When will you be ready to retire? Particularly if retirement is still far away, you’re probably thinking in terms of dollars—how many you will have and how long they will last. But new research finds that for many people, the decision to retire is not just about money. It’s about life, and the freedom to enjoy it.

That’s the conclusion of an extensive survey of 9,372 preretirees and 2,293 retirees, including 451 people who never plan to retire. The online survey was conducted by Fidelity Investments in collaboration with the Stanford Center on Longevity and Greenwald & Associates1 and only included respondents who believed they had some control over if and when they would stop working full-time.

While financial and work-related factors are the primary reasons people continue to work, with eligibility for Medicare and Social Security as key factors, the survey also finds that it’s often nonfinancial factors like family, health, and lifestyle that ultimately cause people to pull the trigger to retire. Among retirees, 72% chose leisure as a very or somewhat strong reason to retire, 64% pointed to stress at work, and 62% cited a desire to spend more time with grandchildren.

“There seems to be a values shift as people near retirement,” says Stanford’s Steve Vernon. “Even if they haven’t reached their retirement goal in dollar terms, many seem to desire freedom over money.” Some 80% of both preretirees and recent retirees in Fidelity’s survey view retirement as a new stage of life. Most say they look forward to the freedom that retirement brings. Says Vernon, “It’s the first time many can actually breathe and live life.”

The Fidelity research team found that there are three distinct phases of ‘pretirement’ that many preretirees go through and assumes they will have some control over the actual timing of their retirement. The phases are not age-based, but rooted in life stage. In early pretirement (10 or more years out), the survey finds that most people still have significant debt, are not sure they can make their money last, and are likely to still have children and/or aging parents to support. People in this stage are generally in good health, happy with their job, and looking forward to new professional challenges. In mid-pretirement (two to nine years out), people are starting to reduce debt, are less responsible financially for their children, and are feeling as though they might be able to make their money last throughout retirementNew Delhi Wealth Management. Meanwhile, their professional drive may plateau. They may still like their job, but find themselves less interested in new opportunities—and more interested in free time for leisure and family. By late pretirement (less than two years out), people’s priorities have shifted. They feel more confident that they can make their money last through retirement. They often feel more job-related stress, and no longer look for new job-related opportunities—they’ve effectively put their resume to bed. Many feel that their physical stamina declines along with their mental sharpness. They really want more time for leisure and family.

The emotions connected to retirement shift along the way, too. In early pretirement, some people are stressed about their ability to live comfortably in retirementLucknow Investment. But by the time they reach late pretirement, most feel more financially secure and excited about a new chapter. Among recent retirees, those who left their primary career in the past two years, almost 80% say it’s easier than they thought to live comfortably in retirement and 85% say it’s the most rewarding time of their lives. Only 10% say they are worried about being bored.

Here are a few tips to make sure you are ready for your “someday”—both financially and emotionally.

Rev up your retirement savings. In our survey, health care costs, the economy, and lack of confidence that preretirees could make their money last throughout their retirement were the three most important financial factors in the decision to keep working. If these factors resonate with you, consider the following steps to help boost your retirement readiness:Try to turn any extra money—bonuses, raises, or reduced expenses—into savings.Max out on tax-advantaged workplace retirement plans like 401(k)s, and contribute at least enough to meet any company match.If you can save more, contribute to an IRA.If you are age 50 or older, take advantage of additional catch-up contributions for both 401(k)s and IRAs.Reduce and ultimately eliminate any high interest rate debt.Invest appropriately for your age, risk tolerance, and goals, either on your own, or consider using a managed account.

To see where you stand, try Fidelity’s Planning and Guidance Center (log in required). If you need help to develop a retirement savings and income plan, a Fidelity investment professional can assist.

Make sure you plan for health care costs and your health, too. Remember that Medicare does not kick in until age 65 and, even then, it does not cover all health care costs in retirementKanpur Investment. Fidelity estimates that a 65-year-old couple should expect to spend $260,000 over the course of retirement on health care costs on average.2 So you will want to factor in those costs as well. If you have a Health Savings Account at work, it can help you save for health care costs in retirementNew Delhi Stock Exchange. Also, consider purchasing long-term-care insurance.Kolkata Wealth Management

Perhaps most important, try to stay healthy and attempt to manage stress. Among preretirees in our survey, 55% said stress was a “strong” or “somewhat strong” factor in their decision to leave the workforce. Among retirees, it was 64%. Know the causes of stress in your life (poor health, stressful job, new technology, terrible commute, etc.) and develop coping strategies. When the stress of work clearly begins to negatively affect your health, it may be time to accelerate your transition to retirement—and preserve your peace of mind.

Imagine your someday. Finally, remember that well-being in retirement is not just about money, or even intellectual stimulation. As preretirees and retirees told us, it’s also about the freedom to do what you want, when you want.

So take the time to imagine your someday. Think about what is important to you, and how you want to spend your time. Maybe it’s traveling, or reading, or fishing, or jumping out of a plane, as one 90-year-old recently did. Maybe it’s starting a new business, consulting, mentoring others, or volunteering. Or maybe it’s spending more time with your spouse or your kids and grandkids.

‘Every someday needs a plan’ means more than a financial plan. It means an overall plan for your well-being in retirement.

Bangalore Wealth Management