If you take a minute to think about any retired individuals or couples you know of, you’ll probably note a variety of different retirement lifestyles and personalities. There are adventurers, flying off to tour Spain, returning home to visit their children and grandchildren, then taking off to Iceland. There are the happy homebodies, quite content to leave decades of work and responsibilities behind to unwind and live a life of leisure. Another group, the perpetual workers, are retirees in name only, continuing to enjoy managing the family business, consulting or even remaining part-time in the same occupation. Then there are the permanent vacationers who spend warmer months in Canada at their vacation property and winter months down south.

It’s worthwhile to think about your own retirement personality, whether it’s similar to one of these profiles or something completely different. Your desired lifestyle during retirement can affect your plans leading up to it.

Retirement planning implications

One of the most significant financial questions for most people is: How much do I need to retire? It’s also one of the most involved financial planning questions because it brings together so many crucial factors, including net worth, longevity, estate plans and income sources.

Retirement personality can be added to that list. How much you need to retire and when you can retire are greatly influenced by your desired retirement lifestyle. Adventurers require more retirement income than happy homebodies. Permanent vacationers must carefully plan their retirement date, while retirement date matters little to perpetual workers.

So next time you find yourself daydreaming about how you’ll spend retirement, give yourself a pat on the back – you’re actually conducting a highly useful wealth management exercise. And do keep us informed, so we can ensure your investment program is aligned with your retirement goals.