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Retirement can be golden
Your retirement should be a time to do exactly what you want without having to worry about your finances. Go on your dream vacation! Take up a new hobby! Spend more time with the ones you love! Whatever your retirement looks like for you, there’s no better time to start saving to ensure that dream becomes a reality.
Set goals to make budgeting easier. Put your retirement dreams on paper so you know exactly what you’re saving for. Will you be able to pay off debt before you retire? Do you want to travel? It’s your retirement plan, so make sure you think about everything that is important to you.
Know what you’ll need before you need it. Thinking about what your retirement budget needs to be before you retire will help ensure you can achieve your goals. Make sure to ask yourself the following questions:
What do you want to do when you retire and what will it cost?
How will inflation impact your retirement income?
When will you be able to retire and how long do you have to save?
Build a detailed retirement budget. Make sure you are comparing current spending with expected retirement spending and determine where some obvious changes will be. Also consider less obvious things such as living arrangements – do you want to downsize? Move out of the city? Don’t forget to set aside funds for unexpected expenses. If you’re stuck, try our retirement calculator.
Feeling overwhelmed? Don’t worry, we’re happy to help.
Our Thrive Wealth Management Team can help you start planning for the retirement you’re dreaming of while also help you understand the kinds of saving investments available to you such as RRSPs and TFSAs.
If you’re recently retired or nearly retired, make sure you ask about the banking solutions available to you.