What does financial freedom look like to you?

The details of financial freedom may be different for everyone, but the idea remains the same: If you’re doing what you want, for as long as you want, with whomever you want, then you’re living life on your own terms. But what exactly are those terms? You may have a vague idea or a ballpark number in mind, but chances are, you may not have a clearly defined vision yet.

To get started, read through these five scenarios and choose the one that resonates most. Our Wealth Planner, Stephanie Hannan, offers practical steps for how to reach each one. Don’t see a scenario that matches your vision? Write your own and use Hannan’s tips to outline your next steps, or use your vision to start a conversation with a financial planner who can help you find your way.

Scenario one: Retire early and travel the world

There’s so much of the world I want to see, and I want to be young enough to actually enjoy exotic destinations. My bucket list includes adventures like hiking the Camino de Compostela in Spain, going on safari in Kenya, spending a month hitting the best flea markets in Paris, and visiting all 63 U.S. National Parks.

3 things to think about now

1. Name your number. To get to your goal, you’ll need to know about how much cash your travel dreams will cost on a yearly basis. Take into account mortgage and property taxes, your expected lifestyle, how much you want to travel, and family dynamics.

2. Run cash-flow projections. This is where a financial advisor can help with understanding how much money you can withdraw, and how often. “The super important piece here is to find where you can take travel dollars without touching principal,” explains Hannan. “We have a client we’re working with now, they want a travel budget of $100,000 per year, taking one trip per quarter, sometimes including their adult children. We’re taking a look at all of the dividends and interest coming from their investment portfolio, as well as social security. We’re pulling it all together and it should be close to hitting their budget,” she says. Their situation highlights how smart spending creates sustainable wealth. Even though the couple has additional funds they could dip into, they’ll likely have enough to live out their financial freedom dream without reducing their savings.

3. Plan in phases. A big trip four times a year may sound great when you’re in good shape in your late 50s and early 60s. But most people naturally start to slow down as they approach 70. So what comes next? At some point, the travel might become twice yearly with a focus on comfort and ease. “You might fly first class and arrange for car service instead of driving,” says Hannan. “Maybe that’s where you would tweak the budget to accommodate for less travel, but more comfort.”

Scenario two: Retire and relax to the max

Spending a day on the golf course or soaking up sun on the beach or poolside is my idea of a great time. I want to be able to meet friends for lunch or dinner, head to a concert or a movie whenever I like. I’d like to take grandkids fishing, or just out for ice cream after school if I want. I plan to retire exactly at 591/2, as soon as I can start making penalty-free withdrawals from my 401k.

3 things to think about now

1. Find your purpose. After being so focused on reaching your retirement goal for so many years, it can be easy to overlook one important planning piece: defining your value outside of work. Before your days open up, think about how you want to continue to find purpose. Maybe you could volunteer in a local school, or mentor young people. You might find purpose in tending a garden. The details are up to you. The important part is finding meaning in your new chapter.

2. Design a routine. When you have a full-time job, your days have a defined rhythm. Up by 7:00 a.m., out the door by 8:00 a.m., work, then home. But what happens when you have absolutely nothing to do? For some, no expectations equals paralysis. Like a lazy Sunday, multiplied by infinity. To avoid the inertia trap, create a routine that nourishes you.

3. Stick to your spending plan. It’s important to know how much money you can spend without dipping into the principal of your retirement investments. Since you retired as soon as you could without penalty, the money needs to last as long as you do.

Scenario three: I love my job, and I’ll work as long as I can!

Really, my work keeps me young and connected to the world, so I am in no hurry to retire. I feel like I am making a difference, and I have plenty of vacation time when I do need a break. I’d rather focus on staying healthy and making sure my family has what they need to thrive.

3 things to think about now

1. Make a succession plan. Whether you’re self-employed or you have clients you’ll need to transfer to someone else when the time comes, you’ll want to have a plan in place well in advance of your exit. This process may also include transferring institutional knowledge and other hard-won wisdom that isn’t explicitly documented.

