You’re about to retire. What’s the best way to make the most of your golden years?

1 Assess your goals

Before you retire, think about what you want to do with your time, energy, and money. Do you have a bucket list of places to visit, hobbies to pursue, or causes to support? Do you want to spend more time with your family, friends, or community? Do you want to keep working part-time or start a new career? Write down your goals and prioritize them according to your values, interests, and resources.

2 Manage your budget

Retirement can bring a significant change in your income and expenses. You need to have a realistic and flexible budget that covers your essential needs, such as housing, health care, food, and utilities, as well as your discretionary wants, such as travel, entertainment, and gifts. You also need to plan for unexpected costs, such as emergencies, repairs, or taxes. Review your sources of income, such as pensions, savings, investments, or social security, and adjust your spending accordingly.

3 Stay healthy and active

Retirement can be a great opportunity to improve your physical and mental well-being. You can adopt a healthier lifestyle by eating well, exercising regularly, getting enough sleep, and avoiding smoking and drinking. You can also stay active by engaging in activities that challenge your mind, body, and spirit, such as learning new skills, volunteering, joining clubs, or taking classes. You can also maintain your social connections by keeping in touch with your friends, family, and former colleagues, or making new ones.

4 Prepare for transitions

Retirement can also bring some challenges and changes that require adaptation and resilience. You may face some emotional issues, such as loss of identity, purpose, or status, or feelings of loneliness, boredom, or anxiety. You may also encounter some practical issues, such as relocation, downsizing, or caregiving. You can cope with these transitions by seeking support from your loved ones, professionals, or peers, and by being open to new opportunities and experiences.

5 Review your estate plan

Retirement can also be a time to think about your legacy and how you want to distribute your assets and affairs after you pass away. You need to have a clear and updated estate plan that reflects your wishes and protects your beneficiaries. Your estate plan may include a will, a trust, a power of attorney, a health care directive, and a beneficiary designation. You may also want to consider your philanthropic goals and how you can support the causes and organizations that matter to you.

6 Enjoy your retirement

Retirement can be one of the best phases of your life if you plan ahead and make the most of it. You have the freedom and flexibility to pursue your passions, explore your interests, and share your wisdom. You have the time and space to relax, reflect, and reconnect. You have the chance to make a difference in your own and others’ lives. You have the opportunity to enjoy your retirement and celebrate your achievements.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?