3. Determine your Retirement Lifestyle
One of the biggest financial considerations when planning for retirement is determining what type of lifestyle one desires to live. Many people determine that changing residences to somewhere smaller or closer to family helps reduce boredom once no longer going to work every day and places them closer to a network of friends and family. For many, downsizing their home also results in an added windfall of money that can be put towards the overall retirement plan or for taking trips that have been unaffordable while working. Failing to account for what one wants to do can result in simply not having sufficient funds to enjoy retirement.