Everyone has dreams of how they’d like to spend their retirement years. Whether your dreams involve travel or just staying at home enjoying a hobby or grandchildren, you must plan ahead. Without planning, your dreams may remain unrealized.

A Lifelong Process

Retirement planning should start when you are young. The kind of life you lead during your working years will have a good deal to do with how healthy you’ll be at retirement age. Smoking and excessive drinking take a toll on your body. Stop, reduce, or never start. Exercise contributes to your body’s health. Consult your doctor and slowly begin an exercise program

Keep your mind sharp; try to learn something new each day. Being socially active will also help. A wide circle of friends of different ages provides stimulation and keeps you from becoming isolated. New hobbies, volunteer work, clubs and social groups can keep you socially involved and emotionally sound.

Budgeting and saving should begin early in life. Social Security and pensions alone won’t give you the financial freedom you’ll desire. Financial planners generally suggest that your combined income from Social Security, pension and investment earnings be equal to about 75 percent of your pre-retirement income. Learn about the various investment opportunities and develop a plan to build a nest egg. Before retiring, you should carefully examine the benefits available from Medicare and supplemental insurance to make sure you choose the best option for you. You will also need an up-to-date will, powers of attorney for health care and finances, and a living will.

Determine Your Wants and Needs

Closer to retirement, you should start thinking about where you’ll want to live. Would you prefer to keep your current home or move to a smaller residence? Do you want to rent or buy? Would you consider a retirement community? Do you want to live near family or friends or would you rather move to a warmer climate? Once you’re situated, how are you going to stay involved with others? Retirement means leaving a job, it doesn’t mean withdrawing from life. The novelty of inactivity wears off quickly and boredom becomes a danger to your mental and physical health. Finding an outlet for your interests and energies is a very important part of a healthy retirement.

Getting Professional Assistance

To plan the best course of action, you should take steps to educate yourself. Expert guidance on how to utilize your resources wisely will also be helpful. Sign up for retirement planning classes or workshops. Check with Social Security to find out how your retirement age affects your benefit, how and when to apply, and to get an estimate of your monthly check. An accountant or financial planner can advise you on how to protect your financial resources against unnecessary taxation. Check with your company’s human resources department to learn about any work-related benefits.