Whether you’re creating a retirement plan, estate planning, or assessing how you will leverage your savings for an enjoyable retirement, you may be required to adopt some new financial habits. Let’s take a look at how you can smooth the transition.
1. Understand All Your Options
When it comes to financial planning for retirement, you don’t want to be going through the motions. In order to achieve financial freedom, you must have a plan that is not only effective but also one that you fully understand and can stick to.
For example, by understanding the benefits of a copycat annuity and getting a “pension for life”, you can choose whether or not it makes sense to utilize this valuable financial tool. You’ll want to understand how to calculate your commuted value so you know the exact amount of money you have to work with. You can then plug that number into our free online retirement calculator tools.
Also be sure to check our 20 Questions Checklist Before Retiring and our list of popular resources to help you pre-retirement.
2. Make Financial Systems Part of Your Routine
You’ll be better able to adopt new financial habits if you integrate them into your lifestyle. You can integrate your goals into your daily routine in a number of ways. For example, you could review them once a month, once a week, or twice a day. Maybe you want to check in on your savings goals after work and before bed. Sunday night might be when you review your budget. The last day of the month may be when you review your savings goals. Make it part of your routine. The point is to figure out how often you’ll need to review them to stay on track and adjust as necessary. Set reminders so you don’t forget. You can use your phone to set alarms or reminders, or use an app like Google Calendar, iCal, or Outlook Calendar.
3. Assess Your Financial Plan Regularly
Review your financial plan. Is it working for you? If not, why not? Be ready to adapt your plan and make it work for you. You might need to change when you pay your bills or the tool that you use to manage your budget. You’re in charge here, and you don’t have to do this planning alone. Contact Pension Solutions Canada to speak with an expert who can help you with your financial plan for retirement. Our number is 1-888-554-6661. You can also use apps to help you track things on a regular basis. There are plenty of apps to help you stay on track and meet your financial goals such as You Need A Budget (YNAB), which is one of the most popular budgeting apps for both the iPhone and Android phones. It helps users with budgets, savings goals, and even debt reduction. There are also apps that help you track your spending and save money at the same time, like Mint.
4. Reward Yourself & Celebrate Your Successes
When you reach a goal, reward yourself. This doesn’t mean spending money on something you don’t actually need — it means rewarding yourself with something that doesn’t cost money, like a massage, a manicure, or even just some time with a friend. It will keep you motivated and excited about reaching your next goal.
Being in charge of your financial future and taking positive steps to embrace that is a big deal. You deserve a pat on the back. Celebrate your success! You’re the only person who can make money decisions for yourself. What you do today does matter and what you save today will benefit you down the road. You don’t have to be a financial genius to manage your money. It can be a simple and easy process.
Take Action And Start Today
Call us at 1-888-554-6661 for a free consultation to analyze and discuss your retirement and pension options. Our services are at no cost to you.
The team at Pension Solutions Canada specializes in helping individuals prepare for retirement and protect their assets. We can also help you with estate planning, address tax minimization, and answer all of your retirement and pension questions. Call 1-888-554-6661 to speak with Kennedie who will book a call with one of our pension experts at a time most convenient for you.
