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Review what a S.M.A.R.T. goal is and how it can be effective, consider the benefits of...

Review what a S.M.A.R.T. goal is and how it can be effective, consider the benefits of such a thing. Set up a S.M.A.R.T goal for your own retirement. For your peer replies, offer suggestions on how to improve upon their own goal. Consider guiding them to some resources of additional information where they may benefit from some additional perspectives. You may even wish to re-write their goal into something you feel might be more effective or beneficial.

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Answer #1

S.M.A.R.T. Goals:

SMART is an acronym for different variations, which can be used for goal setting.

S- Specific

M- Measurable

A- Agreed upon

R- Realistic

T- Time-Based

Benefits of SMART goals:

  1. Plans are incorporated
  2. Progress can be monitored
  3. Easy to identify missed targets
  4. Goal is well defined and not vague
  5. Large goals become easy to overcome

S.M.A.R.T goals for Retirement:

Specific:

  1. I want to retire on December 31, 2030. I will be 65 years old, and my spouse will be 62 years old.
  2. We will have approximately $300,000 to invest to generate additional re-retirement income for our desired lifestyle.

Measurable:

  1. My spouse and I need $5,800 after tax every month to live after 2030.

Actions to be Taken:

  1. Invest a specified amount every month in Systematic Investment Plans which will guarantee me the given income on the future date. A lump-sum investment with compounding interest in Government securities, such that it gives me a desired inflow post retirement.

Realistic and Relevant:

  1. How do we solve for our retirement income gap? Will we need to spend down our savings and investments to support our desired retirement lifestyle?
  2. How and when should we take money from accounts during retirement?
  3. Which accounts should we take money from first?
  4. What will the impact of bad times be on our investments? How can we take out money during bad times, if we even can? Will this deplete our accounts too quickly?
  5. Is it okay to spend down principal to live?
  6. What are the chances we will run out of money?

Time Bound:

  1. The amount is to be invested till which date so that it earns the given outflow of cash?
  2. The inflow is required for how many years?
  3. Can I afford to retire on December 31, 2030, or do I need to keep working?
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