Retirement Planning

Most People Won’t Have Enough for Retirement. How Much Is Enough?
For most people the ultimate objective of retirement planning is to ensure that they can maintain the quality of lifestyle they’re accustomed to. For others, it means having the assets to do all the things that they have always wanted but never found the time. Ideally, you want to make sure you have enough income to realize these goals. Having sufficient retirement income is central to making this happen. The question is “how much is enough?”
Continue reading Most People Won’t Have Enough for Retirement. How Much Is Enough? (pdf)

For a better retirement plan, start planning now
To create an effective retirement plan, it’s first necessary to plan your retirement. What do you see yourself doing once you’re no longer tied to a work schedule?

You might be surprised to learn that many people continue to work or even return to work. In fact, according to a recent Scotiabank survey, 25% of affluent Canadian retirees are currently working part time.

For some, working in retirement is a conscious decision, and simply the next stage in a comprehensive life strategy. However, according to the survey, of the main driving forces for the decision, 82% of respondents stated a desire to remain mentally active, 65% cited the need for social interaction and only 31% reported financial necessity.

Many people who are in a monetary position to retire comfortably simply haven’t taken the time to set up alternate ways to meet their mental and social needs. Of the retirees surveyed, 40% claimed to have done very little or only some retirement planning. The key to avoiding financial or psychological disconnect is to think ahead.
Continue reading For a better retirement plan, start planning now (pdf)

Is your retirement plan behind schedule?
Contributing to your RRSP early and investing regularly throughout the year can have a significant impact on its long-term value.

For example, let’s assume that Jane Early began investing in her RRSP at age 25, and contributed $1,000 per month for 10 years. Let’s also assume that Suzy Late began investing in her RRSP at age 35, contributed $12,000 once a year in December for a total of 26 years.

In this scenario, assuming an annual rate of return of 8%, Jane will have saved $380,000 more than Suzy – even though she contributed a lot less!

Time is undoubtedly your greatest ally as an investor. But what if your retirement date is fast approaching and you haven’t taken full advantage of your RRSP? There are several things you can do to catch up.
Continue reading Is your retirement plan behind schedule? (pdf)

How Much Money Do You Really Need For Retirement? You May Not Like the Answer
The title of this article seems to be the most sought after answer for people who are either saving for their retirement or are actually in their retirement. Obviously, it is a very important question-you spend a lot of years working and saving to hopefully achieve your retirement dreams.

Getting to the answer to the question is not as easy or straightforward as you might think. This means that constant planning and review is necessary to make sure you have done the best job possible to answer that question for yourself.

The short answer to the question is, (and you are not going to like to hear this), but, it depends!!! If you have had anyone that claims that there is a definite answer to this question, be highly suspect of the advice that you have received.

There are a number of factors that will affect how much money you need for retirement. Continue reading How Much Money Do You Really Need For Retirement? You May Not Like the Answer (pdf)