9 best retirement goals for retirees in 2024

Very often, people get bored during retirement because they lack retirement goals. Establishing retirment goals is a great way to make sure your time and energy are properly used to fulfill your dreams. Whether it is starting a new career, traveling, learning a new language, or reaching financial security, knowing your retirement goals helps you live comfortably and happily in your old age. While there are many goals you can set for retirement, not all retirement goals are the same. Establishing the right goals that align with your dreams is critical.

If you are not sure which retirement goals you should set, I have a guide for you. While you don’t need all the retirement goals I included in this list, failure to reach some of these goals can make your retirement time miserable. For example, you need financial security to finance your expenses and lifestyle. At the same time, you need to be healthy to boost your immune system which increases your life expectancy.

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What are retirement goals?

Retirement goals are part of your retirement planning process and they serve as a roadmap for your retirement phase. Simply put, retirement goals are a set of milestones you want to achieve post-work life. The lack of retirement goals makes it harder to figure out what to do after leaving your job. Retirement goals take into account what you want to do, your sources of income, how your assets will be managed, future expectations, retirement desires, dreams, etc.

Here are the 8 best retirement goals for retirees.

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1. Financial security

The number one goal for most retirees is to achieve financial security. This is important so you won’t have to worry about your expenses or have financial stress during retirement. The last thing you want to happen is to outlive your money when you don’t have the energy to go back to work.

While there are many ways to achieve financial security during retirement, you only need to start with a retirement plan. Saving for retirement can be confusing as there are many factors to consider. However, the best way to achieve your retirement financial goals is to start with retirement savings accounts such as 401(k) plans, IRAs, and insurance policies.

Investing for the long term is also a great way to take advantage of compounding interest with your investments. Additionally, invest in a mixture of different asset classes that include equities, fixed-income assets, and debt to give you a steady stream of income during retirement.

If you are not comfortable planning for your retirement financial goals, work closely with a financial advisor to structure a plan that will provide enough income for your needs.

2. Maintaining health is a great retirement goal

Health is one of the biggest factors to worry about during retirement. Retirees usually experience a lot of health issues which are linked to declining physical and mental health. Not having health as part of your retirement goals leads to having a lot of health problems that rob you of happiness, and cause you anxiety, stress, and financial hardships.

Good health is vital for retirees to enjoy their retirement years. Focus on maintaining a healthy lifestyle by exercising regularly, eating a balanced diet, and keeping stress levels at minimum levels. Regular checkups and preventative care can help catch health issues early and keep them from becoming major problems.

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3. Travel retirement goals

Most retirees agree that building memories is among the top things that make life worth living. Without great memories, you look back and feel like your life is worthless. That is why one of the best retirement goals you should have is to plan for your travel goals. Retirement goals are usually a primary goal for retirees. Whether it is exploring new countries, regions, or states, traveling provides relaxation and enrichment. Start planning and saving for your dream vacations years before you retire.

If you are like millions of people with full-time jobs, you might find it difficult to fulfill your travel goals while still employed. That does not mean you cannot travel. Typically, it is easy to travel when you plan ahead of time.

That way, you can easily utilize your 2 or 3 weeks of vacation. After retiring, however, you will have all the time in the world to fulfill your travel retirement goals. You can travel full-time or part-time depending on your financial situation and lifestyle.

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4. Continuing education

One of retirement’s biggest benefits is having full control of your time. Once you are free from the corporate world, you can use your time to fulfill your retirement goals. A common retirement goal is continuing education. This kind of education is not the same as going back to school to get a higher-paying job or score a promotion. Instead, it is the kind of education that allows you to do what you want to do with your life.

Retirement can be a great time to learn new things and pursue an interest or passion you didn’t have time for during your working years. Whether it’s attending lectures, enrolling in online courses, or just exploring new topics on your own, continuing learning can keep your mind sharp, active, and motivated.

For example, if you have retired and developed an interest in pottery, you can take a pottery class. Similarly, if you love knitting or want to work at a travel agency, you can take a knitting class or get a travel agency certification.

5. Leaving a legacy

Some retirement goals usually align with the things wanted to do for others but never got a chance to accomplish during our active years. These retirement goals can include helping your family members or external individuals based on your wishes. For example, one of your retirement wishes could be leaving a large sum of money to each of your loved ones, paying for your grandchildren’s college, or buying them assets that generate a lifetime income.

You can also donate money to your favorite charity or former school. Most universities rely on money donated by Almni to keep certain programs and departments active. If there is a department or a cause that is threatened by financial constraints, providing financial support could be one of your retirement goals.

