The first step in creating a retirement that fits your lifestyle is to articulate what that lifestyle looks like. Do you envision traveling the world, spending time with family, pursuing hobbies or perhaps starting a new business? Each goal comes with its own financial implications, so take the time to write down your aspirations. This isn’t just a wish list; it’s your blueprint for the future. When you know what you want, you can start mapping out how to achieve it.

Assess your financial situation

Once you have a clear vision of your retirement goals, it’s essential to take stock of your financial situation. This means examining your savings, investments, pensions, Social Security benefits and any other income sources. Create a detailed picture of your finances to understand what you have and what you need.

Remember to account for various income streams. Social Security will likely play a role, but many retirees find they need additional income to maintain their desired lifestyle. This could come from savings accounts, pensions or part-time work.

Create a comprehensive budget

With a clear understanding of your financial landscape, it’s time to draft a budget. A budget will help you allocate your resources effectively and keep your spending in check.

Start by estimating your monthly expenses in retirement. Consider housing costs, health care, groceries, travel and leisure activities. Once you have a comprehensive view of your expenses, you can compare them to your projected income.

It’s important to be realistic here. Your expenses may fluctuate over time, so build in some flexibility. Create a cushion for unexpected costs, whether that’s medical bills, home repairs or a spontaneous trip to visit family. A well-structured budget not only provides peace of mind but also helps you avoid the financial stress that can come with retirement.

Plan for health care costs

Health care is often one of the largest expenses retirees face. As you age, it’s crucial to consider how to manage these costs effectively. Familiarize yourself with Medicare options and supplemental insurance plans. It’s also wise to set aside funds in a health savings account (HSA) if you’re eligible, as this can provide a tax-advantaged way to save for medical expenses.

Additionally, consider your lifestyle and health needs. If you anticipate needing long-term care or have specific health concerns, planning for those expenses early can save you from financial strain later on. Research long-term care insurance options that could help protect your savings if such services become necessary.

Stay engaged and active

Retirement isn’t just a time to relax; it’s also an opportunity to engage with your community and pursue passions you may have put on hold. Whether it’s volunteering, taking classes or joining local clubs, staying active can enhance your quality of life and foster new friendships.

Think about the activities that bring you joy and fulfillment. How can you incorporate these into your daily life? Perhaps you’ve always wanted to learn how to paint, or maybe you want to volunteer at a local charity. Whatever your interests, make them a priority in your retirement plan.

Explore part-time work or side gigs

For some, transitioning into retirement can feel daunting. If you’re not ready to fully step away from the workforce, consider part-time work or side gigs that align with your interests. This can provide additional income and help you stay socially engaged.

Part-time work doesn’t have to be a chore; it can be a way to explore a passion or try something new. Whether it’s consulting in your former field or engaging in a hobby-turned-business, earning money while doing what you love can add both financial security and personal satisfaction.

Revisit and adjust your plan

Life is unpredictable, and your retirement plan should be flexible enough to adapt to changes. Regularly revisiting and adjusting your plan ensures it continues to meet your needs. As your circumstances change — whether through changes in health, income or personal goals — your retirement strategy should evolve as well.

Set aside time each year to review your financial situation, budget and lifestyle goals. This will help you stay on track and make any necessary adjustments to your spending or savings strategies.

Enlist professional help

Don’t hesitate to seek professional guidance if you feel overwhelmed by the complexities of retirement planning. A financial advisor can provide valuable insights tailored to your unique situation. They can help you navigate the intricacies of investment strategies, tax implications and retirement income planning.

Consider finding a professional who specializes in retirement planning for seniors. They can offer personalized strategies to help you maximize your savings and navigate any challenges you may face.

Embrace the journey

Finally, remember that retirement is a journey, not just a destination. Embrace the changes and challenges that come your way and stay open to new experiences. Building a retirement that fits your lifestyle takes effort and planning, but the rewards can be immeasurable.

In conclusion, the power of planning can help you create a retirement filled with joy, fulfillment and security. By understanding your goals, assessing your finances, budgeting effectively, planning for health care, staying engaged and being open to adjustment, you can design a retirement that truly reflects your lifestyle. So take the time to lay the groundwork for your future today — your dream retirement awaits!

Lyle Boss, The REAL BOSS Financial, endorsed by Glenn Beck as the premier retirement advisor for Utah and the Mountain West States. Boss Financial, 955 Chambers St., Suite 250, Ogden, UT 84403. Telephone: 801-475-9400.