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  • Writer's pictureDarryl Smith

Resolution 2020 – Making a Retirement Plan You Can Stick To

Resolution 2020 – Making a Retirement Plan You Can Stick To
Resolution 2020 – Making a Retirement Plan You Can Stick To

1. Make a plan

Retirement planning is so much more than putting money into your RRSPs every year. While it’s a great start, you need a diversified investment plan that is tailored to you and your retirement goals. Your retirement plan needs to take into consideration all current and projected income and expenses, while also factoring in a long-life expectancy and future health and wellness needs as you age. If you own a business, there’s another layer of specialized planning needed to allow you to maximize your business wealth when you sell, or hand over the reins. An experienced financial advisor can help you start and stick with a retirement plan that is rock solid and won’t leave you stranded.

2. Get automated

Gone are the days when we had to stand in line-ups at the bank to make a withdrawal or deposit. Technology allows us to automate just about everything these days, including our finances. You can pay down your debt through automatic payments, pay your mortgage and utility bills, however the key to building true wealth for your retirement years is to pay yourself first and ensure you commit to putting money into your retirement investments on a regular basis.

3. Set financial milestones

Whether your retirement is 5 years away or 15, it can sometimes seem like it’s never going to happen. By setting financial milestones or small achievable goals along the way, you have something tangible to get excited about. It’s also a great opportunity to reward yourself for your hard-earned efforts to save. Finally paid off that mortgage? Excellent! You deserve a great dinner out or maybe something for your home you’ve been eyeing. Put another $25,000 into your investments this year? That deserves a round of golf. By treating yourself in small ways, it helps make the process more enjoyable.

4. Don’t make excuses

The hard truth is that if you dip into your retirement savings or avoid making those regular contributions, you likely won’t reach your financial goals on schedule. A well-designed financial plan will have allowed for life’s little emergencies, such as home repairs, holiday spending or a much-needed getaway, so be sure to stick with it and don’t veer from your path whenever something comes up. If there is an emergency that needs funds right away, talk to your financial advisor about your options before you take from your retirement savings. For example, a low-interest line of credit may be what you need to get you through a temporary financial roadblock.

5. Be patient.

It’s not easy to wait for things in life, that’s understandable. Watching your money grow can sometimes be like watching paint dry. You need to be aware that there are natural fluctuations with investment portfolios, which is why having a lot of diversity is key. For example, your portfolio may include a mix of RRSPs, TFSAs, LIRAs, and non-registered investments. The more money you contribute, the more it will grow, but it’s not at lightning speed. Don’t check your account balances every day; spread it out so you can enjoy watching those solid gains happen over time.

Lots of things can impact your retirement plan over the years, such as fluctuations in your income, in the stock market, and changes in government supports and tax shelters, for example. One thing that shouldn’t change, however, is your commitment to your plan. Take charge this year and don’t just dream about your retirement, start making and sticking with a plan that will see results! Work with an experienced, professional advisor who has your best interests at heart and who specializes in retirement planning. Contact Darryl Smith today at to review your portfolio and determine if your hard-earned money is working as hard as it could be, so you can retire wealthier!

Don’t forget to download these 10 Tips To Maximize Blue Collar Wealth to learn more.

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