Are you drawing closer to the end of your career, anxiously awaiting the day that you can pack up your office and walk away? Or, have you just retired, and you’re putting together a plan for the next stage in your life?

Either way, crossing that milestone is certainly cause for celebration. But much like the morning after a graduation or wedding, life doesn’t end there. Now it’s time for you to transition into your new life. These four steps can offer some valuable structure at a critical time.

Set a budget. It’s better to analyze your prospective income and set a budget before you retire. Then, you can “test drive” your retirement income for a few months or a year to ease the transition. But if you haven’t done that, then be sure to set a budget immediately when you do retire. Remember to budget not only for regular expenses, but also for emergencies and expenses that occur irregularly (holiday gifts or tires for your car, for example). If you have leftover money after your distributions, re-investing it in your retirement fund could be a good idea.

Consider the cost of healthcare. It isn’t always the case, but most of us experience more problems with our health as we grow older. Make sure your budget accounts for increasing medical expenses in the future, as well as the cost of long-term nursing care in the event that you need it. Investigate your insurance options to help manage these expenses.

Have some fun. Once you’ve accounted for practical matters, maybe you want to reward yourself for a job well done. What have you always dreamed of doing in retirement? Now is the time to do it, or budget for it.

Schedule regular meetings with your financial advisor. Financial planning doesn’t end on the day you retire. Since many of us will enjoy retirements that last 20 or 30 years (or even more), you should continue to wisely manage your retirement fund. Give us a call to schedule an appointment, and keep in touch with us as your retirement years progress. We can help you reassess your needs and priorities at any time, and shift your financial plan when needed.