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Nearly everyone knows the key to a happy retirement is planning, but you need a retirement plan that’s more than a roadmap. The most successful retirement plans are built to be elastic and change with your circumstances.

No matter how detailed your retirement plan is, your golden years are likely to play out differently than you envisioned. That’s not a bad thing, particularly if you developed a retirement plan that’s sophisticated enough to change with your evolving medical needs, lifestyle choices and market conditions. Creating and adaptive plan requires the long-range vision to understand that you’re likely to change the course of your retirement plans.

 Financial Planning

Long-range financial stability is the bedrock of every retirement plan. Those plans were once shouldered by the government and employers are now largely the responsibility of individuals. Demographic changes alter how Social Security is structured, largely with a decrease in the numbers of workers per beneficiary, a trend that’s projected to cause its expenses to exceed income by 2020.

As employers shift models from defined-benefit pension plans to defined-contribution plans to curtail their risk, financial independence in retirement is tied ever more into the markets’ performance. In the years ramping up to retirement, retirees should be contributing heavily to a nest egg to supplement traditional pensions.

Medical Planning

The healthcare industry is volatile, and trying to predict changes in healthcare costs and your medical needs is, at best, an educated guess. While your day-to-day healthcare may be cared for with a traditional medical insurance plan, a medical catastrophe or long-term illness can quickly wipe out your retirement savings.

Consider carrying long-term care insurance to protect your assets, and evaluate your changing coverage needs – and how Medicare supplements them – each year to insure you’re protected from medical-related financial disasters.

Personal Planning

While many people devote considerable time to developing their financial or medical retirement plan, don’t overlook your lifestyle needs. Start making plans now about how you’ll spend your time when you retire. While socializing with friends and relaxing is certainly a mainstay of retirement, you’ll need to consider if you’d like to volunteer, devote more time to an existing hobby or take up a new one, or if you’d like to travel.

While these choices will impact your financial plans, it’s also important to start laying out lifestyle plans now. Start researching continuing education programs, dabbling with new hobbies or making connections with nonprofit organizations so you can transition to an active lifestyle when you retire.

55 Resort Apartments at Water Valley can play a key role in your retirement plan. Call 833-LEASE-55 (833-532-7335) to schedule your tour and see how it fits with your future.

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