5 tips for setting goals for your retirement lifestyle

What is retirement?

Retirement is often seen as the time to tend to all the things that there’s never been time for in life while working, raising a family and paying off a mortgage; a stage in your life when you might actually have some free time and leisure time.

“Retirement is the time to focus on the things you want to do, when you get some space from the productive years and get some time to focus on our older years,” says Dr Elizabeth King.

How to make the most of your retirement lifestyle

So to make the most of retirement is it a matter of sitting down, writing a list of things to do (which people sometimes call a bucket list) and working through it every day?

The short answer from Dr King is “no”.

“It’s not about writing down a list of things you should do,” she explains.

“Goals are complex. What’s on the list is important.”

What is a goal?

So firstly, what is a goal? Dr King looks to the late Professor Anthony M Grant, who established The University of Sydney’s Coaching Psychology Unit, and he describes goals as internal representations of desired outcomes.

Dr King says goals are also used as a focus device – so a person has a clear idea of what they want and how to achieve it.

Here's 5 tips on goal setting in retirement:

1. Work out what is important

Before setting goals or writing a bucket list, Dr King suggests reflecting on what’s important to the person and making sure a person’s goals align with their values.

She gives the example of wanting to go on a family holiday, but a medical condition makes it difficult for a family member to fly – so choices need to be made and if the ultimate goal is to spend more time with family, then a change needs to be made.

“There needs to be a hierarchy when setting goals,” she says. “If goals are conflicting, we need to acknowledge and accept the situation, adjust and make a choice.”

2. Make them meaningful

When retirees think about setting goals and writing buckets lists in retirement, thoughts often turn to a trip to an exotic location or even skydiving, but Dr King says that it’s just as important to focus on goals that include health, wellbeing and relationships.

“It’s also important to ensure goals are satisfying, as meaningful goals are what make people happy.

“It’s important also to consider relationships, play, creativity and learning when thinking about goals. As well as goals which keep us active and open to learning about life. You are happy and more productive when you have a growth mindset [when a person thinks they can develop and change].”