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Your retirement may seem years away, but that doesn’t mean you shouldn’t put money away today. The earlier you begin the longer your money has to grow and earn.
In the early working years it can feel like a juggling act to balance mortgage, family expenses, children’s education, emergency funds and savings for retirement. As you advance through your working years your earnings are higher and your household bills are often lower freeing up more money to funnel towards retirement.
Growth investments carry more risk but in your early working years your portfolio can recover if it encounters volatility. As you get closer to retirement you might shift towards more conservative investment strategies.
So now you’re getting closer to retirement. Does it look like you’ll have enough income to meet your monthly needs? What is your projected monthly budget? Do you want to be a snowbird, buy property in a warm climate; maybe you want to spend summers at the cabin with a new boat and Jet Ski? Can you afford to finance the lifestyle you want without touching your retirement fund?
If you don’t think you’ll have enough now is the time to consider delaying retirement or decreasing your desired retirement income.
Now is the time to focus on security and how to make your money last through retirement. That means maintaining the money you’ve saved, while still using it to generate income. Focus on conservative investments that are designed to protect capital and security. If you’re planning to leave money to children or charities incorporate that into your overall spending forecast.
Your early retirement lifestyle may be significantly different from later years which will affect how much you spend, how you invest and how you deal with other assets. You’ll also require an estate plan and an up-to-date living will and will.
At some point you’ll have to move your RSP to an income option, such as a RRIF or an annuity. Government regulations require you to do this when you turn 71.
Whether retirement is years away or around the corner we’ll manage your financial plan at any stage.
Of course each person is different and your financial situation will vary from the next person. This is where a comprehensive look at your financial situation by a qualified Advisor may direct you towards your goals.