Are you planning to retire in 2024? Try this one thing now.

But when I asked real financial planners across the country for their retirement planning ideas, I was surprised by the answers. These are the people who have helped hundreds (or thousands) of people retire over the years, from Portland, Maine to Portland, Oregon, and from Miami to Maui. They saw what worked and what didn’t. And while they didn’t neglect boring but important things, that wasn’t what they most wanted to talk about.

The best tip? work out what do you want to do When I retired. Where you want to live. And how.

“Except for the question, ‘Do I have enough money?’ There is a psychological aspect to financial issues,” says Brad Wright, a financial advisor at Launch Financial Planning in Andover, Mass. “Most people think about retirement, but very few people do. through retirement. What are your plans for the next 25 to 30 years?”

If you’re approaching retirement, he says you should ask yourself these key questions: “Where do I want to live? What do I want to do? “Who do you want to do it with?”

If you’re planning on moving, I suggest trying out a new area, or at least renting for a few months first before considering buying. “I know a lot of people who retired in Florida and came back a few years later,” Wright adds.

“Before you retire, consider carefully what your next life stage will be to increase your future happiness,” agrees Sandra Gilpatrick, a wealth advisor at her firm in Boston. “Think about what brings you joy and how staying connected to your community can contribute to a healthier life in the long term.”

Marisa Bradbury, a financial planner at Sigma Investment Counselors in Lake Mary, Florida, also agrees with making the most of your time. “I think it’s more important to review what you plan to do with your spare time, in addition to the typical checklist items like budget, healthcare, etc.,” she says. “Do you have any hobbies or interests outside of work? Want to spend time volunteering? travel? And most importantly, do you have places to socialize outside of work, such as church, clubs, family, and friends? Make sure you have an idea of ​​what to do with all your free time.”

Having a strategy for how to best spend your time is just as important as figuring out how to best spend your money. “Having the money to support retirement is of no use if you don’t have a plan for how you will spend your time,” says David Foster, a financial planner at Gateway Wealth Management in St. Louis, Missouri. “People need purpose to feel like their lives have meaning. “If the purpose of your work was to get out of bed every day, and now that is gone, what would you change that purpose to?”

He added: “There is not necessarily a wrong answer to this question. not Otherwise, it is easy to fall into post-retirement depression that is difficult to escape from.”

But this is a bigger risk than many people realize. Studies show that retired people are more likely to experience depression than those still in the workforce.

Rob Greenman, a financial planner at Vista Capital Partners in Portland, Oregon, agrees: “Having a retirement purpose is critical to ensuring a successful and enjoyable life ahead.”

Mitchell Kraus, a financial planner at Capital Intelligence Associates in Santa Monica, California, advises trying to move away from the vague and toward specifics. “Have you written down what your daily and weekly routine will be like after you retire? Have you discussed your retirement plans and dates with your family, friends, and other loved ones? Who will be left on social networks after retirement? What is your biggest fear about not being able to go to work every day?”

Retirement may take longer than you think. A 65-year-old man can live an average of 17 more years, the Social Security Administration said. The life expectancy of a 65-year-old woman is 20 years. And that’s just an average. By age 65, nearly 20% of men and 30% of women will live into their 90s.

Catherine Valega, a financial planner at Green Bee Advisory in Winchester, Massachusetts, says the plan should be broken down into three steps. Planning for the next “slow year” when things get easier with travel and work, energy and health, and a final (gulp) “no go” year that could include time in an assisted living or nursing home, she says.

Once you figure out why you’re retiring, what you plan to do in retirement, where and with whom you’ll do it, it’s time to do all the boring but essential things.

Consulting with a fee-only financial planner would never be a bad option. These things are ridiculously complicated. America’s tax, health care and benefits systems are an elaborate nightmare that makes a mockery of the Eighth Amendment’s guarantee against “cruel and unusual punishment.” In these cases, the punishments are usually crueler and more unusual. The harder you work in life and the more you save, the more moving parts you have to keep track of.

Can I get Medicare benefits when I retire? If not, what are your plans to bridge the gap until that happens? So which Medicare plan is best for you, and what about supplemental insurance? Do you have savings in pre-tax accounts, such as IRAs and 401(k)s, and after-tax accounts, including Roths? So have you figured out the best way to withdraw your money to minimize your annual taxes? Do you have an estate plan? Is it better to own a home (if that’s an option) or rent? Should you supplement your income with a part-time job? Should you purchase a lifetime annuity to ensure a safe and stable income? And what are your plans if (or when) you become physically weak and need help? Can you afford long-term care? Do you need long-term care insurance?

Perhaps the most important basic step is creating a budget, or spending plan.

Daniel Lash, a financial planner with VLP Financial Advisors in Vienna, Va., recommends comprehensive, long-term products.

“Make a detailed plan for your various spending needs throughout your retirement, which can span 20 to 30 years,” he advises. “This should include annual expenses for basic living expenses, as well as expenses for travel, home repairs, new cars, charitable donations, downsizing, long-term care and other expenses,” he says.

Sandra Gilpatrick warns that setting a bad budget early on can ruin your entire plan. “One of the common mistakes my clients make when retiring is not fully planning their budget for the first few years of retirement,” she says. She saw people overspending in the early days, “doing extra travel and fun activities.” If that coincides with a bad spell for their investments, it could have a big impact on the amount of money they likely have left behind.

This is just one of the reasons why many retirees choose to work part-time, often at completely different jobs, after taking a break from their main careers. This provides a financial cushion to help your savings last longer. But it’s also an opportunity to do the job you’ve always wanted to do (low-paying but interesting work).

Laurie Allen, a financial planner at LA Wealth Management in Redondo Beach, California, recommends that her clients take a three-month test run before actually retiring. During that time, they try to live according to their planned retirement budget.

“For some people the amount will be the same, but for others it will be slightly less than what they brought home while working,” she said. “There have been a couple of people over the last few years who have decided to postpone her retirement. This is because the assumption that it would be possible to live with less money was not properly made. “They realized it was worth working a few more years so they could have a more comfortable lifestyle when they finally decided to quit.”