Retirement is something to which we look forward – a time of new adventures, challenges and hopefully more financial freedom.
Planning for this phase of life starts by asking the question: “What do you want your retirement to look like?” After all, the way you want to spend your time and energy in retirement is uniquely you!
Here are three easy steps to get you started.
- Think about your priorities for retirement
Are you focused on a particular lifestyle, leaving a legacy or maybe starting a business? Perhaps you want to focus on your family, travel the world or simply maintain a healthy lifestyle. If any of these sound like you, jot them down, or if you have other priorities, list those instead – and don’t forget to include the reasons why!
- Try using a retirement calculator
This is a really useful way to discover what your expenses might look like in retirement with your priorities in mind. You may have new sources of income, or opportunities to downsize. Tools like this can help you wrap your mind around what you really need to make your retirement dreams come true.
- Speak to an investment retirement planner
A planner can help make your goals a reality. They can work with you to figure out a budget to help you live your chosen lifestyle, include flexibility to help you adapt to changes, suggest ways to maximize your retirement income, point out tax-smart strategies and/or advice to manage your debts, and more.
You will find it is well worth your time to sit down with an investment retirement planner, someone who can help you create a plan that will allow you to keep your eyes on the future while still enjoying today.
Chris Friesen, CFP, CIM, is a financial planner with RBC in Airdrie