Retirement can be a big life transition. Many people go into it without being truly prepared for the changes. It is important to do retirement planning before that phase of your life begins.

Two main questions:

  1. What will your retired lifestyle be?
  2. How much do you need to achieve it?

Guide to answering those questions:


What achievable lifestyle do you want in retirement?

  • Adventure retirement – Travel and experiment with life.
  • Downsize retirement – Reduce expenses, reduce responsibilities, reduce stress.
  • Family retirement – Enjoy time with the family. Maybe care for the grandchildren.
  • Homebody retirement – Stay home and enjoy your own company.
  • Recreation retirement – Join a few clubs and enjoy some local activities.
  • Second chance retirement – Go back to school. Reinvent yourself. Try something new.
  • Working retirement – Consult or maintain ties with your work. Start a dream project.
  • Combination retirement – Sample a little of all the above.

What do you look forward to in retirement?

  • Family
  • Freedom
  • Rest
  • Time

Where do you want to live?

  • Abroad
  • Local
  • Mobile
  • Warm/Cold
  • Urban/Remote


What will you do with your time?

  • Garden
  • Golf
  • Paint
  • Read
  • Travel
  • Volunteer

Do you have a side venture to pursue?

  • A dream
  • A hobby
  • A project

Health/Personal Protection

Do you have coverage in place?

  • Critical illness
  • Healthcare
  • Long-term care
  • Whole life insurance

Can you use that coverage for the unknowns?

  • Childcare
  • College
  • Illness
  • Weddings


Do you have a will?

  • Asset distribution
  • Burial instructions
  • Funeral/Debt coverage

What do you want to leave behind?

  • Heirlooms
  • Memories
  • Money
  • Property


  1. At least 6-months before retirement, create a retirement budget and try living off the amount of your expected retirement income. A trial run could help identify areas that require improvement.
  1. Be honest with yourself. Think about whether it is retirement you want or to lighten your workload.

Try a few changes:

  • Reduce your hours.
  • Find a more flexible or part-time position.
  • Take a vacation to reset.

If you feel it is not enough, then you will know retirement is right for you.

  1. Keep in mind things change over time. Think about your short-term and long-term needs. You may be around longer than you think. With inflation and depending on your lifestyle, a million dollars might not last as long as you think.
  1. There is a big reason why you are thinking about retirement. Ask yourself, why now?
  1. Be clear from the beginning about what you want.

At Simplified Financial, we can help you plan for this next phase of life. Whether you are retiring in thirty years or thirty days, we have a great deal of experience and options to offer.

Give us a call. We are here to simplify!

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