A financial security plan can help you adjust to retirement
You’ve worked hard to save for retirement – prioritizing your goals along the way.
You’re tiptoeing towards retirement and you’ve earned your “me time” – now, create a plan for how you’ll spend it.
Approaching retirement after years of hard work can be an exciting time, but it can also trigger feelings of uncertainty about how sunny your financial forecast may be. How long you’ll live is an important factor that impacts how long your money needs to last. The fact is, Canadians are living longer than before, which means you’ll likely need more to be able to support your retirement dreams.
Make the most out of your retirement by working with an advisor.Opens a new website in a new window
As you begin to shift your mindset from saving to spending, you may be asking yourself, “Am I going to be OK?” You’re not alone. It can be difficult to envision exactly how you would like the next 20, 30 or even 40 years to look – and creating a plan to support your vision can seem daunting. Don’t fret – your financial security advisor can help.
It’s important to have a retirement income strategy that sets the stage for a long and fulfilling retirement. Part of creating a plan that works for you involves setting realistic expectations about your saving and spending habits. Working with your advisor will help you stay focused on the things that matter, rather than the checks and balances of financing your retirement.
Remember, tomorrow can be sunny – and it can come sooner than you think
Do you think your spending will decrease in retirement? Canadians need to be wary of that assumption because spending actually stays more or less the same – and may even increase. To help position you for a bright future, you can take the following steps as you move closer to retirement.
Three to five years before retirement
- Estimate how much guaranteed income you’ll receive from the government and your employers.
- Estimate your living expenses and lifestyle needs.
- Review your investment portfolio with your financial security advisor to find out if you are on the right financial track toward your retirement goals.
One year before retirement
- Verify eligibility and amounts of retirement income from all sources.
- Review estate planning.
- Work with your advisor to put the finishing touches on your customized retirement program.
Six months out
- Update your beneficiary information.
- Apply for government benefits.
- Apply for retirement income from your workplace plan.
Stop asking, “Will I be OK?” Make the most out of your retirement by working with an advisor who can help you better understand and manage your potential sources of income. An advisor can help you develop a retirement strategy that can help set you up for fair weather, while also providing you with a financial umbrella – just in case the wind shifts.
The information provided is based on current laws, regulations and other rules applicable to Canadian residents. It is accurate to the best of our knowledge as of the date of publication. Rules and their interpretation may change, affecting the accuracy of the information. The information provided is general in nature, and should not be relied upon as a substitute for advice in any specific situation. For specific situations, advice should be obtained from the appropriate legal, accounting, tax or other professional advisors.