Every Canadian dreams of retirement spent in ways they find fulfilling and enjoyable. From hitting the links to seeing the world, or even something as simple as cooking that recipe you’ve always had your eye on. Your retirement is about having the time to do these great things after years of hard work, without the burden of tight budgeting or financial stress. The key to a successful retirement comes down to this: having more wealth so you can live financially free!
What is wealth?
For many of us, wealth traditionally comes in the form of monetary gain. When we think of wealth in retirement you might immediately imagine a padded bank account, free time and the ability to spend your days however you’d prefer. With a plan of action and a little forward thinking, you can prepare to retire wealthier and truly live your best life!
How can you retire with more financial wealth?
Financial freedom is one of the top concerns I hear from clients talking about their retirement. No matter how you slice it, everyone wants to be sure they can afford to live well in their retirement without the constraints of a strict budget and a little extra to leave to your loved ones after you pass. Your retirement should be more than just “life as usual”, but how can you maximize your savings and turn that retirement “nest egg” into your “golden egg” for a financially wealthier retirement?
1. Set financial goals for yourself
Note all of the things you’d like to be doing in retirement. This helps give a realistic understanding of the income you need to maintain your day to day expenses while budgeting and saving for those big goals, without the help of your day-to-day job.
2. Make use of savings tools.
TFSAs, RRSPs, Non-registered investments, and so many more tools are available to help you maximize your savings. With tax benefits and growth potential, you’ll find you have much more wealth upon retirement than you might have predicted.
Note: While money in RRIF’s investment accounts will grow with positive markets they are normally thought of as income accounts and not savings accounts.
3. Consider your retirement age.
The sooner you start stashing away a little extra, the more your money can grow. However, if you’ve started your retirement plan a little later than you would have liked, that’s ok too! As life expectancies increase, you may find that you prefer working a little later in life in order to save more, especially if you find your business to be rewarding both financially and personally.
4. Follow a strategy
Speak with a financial advisor to create a meaningful strategy that works for you. Factor in your goals, your budget, and your assets to develop a plan for true retirement wealth.
When retirement is on the line, wealth is something that shouldn’t be taken lightly! I never want to see my clients living their retirement without loving it! That’s why Synergy Life Financial makes your retirement wealth a priority. Using strategies that are tailored to you specifically means we can create a customized plan for your specific goals. Call me, Darryl Smith, today at (705) 434-0562 and let’s get you ready to retire wealthier, within 10 years!
Are their gaps in your current Retirement Plan? To get a free financial snapshot and overall grade towards your existing retirement plan I encourage you to complete the MoneyGaps questionnaire that will help you identify areas of your plan that will need attention today to avoid any surprises during retirement.