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Rehearse for retirement

It takes a lot of practise to be good at anything in life.

It takes a lot of practise to be good at anything in life.

Why then don't we take time out of our work schedule to rehearse retirement?

Without going into any deep discourse on our ability to procrastinate on the truly important things in life, let's just put this on the priority list ahead of planning our next vacation.

Retirement requires a lot of adjustment, so let's look at some pointers:

1. Try living on the income you expect to receive during retirement. You may need some help from your financial planner to help project this figure.

2. Get involved in the activities you plan to pursue. Many people have had grand plans to take up golf, sailing, etc., only to realize later on they have hay fever or get seasick.

3. Complete a sample calendar to see how much time these planned activities. Be sure to add in plenty of time to catch up with family time and friends.

4. Don't limit yourself to recreational activities. The most fulfilled retirements are those that give back to this world and allow you to leave your own unique mark. For instance, Jimmy Carter maintains the years he and Rosalind spent in the work of The Carter Centre were more fulfilling than those he spent as president of the United States!

5. If you plan to move, do your research, visit prospective retirement locations and really look for the negatives.

6. Ask yourself, "How many of my friends do I call outside of business hours?" Those are the contacts you will likely maintain when you retire. Work on social contacts outside of business.

7. Work on a proper diet and establish an exercise program with the advice of your doctor. You'll enjoy the years more and live longer. Don't wait until retirement to get fit!

8. If you're married, always involve your spouse in the retirement plan. You'll be spending a lot more time together, so you'll need to make sure you're both on the same team in your page.

9. Recognize that spending more time with your spouse can also bring challenges. Talk about this openly and come to an agreement on how you will respect each other's personal time and space.

10. Retirement does not exempt us from life's challenges. Make sure to rehearse what happens upon serious illness or death. Are your powers of attorney and wills up to date and do you know where these and all other important documents are?

Retirement is an exciting time and full of possibilities. Make sure you're ready for it.

Richard Vetter, BA, CFP, CLU, ChFC, is a certified financial planner and owner of WealthSmart Financial Group in Richmond (www.wealthsmart.ca).