Once you have an idea of how you would like to spend your time in retirement it is important to determine the sort of financial commitment you will be facing. Although some costs will be reduced upon stopping work (commuting costs, work clothes) other costs will begin such as paying for leisure activities and travel. Preparing a budget is an important step in understanding your costs and having peace of mind. Here is a sample budget for you to work with.
It may also be a great opportunity to think about how your financial situation will change at retirement. This personal and financial log book can help. Provide a copy to your financial advisor so that he/she can help you achieve your financial goals at retirement.