Most of us have trouble figuring out what to do next weekend, let alone making plans for 10, 20, or 30 years from now. But if you’d like to someday afford a comfortable and stress-free retirement (and who wouldn’t ?), thinking far into the future is a necessity. In fact, the sooner you start thinking about retirement and developing financial strategies to achieve your vision, the greater your odds of success.

Simply recognizing the need to plan ahead is the first step, but things get harder when you start trying to plan for eventualities that may be years, even decades away. It may help to keep in mind that the purpose of retirement planning isn’t to predict exactly what will happen in your life; rather, it’s to prepare for the most likely scenarios and create financial flexibility to realize your personal goals as they emerge and evolve.

With that in mind, it’s never too early to make some educated guesses about your retirement needs, and then fine-tune your financial strategies as time goes on. Asking yourself these five key questions can help you start in the right direction.

When do I want to retire?

Timing is a critical consideration in determining how much you’ll need to save and how you’ll ration those funds throughout retirement. The earlier you want to stop working, the more savings you’ll need to ensure your funds last as long as you do. Conversely, the longer you remain in the workforce, the longer you have to continue building your nest egg.

What does my ideal retirement look like?

Everyone has their own unique vision for retirement, whether it’s settling down in the country, traveling the world, diving into a favorite hobby, or starting a non-profit. There are many variables such as cost of living and taxes in the location you choose, the type of home you desire, and whether you’ll continue to work part-time. It’s impossible to know everything now, but the closer you can come to a realistic depiction of your ideal retirement, the more accurately you and your financial planner can project your financial needs.

What will my expenses be?

Envisioning your lifestyle in retirement, like the factors mentioned above can help you estimate routine monthly expenses. But there are other costs to consider. Most importantly, healthcare costs—insurance, preventive care, pharmaceuticals, surgeries, etc.—make up one of the largest expense buckets for most retirees. And there will always be occasional unexpected expenses such as home and car repairs, supporting a family member in need, or emergency vet bills for your pets. Accounting for all of these possibilities will help you develop a sensible budget and a plan to withdraw retirement funds at an appropriate pace.

What are my greatest risks?

As much as retirement planning is about picturing the life you want, it also entails foreseeing what could go wrong. For example, inflation is a serious risk because it could erode your spending power in retirement and make your nest egg less valuable. A downturn in the market could disrupt your investment growth at the worst possible time. Or, a healthcare crisis could eat away a large chunk of your savings and jeopardize your way of life. That’s why it’s important to work with your financial advisor to assess these and other risks, and take steps to mitigate them through sound investment strategies, retirement budgeting and insurance solutions.

What do I want to leave behind?

Many retirees—especially those who have been financially fortunate—are just as interested in sharing their wealth as they are in spending it. That might mean passing down an inheritance to children and grandchildren, or leaving a legacy through charitable donations. If this is a desire, plans to make substantial gifts should be built into your retirement strategy, both to ensure adequate funding for all of your goals and to take advantage of tax-saving opportunities.

Undoubtedly, there are many more considerations that go into a fully formed retirement plan, but thinking carefully about each of these questions can be a great way to start the process. Together with your financial advisor, you can make some reasonable assumptions about how much money you’ll need to afford the lifestyle you’ve always dreamed of and begin working toward realistic and achievable goals.

At Quotient Wealth Partners, we’ve helped thousands of families secure their financial futures by working collaboratively to achieve their goals. Connect with an advisor today to schedule a complementary meeting. It’s never too late to get started and doesn’t hurt to get a second  opinion—especially when it comes to your retirement!