As a financial advisor specializing in retirement planning, I’ve had the privilege of working with clients in a variety of fields and coming from a number of different financial backgrounds. As my clients and I work through creating custom retirement plans in order to achieve their retirement goals, I’ve found that each person is focused on one main factor; security. No matter the size of the goals or the lifestyle they imagine, security is the primary concern for every plan we build. How can you live your best life while enjoying financial security in your “golden years”?
I’ve put together 3 important considerations for you to think about when it comes to planning your retirement.
Why? Because you want financial security in retirement, but you also don’t want to restrict yourself to shoestring budget until you retire.
Your retirement age – The longer you work, the more money you will have saved, but that doesn’t mean you need to work forever! As you plan your retirement, consider your ideal age for a complete transition out of your working role. You may be surprised to find that as you approach that age, you’re not ready to step back just yet. Instead of retiring outright, you may consider extended leave or reducing your work week and transitioning out slowly. Many clients find more satisfaction in this process rather than jumping into retirement with both feet, allowing themselves lots of time to transition on their terms. Just be sure you get time while you’re able enough to travel the world as you want, to explore new hobbies etc. We do work to live after all, not the other way around.
Be smart when growing wealth – There are a number of great strategic tools available to help you grow your retirement nest egg. Don’t rely on employer benefits and investment plans alone, when tools like RRSPs, Non-registered accounts and TFSAs can offer you great tax incentives and benefits to grow your money faster and more consistently! Real estate can be a great opportunity to grow your wealth but the worry about a housing crash or increasing interest rates could be a burden to your peace of mind during your retirement especially as we enter the later stages of our lives.
Weigh your options – no one knows your dream retirement better than you, but before you dive headlong into retirement, consider the long game. Maybe you feel pressured to retire based on your age, or your friends, or even your family. However, the decision shouldn’t be made hastily. Before you walk away from your career, consider 2 things: 1) Are your savings enough to retire without worry? And 2) If you retire now, what do you lose versus what you will gain? It can be helpful to “leave the door open” should you wish to maintain some role in your company and give yourself a fallback plan, if you find out later in life that you’re not quite ready yet to be without that busy work.
Transitioning away from your career in order to enjoy retirement to the fullest should get you excited, without a doubt in your mind that it’s the right path for you! That’s why I often encourage my clients to very thoroughly “look before they leap” so you can live without financial worry while you experience those big goals and dreams in retirement! With careful consideration well ahead of time, your financial security will be a non-issue and when you choose to exit your role, you’ll be entering into a financially successful retirement! Speak with me, Darryl Smith, today & let’s discuss the best course of action so you can live your dream retirement within 10 years of getting started! Call Synergy Life Financial today at (705)-424-0562.
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.