Retirement planning tends to be very number focused. How much money will you need to have accumulated by the time you leave the paid workforce? How much of that will you be able to withdraw each year?
Of course, such questions are very important. Knowing you’ll have enough to live on throughout your later years is essential. But figuring out how much you’ll need depends to a great degree on your later life plans and priorities. A free iPad app developed by the Allianz Global Investors Center for Behavioral Finance is designed to help with that side of the process.
The Retirement Goal Planning System app walks you through seven steps designed to help you prioritize your retirement-related objectives.
After asking you to write down a list of retirement goals that come to mind, it presents 12 “master goals,” such as financial independence, travel & leisure, and giving back. It doesn’t say how it came up with the 12, but they make intuitive sense.
By seeing which of the master goals do not appear on the goals’ list you came up with, you can identify possible blind spots—objectives that may matter to you but that you were not adequately planning for. The app then has you prioritize the master goals.