Most people spend more time planning their holiday than they do for a 25 year retirement.

Sound a little crazy? Retirement is not just about saving enough money to pay your regular bills. Here are a couple of tips on how to realise the important things in a retirement plan.

Recently, while pondering my retirement plans I realised that after I went for a morning paddle and read a book for a while, I would have a whole day to do nothing.

I didn’t want to waste my life on chores or finding things to do just to use up the time. Time is important and not to be wasted unless it is by choice.

I realised that you really need to plan for retirement and, yes, I had spent more time planning a dinner party or holiday than planning for my retirement.

You should know what you are retiring to. Do you really want to play golf all day for the next 30 years? What will I do? Where will I live? Do I want to travel?

You need to think about the lifestyle you wish to lead.

Realise that you are more likely to be disabled to some degree through injury or age related illness as you get older. Choice of home should allow for a need to access medical and transport facilities with this in mind.

Do you move to Tasmania for the climate and lifestyle while your family remains in Mackay? Will you be able to afford the larger travel bills?

Do you want to own an investment house or unit when you are in your 70s or 80s? Do you really want to be managing rental properties as you become older?

Are you planning expensive hobbies?

Be prepared for the unexpected.

In our changing world families are breaking down more often and many people are finding their retirement plans thwarted by family members. People are getting into trouble because of high levels of debt. In the case of marital breakdowns you may be asked to financially help an adult family member. Many retired couples are seen by family as available 24/7 baby sitters.

These can all be a huge hold up to your plans. Your retirement quality of life will suffer greatly by having to constantly dish out cash to adult children.

Don’t let their problems become your problems. Learn to say no. Remember, you purchased what you could afford and saved for your retirement not to fund the bad decisions of others.

Manage your debt and hire a good financial advisor. You need to focus on reducing all debt before retiring and you also need to have the right mix of shares, property and bank investments. You need to plan for where you want your level of funds to be when you are 70 or 80.

These are just some of the things you need to consider while making your retirement plans and certainly well before you actually take the retirement step.

Ever noticed how many people retire, only to re-enter the workforce 12 months later because retirement was too boring or for a host of other reasons.

They too didn’t spend as much time planning their retirement as they did their annual holiday.

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