Plan your retirement in advance so the choices fit what you want. Some people begin planning very early. Others drift into retirement, casually and happily. Still others wake up one day and realize retirement looms, and they have no idea what to do with the rest of their lives, much less how to pay for it.

While too many people in this country will never know the luxury of retiring from work when they reach a certain age, enough of us do that we should think about it in advance and know how we want to spend our golden years.

Know Your Retirement Income

Do you know exactly what your monthly income will be when you retire? That income most likely will come from Social Security payments and any pension you are due.  However, those two sources alone may not amount to enough for you to live as you would like.

What Other Sources of Income Can You Create?

Investments may provide you with income on which to draw. How about residual income? It is never too late to speak to a retirement adviser about your plans – or lack thereof.

Determine Your Retirement Expenses

Know exactly how much income you will need each month to live as you wish. Be realistic! Figure out what your health insurance will cost and be sure it includes coverage for problems you might not have thought you needed when you were younger.  Add in housing, food, any debts and entertainment.

Decide if Extra Income Will Be Needed

Early planning, especially, if a full-time or part-time job will be necessary, allows you options for choosing how to obtain that extra source of income. Waiting until the last minute could require you to take any kind of job you can find in a hurry to pay the bills.

What about Housing?

Will you stay in your current home? If so, you want to pay off the mortgage as quickly as possible. Advance planning certainly could help you with that task.  Do you intend to move to another area? If so, be sure to study housing costs, availability of work and general cost of living where you plan to live, so there are no surprises.

Where Will You Spend Your Golden Years?

Forbes recommends you spend all 4 seasons in an area you want to retire.  You might find you don’t like the weather as much as you thought you would.

For instance, when we moved to SW Florida in 2001, we had vacationed in the area for many years at various times of the year and knew we would love it. Years later, I admit to missing the changing leaves of Middle Tennessee in early October and the smell of burning wood wafting from fireplaces. The yearning for my old home could have been worse had I not understood before our move how different would be the weather in Florida.

What Kind of Home Fits the Lifestyle You Prefer?

Your age, health, and interests all help determine the kind of housing you need. Do you enjoy yardwork? Perhaps a home with lawn space would make  you happy. Or would you prefer to chuck the yard tools and never touch another blade of grass? If that is how you envision your retirement years, you may prefer the condo life.  Remember, no matter which style home you choose, check for Condo Fees, HOA Fees or other fees charged to keep the community areas clean and repaired.  They vary widely.

Would you prefer to live in a senior community?  These often offer a small, single-family home or there may be real apartments – not a single room with barely space to walk around.

Knowing the type of home you want will assist you in making the necessary changes in your lifestyle to achieve your retirement goals.

What Do You Want from Retirement?

The question is personal, and each of us may come up with a different response. The ability to answer this question is important, because that could determine many characteristics of our retirement.

Are you a social butterfly. Do you prefer to spend your days around people? Or  does a quiet life work best? Maybe the boating lifestyle intrigues you. If so, a home on the water might work best.

Whatever your choice, plan ahead so you can make it happen.

How We Chose our Future Lifestyle

For example, we chose what we hope is our final home because Jim no longer wanted any lawn care to do. I did not want a ton of space to clean. We both wanted a pool and a gym for keeping in shape. We decided upon a condo in a development with 24/7 guarded entry gate. My concern was safety as we age. Our condo overlooks a golf course, and there is water on 2 sides of our home. The size and location are perfect and a well-equipped work-out center sits a few blocks from us.

How Will You Stay Busy?

If you don’t work to hold a job, what will you do all day? Plan ahead so whatever you want as a lifestyle will actually work for you. Many seniors spend their free time volunteering with various charities. Will something like that leave you feeling full-filled? Perhaps you always wanted to paint. Retirement offers you plenty of time to pursue that latent talent. Whatever interests you, look at your future and make those activities part of your daily life.

How I Planned My Retirement

Where I live, many seniors spend part of their lives as volunteers. Some work a few hours a week for their local hospice or hospital. I know women who played Bridge several days a week, like they were obsessed.

My passions are animal welfare and writing. Gaining more free time allowed me to indulge in both. Jim and I created a non-profit organization that helped area senior citizens pay for basic veterinary care for their pets. I publish a blog that specializes in pet care and pet food. The E-books I wrote about choosing healthy dog or cat food sold on our websites and are still available here. Eight years passed and we recently shut down the non-profit group. But I can write forever about many subjects.

Find Your Passion

Search your mind and choose 2 or 3 subjects that interest you and bring out the passion in you.  Make a list of those subjects of highest interest down to the lowest. Go back over it more than once and take out those you might least want to find yourself doing day after day.  Those subjects left on the list will guide you as you decide on and set up your retirement plans. Just leave a little time for together fun with your spouse or friends.

Finally

Even more than following your passion, remember that smart planning, with or without a spouse, makes for comfortable living and an enjoyable retirement.