My Retirement Years Will Be …?

You're busy today and you'll be busy tomorrow - but one day in the not so distant future, you'll be retired and then what?

If you wait until you're retired to figure out what you want to do for the next phase of your life, you'll be selling yourself short. The time to start planning for retirement is right now -- because your retirement years could be starting sooner rather than later and likely lasting for a long time. These days, Canadians are choosing to retire earlier than ever before, with the average retirement age now just 62. Add in increases in life expectancy and it is widely believed that the amount of time most people spend in retirement has tripled over the past twenty-five years

People often confuse retirement planning with financial planning - and, while money is a vital tool in achieving a comfortable retirement, financial security alone will not provide a successful and fulfilling retirement. That requires planning and preparation in all areas of your life.

Successful retirees will tell you their retirement plan is fulfilling because it began with a vision - so look into your future and ask yourself some questions. How do you see your life after work? What do you see yourself doing?

To get you started, here are six key factors to a successful retirement abbreviated from extensive research by the Retirement Lifestyle Centre Inc., a North American research and education company focusing on retirement issues:

1. Have a clear vision of the future. Most successful retirees will tell you they have created a structure for their retirement life that replaces the structure they left behind with their workplace.
2. Practice good health and wellness. Look for ways to keep yourself both physically and mentally stimulated through all the years of your retirement.
3. Be positive about making your retirement 'work'. Once, retirement was viewed as 'freedom from work'; now it's seen as 'freedom to work' at something your truly enjoy.
4. Take a balanced approach to leisure. Cast a wide net, be adventurous and find a happy 'life balance'.
5. Enjoy personal relationships. Work on maintaining and developing your social networks - and don't wait to the last minute; it takes time to develop networks of friends and personal interests that will support a fulfilling retirement.
6. Feel financially comfortable. Get the maximum amount of joy out of all your retirement years by making sure right now that your financial plan will support your personal retirement vision.

A professional advisor can also help turn your retirement vision into reality.