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.
The process ends with a series of questions intended to help you envision what your retirement would look like if it does and does not go well, and how your goals are likely to change as you age.
It’s designed to help you think deeply about your later years and what you want that season of life to be about. Ultimately, it’s designed to tie back to the financial side of retirement planning, making sure your financial goals are being made and managed with your life goals in mind.
Anyone who’s in the process of planning for his or her later years will likely find the app helpful. It is well designed and easy to use. It doesn’t say what age range it’s intended for, but age 50 appears to be a good starting point.
You don’t have to enter any contact information, so the app doesn’t come off as a prospecting tool for Allianz. And there’s no “contact an Allianz financial planner” call to action at the end.
If you’re in retirement planning mode, give it a try and then come back here to leave a comment with your feedback.