Enter your retirement with a plan

Being financially comfortable definitely is important to a lasting retirement, but it's not the only thing.

The happiest and healthiest retirees these days are those Canadians who keep themselves busy and active. I know it's been hard to do with COVID-19, but as we slowly return to a new normal, how do you plan to make your retirement the best it can be?

Do you plan to learn new things, take up a hobby, go back to school, volunteer or continue working part-time? What is your social circle like? Do you have supportive and rewarding relationships?

When you retire, you initially feel a sense of loss as you reorient yourself and then adapt to your new situation. Essentially it's the next chapter of your life, with the most important non-financial aspects being that you embrace it with a positive attitude or mindset toward being busy, active and independent.

Preparing for this next chapter requires a plan and the resources to make it work. Transitioning into retirement with confidence means you have answered these five important questions.

1. Who do you picture yourself with in retirement?

2. What do you see yourself doing in retirement?

3. Where do you plan on living when you retire?

4. How will your health impact your retirement?

5. Do you have enough money if you survive to age 95 or even 100?

Seek the advice of a professional financial coach to ensure you will have sufficient resources available to cover both day-today expenses and the funding for larger goals.

Remember that retirement doesn't have to be the end of your working life. Continuing to work at a less demanding job or even part-time into retirement can help to fill the financial void once retirement starts. It may even provide social connections and mental stimulation.

Talk to your adviser so he or she can help you create a plan that meets your individual goals.

Christine Ibbotson is the author of Don't Panic: How to Manage Your Finances and Financial Anxieties During and After the Coronavirus and the bestselling book How To Retire Debt Free & Wealthy. askthemoneylady.ca