Most everyone daydreams about retirement. From days spent trying new things or traveling to evenings spent relaxing, it’s easy to pass the time fantasizing about retirement. However, how often do you see a clear picture of what your life will be like when you retire?

A 2017 survey GOBankingRates survey found that 39% of Americans don’t have a clear plan for how they’re going to pay for their retirement. It’s crucial to come up with a clear plan for your retirement so you can plan your savings and finances accordingly.

Don’t know where to begin? Start by asking yourself these important questions:

• What does being retired mean to you? Beyond not working, what do you want your retirement to look and feel like? From a chance for more adventures, to the opportunity to relax, come up with what you want out of your retirement.
• What will you do will all your free time? Once you no longer have to spend the majority of your time focused on your career, you’ll have a chance to explore other passions. What are those passions? Think about what excites you, and how you can translate that into a retirement plan.
• Are you interested in travel? Traveling costs money, so if you want to travel in retirement you need to plan accordingly.
• Where do you want to live? You don’t have to stay put in retirement. You could move far away to a warmer climate, or just downsize your home while remaining in the same area. Be sure to take whether or not you wan to stay close to family into consideration. Also keep in mind that while you may have more time on your hands, your close-by friends and family may not. Don’t forget to think about what you want out of a new home, be it amenities, businesses, proximity to interests, or anything else.
• Will you consider downsizing? Take time to think about the pros and cons of moving to a smaller home, especially how many possessions you’re willing to get rid of.
• What kind of lifestyle do you want? Deciding your retirement lifestyle is crucial. Think about questions like: will you be more frugal than you are now, or will you want to spend more money on things you love?
• How long will you live? This question is hard to answer literally and metaphorically. Its tough to predict your exact lifespan, and its not fun to think about your eventual demise. You wont have an issue if you live less than you expected, but you will if you live longer. Be generous with your estimation.
• Do you want to spend money on yourself, or save some for your beneficiaries? There’s no wrong answer, as there’s nothing bad about wanting to enjoy your hard-earned money. However, if you want to have money left over for loved ones you will need to plan for it.

Coming up with a clear picture about what your retirement will look and feel like can only help you. If you need more assistance planning for your retirement, check out resources like:

• 10 Ways to Prepare for Retirement
• Retirement Planning: What to Do
• 10 Steps to Get You Ready for Retirement

Comment below with any retirement advice or questions you have, and don’t forget to visit some of our other articles for more helpful tips.