Spending Goals: Make Sure You Get What You Really Want Out of Life

Setting Spending Goals, or What Are You Doing the Rest of Your Life?

Liz Pulliam Weston

I think you need to have a clear picture of where you are and get some of the niggling details of your finances resolved before you can take a deep breath and figure out where you want to go next.

Let’s start with a fun little exercise involving the benefits estimate that the Social Security Administration sends you every year about three months before your birthday. (If you lost your last one, you can request a replacement at the Social Security Administration site, www.socialsecurity.gov/statement/, or by calling 800-772-1213.)

The benefits estimate not only shows what you’re supposed to receive from Social Security when you retire, but it also includes ...