Do you have a retirement plan? 2

In your plan once, you have considered your financial situation then you need to look at some other important ideas.

Rediscover your purpose

How you think about retirement beyond just finances matters. Other desires will likely influence the choices you make once you retire, including how you spend your time. Having a positive mindset and clearly defined goals can make it easier to create the kind of lifestyle you desire most.

Taking care of your physical health is also a key part of the retirement planning picture. Data from Statistics Canada shows that healthy seniors are more likely to be active, and active seniors have stronger social ties, are more involved in their communities and more likely to indulge in hobbies they enjoy.

Maintaining social connections and personal relationships are particularly important for your mental and emotional wellbeing. A 2017 CARP survey found that older Canadians who spent time in public places with others present, such as parks or libraries were less likely to experience feelings of loneliness.

Retirement is also an opportunity to re-centre and rediscover your purpose then pursue it wholeheartedly. That could involve testing your entrepreneurial skills and starting a business. It might be volunteering or sharing your expertise with others as a mentor or it could mean indulging your creative side and finally writing your memoir.

When your retirement plan covers all the bases your mindset, maintaining good health, staying connected with friends and family, engaging in new or old activities you love the result can add up to give you a deeper sense of satisfaction.

Shaping Your Vision

Planning for all aspects of retirement puts you in control of your retirement destiny, allowing you to forge ahead with confidence. The sooner you begin planning, the more flexibility you will have to account for life changes or unexpected obstacles that could otherwise leave your vision out of reach.

Determining how much you need to save is an important next step. The average Canadian believes they'll need $756,000 in retirement savings. Your individual savings goal may be higher or lower, but it's equally important to consider your purpose in retirement and consider the larger picture.

That's what this series will help you with. As you explore the different topics, keep in mind this central question: what will you need to feel fulfilled, purposeful and content in retirement?