2. Consider a phased fade. Hannan suggests asking yourself questions like: “Do I expect to work as much as I do now in 20 years? How do I scale down?” This will help you periodically re-evaluate your time commitment. A bonus benefit? You may achieve what Hannan calls the Homer Simpson effect: When you retire or implement a business succession plan, you can gradually step back so others can take the reins. “Eventually, you just fade into the bushes,” she says.

3. Have a Plan B. Life has a funny way of being unpredictable, which means you may not get to decide how long you remain in the workplace. Recent research shows that when layoffs happen, the most senior team members are often the first to be let go¹. “The key is to plan for retirement even if you’re not planning to retire,” suggests Hannan. That way, if you do find yourself unemployed and unable to find a new job, you can go with Plan B and slide into retirement.

Scenario four: Ditch a 9-5 and work for myself

My biggest dream is full professional autonomy. If I could figure out how to make enough money to support my family as an entrepreneur, I’d start my own business today. Retirement isn’t so much my big dream as running my own business in a flexible way that blurs the lines between work and play.

3 things to think about now

1. Have a plan to pay for healthcare. Covering health insurance costs as a solopreneur can be expensive, but you may have more options than you think. There are tax-advantaged investment accounts like the Solo 401k and the SEP IRA that effectively allow you to reduce your taxable income to amounts where you’re eligible for subsidies on the Affordable Care Act marketplace. For example, a family of five can get health insurance for monthly premiums of around $1,200-1,600 a month by contributing the max to a Solo 401k and/or a SEP IRA. The key is to lower your MAGI (modified adjusted gross income) to the required threshold by making careful contributions to tax-deferred accounts. The actual MAGIs vary by family makeup, but for a family of five it’s $110,000, for example.

2. Tap into resources for entrepreneurs. Before launching, make sure your business plan is solid by seeking support from resources in your community. Many universities have resources designed to help with projections and business plans. “These resources can help you make sure the business plan is working in harmony with your savings,” explains Hannan.

3. Don’t quit your day job. If it’s possible, start your new business while you’re still a full-time employee. “It’s extra time and stress,” says Hannan, “but you don’t have the pressure of turning from red to black right away because you have something else supporting you.” For example, challenge yourself to see what you can get done during an hour lunch break. Think of ways you could use your current workplace to incubate some of your ideas or future offerings.

Scenario five: Retire as soon as I can get Medicare because health insurance is my biggest concern

If I didn’t have to worry about providing health insurance for my family, I’d aim to retire earlier. But the truth is, many kids these days need to stay on their parents’ insurance plan until age 26, and my spouse and I need coverage until we’re 65. Isn’t it too expensive to cover health insurance on your own?

3 things to think about now

1. Grow your HSA. If you’re not already thinking this way, start considering your HSA account as a medical 401k. Max out your HSA contributions each year, and be sure to take advantage of it as an investment vehicle versus a savings account. While you’re still working, aim to pay routine medical expenses like co-pays for doctors’ visits and medications out of pocket so the HSA funds can grow in the market. Once you’re retired, you can withdraw these funds tax-free for medical expenses.

2. Consider adult children’s healthcare needs. If you’re getting insurance through the Affordable Care Act Marketplace before reaching Medicare eligibility, adult children can be covered by their parents until the end of the year in which they turn 26. They’re eligible regardless of whether they’re living at home or not. You should also understand that Medicare is individual-only coverage, which means adult children are not covered by Medicare. However, this caveat only applies to parents who had children around age 36 or later.

3. If you’re married, think about staggering retirement with your spouse. If you can bridge the gap between retirement and Medicare eligibility by one spouse working a few years longer than the other, that could be a viable option. This approach allows one spouse to provide coverage for the other until both are eligible for Medicare. The same strategy can be used for social security. According to the latest data from the Pew Research Center², the husband is older than his wife in 85% of heterosexual couples. In this scenario, the wife would likely work an extra two to three years to help bridge the Medicare gap.

Conclusion: All roads point to financial freedom

Now that you have a sharper idea of what financial freedom means to you, what’s your next move? When you clearly define your goal, it’s easier to design the roadmap that gets you there on your own terms. And remember, whatever your idea of financial freedom, it isn’t just the money that matters. What good is a fortune without personal fulfillment?