Retirement comes at different times for different people. Some retire by choice to travel and to enjoy life, others when their health no longer allows them to work and others are forced into retirement by employers or circumstances.

Retirement comes at different times for different people. Some retire by choice to travel and to enjoy life, others when their health no longer allows them to work and others are forced into retirement by employers or circumstances.

Retirement planning's primary goal should be to allow one to adapt successfully to this new stage in life.

Many people make the mistake of believing that planning for retirement is only about saving enough.

Planning for retirement should include preparing psychologically for this important transitional time in one's life. A successful transition should include the different psychological factors that contribute to a happy and enjoyable adaptation into retirement.

Keep an open mind and create a new set of expectations that match your capabilities for this new stage.

Avoid making rush decisions. Take your time and enjoy the transitional time at your own pace, without any drastic changes. Once you grow accustomed to your new situation, changes will become easier to make.

Proper financial planning for retirement is also essential for easing into retirement effectively. It is a cornerstone for a successful transition into retirement.

Adequate and timely financial planning will allow you to evolve into your retirement with a positive outlook and a whole new world of possibilities to enjoy life instead of struggling to make ends meet.

Important steps that go into planning for your finances during retirement are:

l Define your retirement goals and expectations. What do you want to do when you retire and how much money will you need to carry this lifestyle?

l Create a financial strategy for your retirement. How will you ensure that you have enough money to meet your goals?

l Find the proper way to carry out your financial strategy. Find the most effective and efficient investment tools and advice that is available so that your investment portfolio will help you achieve your retirement goals.

Remember that goals and expectations need to be realistic, but retirement can also be a new beginning.

With the right approach, the right tools and the right attitude, retirement could be the best time of your life.

Next week I will give you tips on how to save for retirement.

lBryan Hirsch is chief executive of Pioneer Financial Planning.

Visit www.pioneer.co.za or e-mail help@pioneer.co.za for more information.