Retirement Isn't Just About The Money

After years of saving, investing and building your retirement nest egg, you may be starting to feel like all you do is crunch numbers.

But transitioning to retirement is about more than just the money. There's an equally important part of retirement planning that deserves your attention - determining when to retire and how you will use your time once you do.

Think of more than just financials

When you make your decision to retire, you need to make sure you are prepared from both a financial and a lifestyle perspective.

. Almost one in three partial retirees and 17% of those fully retired feel they entered retirement too soon. 1

. Almost 40% of retirees who returned to work stated boredom was a factor in their decision. 1

While thoughts of freedom from work can be exhilarating and make it tempting to leap into retirement as soon as you have the financial resources to do so, it's important to consider the benefits that work provides, such as structure, mental stimulation and a sense of self-fulfillment.

Having a lifestyle plan in place before you exit the workforce can help you maintain a continued sense of purpose and engagement. This plan can also help you avoid the "at loose ends" feeling that can occur as you move from the structure of your workdays to what may prove to be a more unstructured world of retirement.

Plan for a seamless transition

A lifestyle plan sets out how you would like to spend your time in retirement. While you may not want to schedule every day of your retirement, you will want a plan that considers the major activities and goals that you hope to pursue. This might include a combination of volunteering, paid work in a different capacity, sports or social activities, fitness, travel, or providing care to friends and family.

The transition to retirement can be made even smoother if you're able to put some of your lifestyle plan into action before you retire; this may mean joining a volunteer board, developing a business plan for a second career, or taking lessons to get your golf or tennis game up to speed.

Give thought to time and timing

Having enough money to retire and finding the ideal time to retire can be two very different concepts. So some thought to how you want to spend your retirement days. While not everyone has full control over the timing of this transition, getting a lifestyle plan in place ahead of time can help maximize your chances for a more relaxing, enjoyable and fulfilling retirement.

1 2011 RBC Retirement Myths & Realities Poll - Ipsos Reid. Financial planning services and investment advice are provided by Royal Mutual Funds Inc. (RMFI). RMFI, RBC Global Asset Management Inc., Royal Bank of Canada, Royal Trust Corporation of Canada and The Royal Trust Company are separate corporate entities, which are affiliated. RMFI is licensed as a financial services firm in the province of Quebec.

Source: http://www.nsnews.com/business/Retirement+just+about+money/5740206/story.html