When I was five years old, my biggest dream was to retire. It still is today, but now I realize that everything is not that simple. As a financial planner, when I hear people talking about retirement, I instinctively start thinking about its financial aspects. It is definitely very important to plan for the financial side of retirement to make sure the investments are appropriately allocated and all the risks including market volatility, inflation, currency fluctuations and longevity are hedged against. But retirement is a major lifestyle change encompassing so much more than just finances.

For many people their careers are much more important than they realize. Especially it relates to business owners. If you built your business from scratch and spent the last 30 years running it, taking it away can have a dramatic effect on you. Retired business owners often realize that they are completely lost and no longer know who they are. Our work takes most of our day is a important part of our world. The people we work with are often the largest part of our entire circle of reference. This change can cause a dramatic shift in a person’s self-conscience and take away our purpose and meaning.

When all of a sudden you have ten more available hours every day, you have to spend more time with your spouse. As much as you may love each other, ten hours a day can drive you crazy! Conflicts often intensify and divorce happens more often after retirement than you may realize.

Finding new meaning, new goals and new ways to spend time at retirement is at least as important as proper financial planning. Do this planning in advance.

Semi-retirement is a good way to make the transition smoother. If you are selling your business, offer the buyer to stay on board as a consultant for a small fee. You can work a couple of hours a day or a couple of days a week. This will make your transition smoother and earn you a few extra bucks. The same can often be possible if you are retiring from your full time job.

Volunteering is another way many retirees have successfully used to fill the void caused by retirement. There are many worthy causes out there, and now you finally have the time to make a difference. If you are already volunteering, this will make your transition easier. If not, find something before you retire.

Hobbies are also something you will be able (or forced to) spend more time on. If you are thinking about travelling more, make your trip arrangements in advance.

It is important to do this planning well before you retire. When that day comes, you will feel much better if you have a clear idea about what exactly you will be doing and what your life will be like. Spend some time and even money doing this planning. The best part of your life is worth it.

Nikolay Sisan is a Certified Financial Planner and freelance writer in Vancouver.