The first stage in successful retirement planning is not the money. The first stage, the first step even is to decide what you want the money for.

Having a sound financial plan for retirement is of course important, but like a finely tuned car engine it is of no use without an equally good chassis, excellent wheels and all of the other elements that go to make a quality car.

Rather like a car where engine and chassis can be designed concurrently it is feasible to begin to develop your finances alongside the development of your overall retirement plan, but you cannot hone the former without the total plan being designed.

Creating the best retirement chassis is not easy, for some it is even extremely challenging. Mainly because the process involves setting aside preconceived ideas about your long term future and taking a long hard look at where you are today in order to plan for tomorrow. Your long term plan needs to address the following;

• Your emotional wellbeing
• How to remain active
• Discover your passion
• Create purpose and meaning to your life
• Do you continue to work in some form?
• Giving back

Once these are addressed the financial plan become easier to develop. As life is not a linear process your overall plan will need regular review and revision. Once again only then can you consider the finances.