What will your retirement look like?

Have you noticed that it’s easier to achieve something when you have a clear image of your goal? For example, placing a photo of Paris on your desk can inspire you to keep contributing to your vacation fund.

The same logic goes for retirement planning. It can seem like a vague long-term goal, unless you visualize specific aspects of your retirement years. By creating a clearer picture in your mind — maybe of a dream condo down south or starting a post-retirement business — it’s easier to concentrate on saving for that future. This will also help you take steps to determine how much your individual retirement will actually cost, and how much you need to save.

Get started by pondering the key aspects of your retirement lifestyle, including where you will live and what activities will keep you busy. For instance, if travel is on your list, you need to consider your preferred style of travel and the frequency. Do you see yourself enjoying short road trips or luxury voyages? And how much time would you want to be away from home?

Once you have a list, start estimating the costs and set priorities. This is important since not everything might be practical or truly desirable. Consider talking to friends or family who have already begun retirement since their suggestions may help.

Also, talk to a financial advisor who can help you create a flexible financial plan that charts your goals (possibly over five-year periods to make the task more manageable). With a retirement savings plan in place, you can handle your nearterm needs, while still focusing on the customized retirement you picture for yourself.