing on whether the money you amass while you’re working will last after you’ve retired. But there’s so much more to a comprehensive financial plan than just the beginning and the end.
You should be using your money as a tool to achieve your goals. And your adviser can’t help you reach those goals if you don’t even know what they are, or if you can’t articulate them, when you’re discussing retirement strategies.
Here are some questions to help you get started. (If you’re married, be sure to include your spouse.)
Who do you want to help with your money?
Answering “myself” or “ourselves” is a perfectly acceptable answer. But if you have others you want to include — parents or children or anyone else you’ll need or want to take care of — be specific about what you’d like to be able to do for them. You could and should be exploring how you’ll cover those costs now and in the future.
Do you have any specific “bucket list” items you wish to achieve?
Have you and your spouse dreamed of traveling, moving or changing your lifestyle in any way? When do you want those things to happen? Have you considered and included the costs of these activities in your financial plan?
You can’t take it with you, so do you want to live large or leave some behind?
Is it OK to spend every penny you have during your lifetime, so that the last payment to the funeral home barely clears, or does leaving a financial legacy matter to you? Which people or organizations should receive your money? Your adviser can help you set up a course of action (a will, a trust, life insurance, etc.) to help you achieve your legacy goals in the most tax-efficient manner possible.
What would happen if you or your spouse became sick or disabled?
Have you talked about what kind of care you’d prefer if it’s required (e.g., skilled care in your home, adult day care, an assisted living facility)? How would you pay for care, and how would your choices affect your loved ones in the short and long term?
Money is a very personal topic, and sharing your thoughts on these issues can be uncomfortable — particularly if you and your spouse disagree on your various goals. But if you’ve never thought about your money in this way before, this can be a powerful and revealing exercise. Complete it thoughtfully, and discuss your options with the people affected.
Then you’ll be ready to build a truly comprehensive financial plan.
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

Les Goldstein is the founder and president of Personal Financial Strategies Inc., a branch office of Securities America Inc., member FINRA/SIPC. Personal Financial Strategies and Securities America are separate entities. As an Investment Adviser Representative with Securities America Advisors Inc. in the greater Chicago area, he helps clients create a retirement lifestyle for themselves and leave a meaningful financial legacy for their loved ones.
-
S&P, Nasdaq Hit New Highs: Stock Market Today
A late-day rally wasn't enough to lift the Dow into the green as its six-session winning streak came to an end.
-
Five Things to Consider Now If You Want to Retire in 2026
To retire with confidence in the year ahead, tackle these essential tasks right now.
-
Striking Gold (or Gas): A Financial Pro Unpacks the Nuances of Energy Investing
Investing in the energy industry, particularly oil and gas, involves understanding the facts about how projects generate returns through cash flow and long-term asset building, while also being aware of the risks.
-
Escaping the New Golden Handcuffs: A Financial Expert Has a Plan for Today's Executives
Feeling stuck in your job? It could be your complicated compensation package, but it also could be where you live, your family or even how you view yourself.
-
I'm a Financial Planner: Here's How to Invest Like the Wealthy, Even if You Don't Have Millions
Private market investments, once exclusive to the ultra-wealthy and institutions, have become more accessible to individual investors, thanks to regulatory changes and new investment structures.
-
Four Ways a Massive Emergency Fund Can Hurt You More Than It Helps
Saving too much could mean you're missing opportunities to put your money to work. Redirect some of that money toward paying off debt, building retirement funds, fulfilling a dream or investing in higher-growth options.
-
I'm a Financial Planner: How to Dodge a Retirement Danger You May Not Have Heard About
Timing is everything, and sequence of returns risk can mean the difference between a retirement nest egg that's overflowing … or empty.
-
Caring for Aging Parents: An Expert Guide to Easing the Financial and Emotional Strain
Early conversations, financial planning and understanding the progression of care needs can help to mitigate stress and protect family relationships.
-
I'm a Financial Adviser: The OBBB Is a Reminder for Older People to Have a Long-Term Plan
The new tax bill presents a good opportunity for retirees to revisit tax plans, look into doing some Roth conversions and consider plans for long-term care.
-
I'm an Insurance Expert: This Is Exactly Why Your Insurance Rates Are Soaring (and What You Can Do)
A dramatic rise in the frequency and cost of severe weather and wildfires means you need to prepare, prepare, prepare — no matter where you live — for higher premiums.