The post-work years are a time of life when many people expect to finally be able to relax and enjoy the fruits of their labour. But for some, retirement can be a stressful time if they haven’t adequately planned for it.
If you’re nearing retirement, it’s important to start thinking about what you want your post-work years to look like. Do you want to travel? Live off the grid? Visit your family regularly? There are many options available to retirees, but in order to effectively plan for your retirement, you need to know what to plan for.
Knowing what age you want to retire is a really good benchmark to start figuring out how much you need to have saved. The earlier you start saving, the more time your money has to grow. If you’re still working and have access to an employer-sponsored pension plan, be sure to take advantage of it!
In Canada, the average retirement age is 63, but many people choose to retire earlier or later than that. Regardless of when you retire, it’s important to consider what your post-work years will look like and how you’ll support yourself during that time.
There are a number of factors to consider when planning for retirement, including your financial situation, your health, your living situation and your personal preferences.
One of the most important things to think about when planning for retirement is your financial situation. Will you have enough money to support yourself? Do you have a pension or other sources of income? What are your monthly expenses?
It’s important to get an accurate picture of your finances before you retire so that you can plan accordingly. You may need to downsize your home, for example, or make changes to your lifestyle.
Your health is another important factor to consider when planning for retirement. If you have a chronic illness or disability, you may need to make arrangements for care. You may also want to think about where you want to live. If you’re in good health, you may choose to travel or move to a new location.
Where will you live during your retirement? Do you want to stay in your current home, downsize, or move to a new location? These are all important factors to consider when making your retirement plans.
Finally, think about your personal preferences. What do you want to do with your time? Do you want to travel, spend time with family, or pursue a hobby
How To Avoid Leaving Retirement Planning To The Last Minute
If you’re like most people, you probably haven’t given much thought to what your post-work years will look like. After all, retirement is still a ways off, right? Wrong. The time to start planning for retirement is now.
Why? Because the sooner you start planning, the better prepared you’ll be when the time comes to hang up your work boots for good. Trust us, you don’t want to find yourself scrambling to figure out how you’re going to make ends meet during your golden years.
So what should you be thinking about as you plan for retirement? Here are a few things to keep in mind:
1. What age do you want to retire? This is a crucial question to answer, as it will help you determine how much money you need to save.
2. What do you want to do during retirement? Travel the world? Spend time with your grandkids? It’s important to have a general idea of how you want to spend your time so that you can plan accordingly.
3. How much money will you need to support your desired lifestyle? This is perhaps the most important question of all, as it will dictate how much you need to save. Be sure to check out our article about important lifestyle factors to consider when preparing for retirement.
If you don’t have a solid plan for retirement, now is the time to start putting one together. By taking the time to figure out what you want your post-work years to look like, you can ensure that you’ll be able to enjoy a stress-free retirement.
More tips on Retirement Planning
Here are a few more tips to help you as you plan for retirement:
1. Save, save, save: The sooner you start saving for retirement, the better. If you don’t have an employer pension, be sure to start contributing to an RRSP as soon as possible.
2. Review your expenses: Take a close look at your monthly expenses and figure out where you can cut back. Do you really need that cable TV package? Could you get by with a smaller cell phone plan? Cutting back on unnecessary expenses will free up more money to put towards retirement savings.
3. Get professional help: If you’re finding it difficult to plan for retirement on your own, consider seeking out the help of a financial advisor. A professional can help you determine how much you need to save and suggest investment strategies that will work best for you.
5. Stay disciplined: Retirement planning can be tricky, but it’s important to stay focused and disciplined. Remember, the sooner you start planning, the better prepared you’ll be for the future.
No matter what your age, it’s never too late to start planning for retirement. By taking the time to figure out what you want your post-work years to look like, you can ensure that you’ll be able to enjoy a stress-free retirement. So what are you waiting for? Start planning today!
If you’re not sure where to start when it comes to planning for retirement, don’t worry – we can help! We’ve put together a handy Retirement Planning Guide that covers all the basics, from figuring out how much money you’ll need to creating the right retirement plan for you.
Click here to visit our Retirement Planning Guide.
Still have questions about retirement planning? We’ve got answers. Click here to book a call with one of our Certified Financial Planners. It’s absolutely free, our services are at no cost to you.