When you think about retiring, it means thinking about decreasing the number of hours you work or even stopping work altogether. In essence, you’ll be free of a schedule set by someone else. Your time and your life are yours to do what you want.

Understanding in concrete terms what retirement means to you is important to the planning process. Do you picture yourself living in your current home? Will you begin a second career? Will you be on the golf course as much as possible? Will you travel? Will you move to a warmer climate or relocate near family? What is your retirement vision?

Your options are endless. And although you do have a lot of flexibility, you should start thinking about what you want to do in this next stage of your life. Because once you have a vision of what you want your retirement life to be like, you can then manage your finances to match your retirement goals and lifestyle.

A good way to start planning for your future is to envision your retirement by considering two key factors:

What will you do?

It’s your retirement, so it’s your choice. There are so many options: traveling, teaching, learning, volunteering, golfing, starting a business, or perhaps working in a different career.

Many retirees say that regular social involvement, especially in activities that give them a sense of fulfillment, is at least as important to them as their leisure time. Think about how you can make this stage of your life the most satisfying.

Where will you live?

If you’re like most retirees, you’ll probably continue to live in your current community, close to friends and family. But you may also consider moving, especially if you dream of a warmer climate during the winter or a quiet home nestled in the mountains. If you plan to move, it’s important to research your new community and the related expenses completely. Remember that there are initial moving expenses and direct day-to-day living expenses, as well as the occasional costs of visiting friends and family back home.

If you plan to move to a different home, even one in your current city, think about how your needs may change during the time you will live there. Should you look for a home without stairs? One close to entertainment, shopping, and services you may need? One with lower maintenance?