WOMEN IN THE WORKPLACE
A SMART
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retirement
o make sure your goals for retirement are clear and reachable, they should fit the following S.M.A.R.T. format. SMART can be an effective tool that provides the clarity, focus and motivation you need to achieve your future plans. It can be useful, in that it encourages you to define your objectives and set a definitive completion date. SMART can be an easy system to implement with no required training. • Specific (written down, described in detail) • Measurable (How close you are to reaching this goal) • Achievable (Attainable, realistic) • Relevant (reasonable) • Time-Bound (There is a point when the goal is reached) Specific Your picture of a future retirement should be clear and well-defined. Otherwise it may be difficult to focus your efforts toward an end point. When creating your vision, keep the following questions in mind: • What does retirement look like, for me? • Why is this future important? • Who is involved (family members, friends)? • Where do you plan to live or visit? • Which resources will be at your disposal? Are there any limits on these resources?
14 Women2Women | Winter 2022
Measurable A plan for retirement should be able to be quantified, meaning that it is possible to track your progress. Visualizing achieving each step towards success can help you stay focused and meet planned deadlines. A measurable goal should address the following: • At what point is will my goal be accomplished? • What is the amount of income I will need in retirement? • Am I planning for any future medical expenses, for myself or loved ones? • Do I plan on donating to charity or funding a family member’s education? Achievable Any goal must be both realistic and attainable. In other words, it must be within the realm of “what is possible” based on your current or projected circumstances. Keep in mind all opportunities or resources available to you. • Is it possible to save the desired amount within my set timeframe? Relevant This step is about ensuring that your retirement goals matter to you, and that they also align with the goals and expectations of others in your life. • How does your vision for the future compare to other stakeholders in your life? • Do my savings habits leave enough room to live comfortably now? • Am I saving for anyone besides myself?
