So, your goal for 2019 is to start your retirement planning? It can be overwhelming to tackle planning for 10, 20 or 30 years in the future, but it’s important to start with your goals.

What things do you want to do, places you want to see and where you want to live during retirement? Each of these must be measured by their cost, time frames and your ability to accomplish them. Without establishing your goals, it would be extremely difficult, if not impossible, to design and implement a viable plan that can offer the best chance of success.

If you are married or have a significant other, it’s important to share your thoughts and ideas so that you both can define and reach common goals. If you are single, you still need to think about how you would like your retirement years to unfold.

Once you’ve defined your goals, you need to contemplate personal issues that could impact your retirement years.

It may seem morbid, but based upon health and family history, you need to consider your longevity. How long you expect to, and then actually live, will directly impact the resources available to you to maintain your desired lifestyle. Generally speaking, the greatest “black hole” for expenses is health costs, not only for medical services, but for long-term care needs. By planning for protection from catastrophic medical and long-term care cost, as well as living too long, you can ensure your retirement fund resources are not in jeopardy of being depleted.

Next, you must address what you will be doing before and during retirement. If you are working, how long do you plan to continue in your present employment situation? When you decide to retire, will you be taking up other activities? Will they be paid positions or strictly volunteer activities? The reason this is important is because it impacts your income, employee benefits and other important cash flow resources.

Finally, by identifying what you own, what you owe and what you can expect as your stream of income over time you will have all the pieces to craft the foundation of your retirement plan. At this point, it is important to consult a qualified professional who can advise on specific details of your situation and provide you with the necessary tools to adjust your plan to accommodate any lifestyle changes that will inevitably occur over time.