For most people retirement is a time when they can live however they wish to live.  By this I don't mean that they would necessarily have the financial means to do things that they couldn't afford to do while working, but that within certain parameters, they have ultimate flexibility.

Retirees frequently answer their own question of "What will I do today?" with the answer "Whatever I want to do”.  While this approach may be fine for daily activities and your allocation of free time, it can lead to a lackadaisical attitude and doesn’t focus you on accomplishing your major retirement goals.  Remember that your retirement years are limited, and consequently you don’t want to waste any of them.

One thing to keep in mind is that when it comes to major lifestyle changing decisions, these are generally more difficult in retirement.  There's usually more at stake and making a wrong decision can have major consequences – you may not have the time or money to undo or change your decision.

Four of the major issues that you'll face in retirement are covered in this section:

• Where will I live,
• Will I have a second (vacation) home,
• Will I continue to work in perhaps an entirely different field (with a much different pay structure), and
• How will I optimally allocate my discretionary income to vacation and travel?