Here is a real-life example that recently happened in New York. Albert Einstein College of Medicine Announces Free Tuition due to a $1 billion donation given by Ms. Ruth Gottesmen to the school. You can imagine how much difference this money will make to current and future medical school students at this university. While you don’t have to give $1 billion, your support can make a huge difference in someone’s life.

6. Community involvement

Another great retirement goal is to get involved in your community activities. Retirement can offer a chance to give back to your community. Whether it’s volunteering for a local charity, joining the local council, or starting a community project, staying involved can keep you socially active and engaged.

For example, if you like gardening, start a community garden and work with countless volunteers to make a difference in your community. You can also join an already-established garden and offer your expertise.

7. Downsizing retirement goals

Most families buy large homes with big yards because they need them for their kids and pets during their active years. Once all kids have moved out and started their families, many retirees get stuck with large homes and yards they cannot afford or maintain. That is why one of the biggest retirement goals is to downsize your home.

Moving into a smaller and more manageable home can be a good goal for retirees especially when living alone. This can free up time, money, and energy for other things you’re passionate about. Take stock of your belongings and consider what you need and love. Begin the process of decluttering and find a suitable smaller home that fits your retirement needs. You can donate unwanted items, sell them in garage sales, or give them to family members. The money saved from downsizing can be used to fund other retirement goals.

8. Find new interests

Very often, millions get stuck with their jobs which hinders their ability to follow their passions or figure out new ones. If there is something you have been dreaming about, putting it on your retirement goals list will be a great way to get started with it.

Whether it is starting a new business, traveling, learning a new language, or offering specific training in developing nations, you will have all the time to achieve this retirement goal. Some people also develop new passions during retirement. For example, you can learn how to do scuba diving, sail, or surf. These activities might seem normal to someone who grew up close to the ocean, but if you grew up far from the ocean and never had the chance to learn them, get started as soon as you retire.

You may have been a business person for your entire life, but feel like teaching might be your new venture. If so, submit your resume to different colleges and universities and start teaching.

9. Spending time with your loved ones

Family is everything especially when you are in retirement. If you never had a chance to spend quality time with your loved ones, being in retirement will be a great time to make it up. Spending quality time with your loved ones will reinforce your bonds, build great memories, and improve your family’s vibe.

Since your retirement workload will be limited, you can offer to babysit your grandkids and coordinate different events such as parties diners, etc. You can also visit your family members, especially distant ones or those who live far away. For example, if you lost touch with your sister or brother many years ago and never had a chance to pay them a visit due to work, you can plan a visit during retirement

What are the three most important retirement goals?

While each retirement goal is important depending on who you ask, some are more important than others.

Here are the top 3 retirement goals everyone should have.

Financial stability. One of the biggest fears among retirees is the fear of outliving their savings. Imagine thinking you have saved enough money and then all of a sudden, the money is gone but you are not dead yet. Being in such a situation is horrifying. That is why many retirees end up picking up odds jobs to get by. Being stress-free during retirement increases your happiness and that comes with knowing that you have enough money to live off during retirement. For this reason, financial stability is one of the most important retirement goals everyone should have.

Being healthy. Being a retiree means you will no longer have the physical and mental capacity you once had during active years. Your ability to stay alive longer and achieve all your retirement goals depends on your health. That is why healthy habits such as having enough sleep, working out, and eating healthy should be on your list of retirement goals before and during retirement.

Working on your dreams and passions. This retirement goal includes your ability to follow your passion, learn new skills, have a hobby, or spend your time doing things you love. For example, if you want to start a new career, you can do so, assuming it is what you want to do.

What is the best age to retire?

The best age to retire differs from one person to another. Many people never retire, however, because they don’t have the financial means to sustain their lifestyles or lack retirement goals. People are afraid of not knowing what to do, or how to spend their time after leaving their job. So, they keep working.

While 65,66, or 67 are common retirement ages depending on when you were born, you don’t have to wait that long to retire. Typically, you can retire at any age. But the time you stop working depends on many factors. Your lifestyle, life expectancy, and financial means to sustain that lifestyle usually determine the age at which you retire.

The best age to retire is when incomes from our investments and assets can cover all your retirement expenses without touching the principal amount. As long as you can live off the income from your investments, you will never run out of money. Most financial advisors suggest sticking to the rule of 4%. Meaning, you need to have enough savings where you can comfortably withdraw 4% of your portfolio without running out of money.

If you retire early, however, you will need to have a lot of savings. This is because most retirement accounts require a specific age before you can make withdrawals.

For example, you need to be 59 ½ to take withdrawals from most retirement plans such as 401(k)s and IRAs. Additionally, you must be at least 62 before you can take social security benefits. So, you need to plan accordingly if you choose to retire before you are eligible to take distributions from retirement savings accounts.