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Ready for Retirement?


Your advisor can help you prepare for life after work.

A 2015 survey by the Angus Reid Institute revealed that 74% of working Canadians worry about running out of money in retirement. That’s an unsettling statistic because Canadians are living longer these days, and that means we actually are at a greater risk of outliving our savings.
 
But there’s really no reason to panic because you can still create a strong financial plan that can help you enjoy a more comfortable retirement. And putting that plan into action today is the best approach because the more time you let your savings grow, the better your chances of retiring on your own terms.
 
Important retirement considerations
If you are ready to take the steps needed to help you avoid outliving your money, good for you! Being proactive is the first step to financial security. Here are some crucial points to consider regarding your retirement plan:
 
Target retirement age. The longer you work, the more money you can put towards retirement. But for some people, poor health or an unfavourable job market can force early retirement, and this could cause financial hardship. It’s wise to prepare for both your preferred retirement date and an earlier date, just in case.
 
Retirement income sources. To see if you will have enough to fund your retirement, try estimating the money you’ll have available in retirement, from savings and investments to pension plans, registered retirement savings plans and government income sources. You’ll then need to estimate your expenses in retirement to see if any funding gap exists.
 
Retirement lifestyle. Freedom from working also means finding ways to occupy your time. Hobbies, travelling, spending time with family and doing charity work are common retirement pursuits. Once you have an idea of your desired lifestyle, you can calculate the cost of those pursuits in retirement.
 
You’re not alone
It is difficult to accurately assess your retirement needs and then to build the right financial plan to meet those needs. Fortunately, your advisor is ready to help. Individuals who work with advisors typically start saving earlier, save more, maintain investment discipline and feel more confident about their financial future. According to the 2012 CIRANO report, Econometric Models on the Value of Advice of a Financial Advisor, households that received professional financial advice for 15 years or longer accumulated 2.73 times more assets than households that received no financial advice.
 
Do you know how much money you’ll need in retirement? 
Please contact us today to ensure you’re on track to enjoy the retirement you deserve.
 
 

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