How to develop a retirement plan that suits your needs

Updated : Nov 08, 2019 in Articles

How to develop a retirement plan that suits your needs


Darlene – investment specialist:
How much money do I need to retire?
This is one of the most common
questions Canadians ask about
retirement. Many of us are concerned that we won’t
have enough, and don’t know how to
figure out just how much savings we will need to live comfortably.
Everyone has slightly different ideas
and attitudes about retirement so it’s
best to develop a plan and a budget based specifically on what you
will want to do, and what kind of
lifestyle you’ll want to lead. There are
some key things you should consider when charting out
your retirement and creating your
budget. First, will you be working in
retirement? Many people work part-time or seasonally, as a way
of keeping busy and staying challenged.
If you will be working and earning some
income, this is something you should consider in
your budget. If you won’t be working,
what other interests will you pursue to
stay active? Whether you go back to school, join a
fitness or social club, or say, decide
to learn to play the piano, you will
need to factor these costs into your plan. And what about travel?
Most of us do hope to travel more when
we retire. So if this describes you,
think about how often you will want to travel, and what that
travel looks like. Is it across the
country, or around the world? Are you
visiting family? Or do you see yourself as a snowbird,
spending time outside of Canada? And
most importantly, where do you plan to
live? Is it your intention to stay in your current home, or is it
your dream to downsize? Practically
speaking, think about whether adult
children or aging parents may need to move in with you as you make
this decision. Answers to these
questions can help determine when you
can retire, and how much you need to set aside. Once you have
this, you can begin your budget, and
start planning your retirement. To find out more, check out the links
after this video.

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