“Similar to long-term retirement planning, short-term financial goals are significant to a worker’s overall financial satisfaction and security.
The setting and achievement of shorter-term goals are important to retirement plan participants because they create financial buffers, says Sheida Elmi, a research program manager at The Aspen Institute Financial Security Program (Aspen FSP).
Elmi’s firm recently released a report on the importance of short-term savings goals in any long-term financial plan. The study argues that short-term “cushions” are the building blocks of progress on longer-term goals and wealth protection.”
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