Retirement planning is a primary reason for long-term saving, and when people think about retirement, finances are often the focus. However, it is important to also look at the nonfinancial aspects of transitioning from the world of work to the world of leisure.

Specifically, lifestyle changes and self-esteem issues associated with the loss of your professional identity may create difficulties. As you’re preparing strategies for your future well-being, give some thought to the kind of retirement you envision for yourself.

Get Personal

Consider the following questions:

• What do you find fulfilling?
• What gets you out of bed in the morning?
• What are your strengths and weaknesses?
• Do you work well as part of a team, or do you thrive on solitude?
• Do you have a lot of physical energy, or do you prefer a more sedentary pace?
• Do you have a hobby you always wanted more time to pursue?

Don’t be afraid to think outside the box. This informal self-inventory may hold the key to your vision for retirement.

Challenging Conventions

The concept of retirement in America is changing. Traditionally, retirement has been idealized as a leisurely phase of life, a reward for the many years of working and raising children. This concept is based on the assumptions that people will enjoy themselves in retirement, and that work, as we commonly know it, is the province of younger generations.

However, is this concept realistic for those still years away from retirement, and if it is, is it what you really want?

Rethinking retirement means reexamining conventional ideals to determine whether they apply to today’s reality and what you envision for yourself.

Intrinsic to the conventional notion of retirement are significant assumptions about work, money, and retirement standards of living. For previous generations, work was thought to be something you did for about 45 years (until roughly age 65), and then, suddenly, you never had to (or wanted to) work again. A company pension, Social Security, and some savings generally provided enough income for funding a comfortable lifestyle in retirement, including leisure, travel, and recreation.

If that’s what you want for your retirement, there is nothing wrong with pursuing that goal. However, for some, work is too much a part of their sense of “self” to be suddenly cast aside. Moreover, with so much of their daily lives centered around work, some people have difficulty imagining their life without that structure.

Furthermore, changes in employer-sponsored retirement plans (i.e., the decline of defined benefit plans and the rise of defined contribution plans) have altered our expectations about retirement funding. The responsibility has shifted from employer to employee, which means that an individual’s long-term saving for retirement must now be factored in with other savings objectives, like purchasing a house or funding a college education for children, and ongoing financial responsibilities.

Finally, the traditional concept of retirement is based on the belief that one’s standard of living will be sustainable in retirement, and it may be for some. For others, however, it may be more practical to ask what standard of living can be maintained based on projected resources. This type of approach might help you see what is realistic (and what may be unrealistic) in your situation, and it may help you set more realistic retirement priorities. For some people, downsizing their standard of living in retirement may be acceptable. For others, however, maintaining the same standard of living during retirement as during their working years may be the goal.

Consider Phased Retirement

As you consider the traditional concept of retirement, you may discover that it doesn’t meet your needs. Phased retirement is a term coined to describe a range of employment arrangements that allow an employee who is approaching retirement to continue working, usually with a reduced workload, in transition from full-time work to full-time retirement.

Many individuals may want to continue some form of work, such as consulting, job-sharing, mentoring, or providing back-up management. Mentoring, in particular, enables an individual to transfer a lifetime of learning and experience to a friend, relative, or younger colleague. Aside from money earned from continued work, phased retirement may help you maintain a feeling of involvement in the world and may provide a sense of purpose.

For some, phased retirement may be an option. For others, it may be a necessity. For still others, phased retirement may provide structure to daily life and the opportunity to explore other activities while maintaining a meaningful role within an organization, the community, or society in general.

What’s most important, however, is to define your vision of retirement in a way that makes sense to you and is realistic considering your goals and resources.

You might be thinking about retiring, but how do you know when you are really ready for it, mentally and financially? For decades, the normal retirement age was 65. This was when you became eligible for Social Security and Medicare. But things are different today.

Answer these five questions to find out how, when and if you should retire:

How do you replace the relationships you have at work?

When you retire, those you hang out with while working may disappear from your life. This isn’t a good or bad thing, it just is. When you’re off the radar screen of others, they often forget to call. Before long that forgetfulness becomes an embarrassment.

When that happens, it’s just easier to let you fall away. Will you make the effort to try new activities where you can meet others, and plan activities to maintain your existing relationships?

