Make the Transition

As we plan for retirement, we are often uncertain about life “after work.” Talking with those who are already retired, exploring how you will spend your time and having something to retire to will help you make a smooth and successful transition.

Discover Your Recipe for Retirement Success

While having adequate income in retirement is clearly important, having a successful retirement depends on much more. If you only look after the financial aspect of retirement planning, you could be dissatisfied with how your retirement turns out.

Prior to retirement people generally worry about their:

  • Finances
  • Health
  • Relationships
  • Leisure time

After they retire, this list is sometimes reversed. People can’t just retire from work; they need to retire to something. Discovering what that something is will be a key ingredient in your recipe for retirement success.

It’s no surprise that finances are a major worry prior to retirement. People are concerned with their ability to maintain their existing lifestyle on their retirement income. They are also worried that the rising cost-of-living does not significantly erode the purchasing power, of their retirement income.

Here are some tips to help you plan for your retirement income:

  • Complete an updated net worth statement, paying special attention to your retirement assets and your outstanding debt.
  • Know the cost of your current lifestyle; track your expenses. With this knowledge, you can reasonably project your anticipated retirement income needs.
  • Visit the Build Your Plan section of this website for worksheets to summarize your current situation. 
  • Review your retirement income sources from employer and government pensions. Will these fulfill all of your retirement income needs? If not, then you may have to make up the difference from your other retirement assets.
  • Ensure that you have a plan to deal with some of the unknown variables of retirement planning: health care, life expectancy and inflation.

Use the Retirement Planning Checklist to track your progress and the guidance provided in the remainder of Make the Transition to help plan your retirement.