Can you afford it?

Do you know how much you need for living expenses when you retire? Where does your monthly retirement income come from? Is it enough? If you’re concerned about whether you can afford to retire, you might also want to think about work in retirement, probably a part-time job that matches your interest.

What do you depend on?

There’s a very good chance you have 25 or 30 years of life ahead of you. You might not be able to work when you are older and less healthy. That means you need savings to help you get through those years. Do you have an emergency plan? Do you have the money to pay for huge medical bills and health-care expenses?

Do you even want to retire?

Before taking the leap, make sure you don’t have seller’s remorse – when you get rid of something, you want it again. Spend some time thinking about whether retirement is right for you. Are you interested in continuing to work at a job you love?  Is it possible for you to arrange your work so that almost everything you do is a lot of fun? If you work for yourself you can do that too.

What to do with all that free time?

Many people retire only to find that they’re bored. You might want to think about what you always wanted to do but either couldn’t afford it, or didn’t have the time.

Many believe that once we reach our adult years, we have at least three careers in us. The first is a learning career. The second is when you get to apply what you learned. The third career is something that you want to do just for fun. Do you have your just-for-fun ideas lined up?

Whether closing a sale, haggling over a price with a supplier, or discussing a raise with an employee, business owners negotiate nearly every day. While you may already be an effective negotiator, consider the following strategies to help maximize your negotiating skills.

Negotiating does not have to be a zero-sum game. When two parties enter into negotiations, they are both looking to create something of value that did not exist before. Instead of taking an adversarial approach, think about how both parties can arrive at a mutually beneficial solution. Without abandoning your own interests and objectives, consider the interests of your negotiating partner. Reflect on what your priorities might be if you were in your partner’s shoes and how you can best accommodate those priorities.

Do Your Homework

Before approaching the bargaining table to negotiate an important deal, make sure you are fully prepared. If, for example, you are attempting to sell a product at a certain price, have evidence on hand to justify your price, such as information or testimonials about the quality of the product relative to similar products in the marketplace and about the prices of equivalent products offered by competitors. If necessary, practice with a business partner or coworker, asking for feedback and advice on how you can improve your arguments and presentation.

Find out as much as you can in advance about your negotiating partner so that you can explain in detail why what you are offering is ideally suited to meet his or her specific needs. It may be tempting to focus solely on the virtues of your company or product, but many clients will see through a one-size-fits-all sales pitch. In the course of your presentation, concentrate at least as much on your client’s needs as on the product or service offered. Your client will know if you have done your homework.

When you are the customer, come to the negotiating table with your questions about the offer as well as information about the prices for similar products or services available elsewhere. Have in mind an ideal price and how much you would be willing or able to deviate from that price if, for example, you were offered a volume discount, a maintenance contract, or free delivery.

Keep an Open Mind

As you approach the negotiating table, be sure to keep an open mind. Listen carefully to what your negotiating partner has to say, and think about whether you can offer a greater degree of flexibility than you initially anticipated. If necessary, ask for additional time to think about the terms before entering into an agreement.

The deal you are negotiating may be a big one. So be aware of any hidden agendas, and do not allow yourself to be pressured into signing a contract you do not fully understand. If you are attempting to close a sale, do not insist that a client make an immediate decision if he or she is not ready to do so. While pitching aggressively to get the sale may be effective in the short term, it may jeopardize your relationship with the client, and may damage your reputation for solid business practices.

When You Hit a Wall

Inevitably, some negotiations come to an abrupt halt when neither side is willing to compromise further. However, this may not be the end of the story. Even if you are unable to strike a deal, avoid showing any anger or irritation. Psychologically prepare yourself for the possibility that the initial round of negotiations may not go your way, and envision yourself gracefully accepting a negative outcome. Kindly and professionally, let your negotiating partner know how much you appreciate the time he or she has taken to discuss the transaction, leaving the door open for future communication. Even a session that ends in a deadlock can be useful in building a relationship that could result in future cooperation.

Negotiations with other business professionals can be tricky. But if you are prepared before you come to the table and remain open about the outcome, you can improve your negotiating skills and your chances of building your business.