It may seem far away, but it’s never too early to start planning for the retirement that you want. List out your sources of income in retirement, the lifestyle that you desire and build a plan to get there.
As you start to plan for retirement, here are some important questions for you to consider.
Creating a financial plan that takes your goals and lifestyle into account will help you see how much you will need in retirement. Your IG advisor can help you determine where your contributions should be directed and help design an investment portfolio that’s right for you.
There’s no magic number. What you’ll need will vary based on your projected fixed expenses and desired retirement lifestyle. By working with your IG advisor to create an IG Living Plan, you can determine the income required for the retirement you envision. You’ll want to regularly review that number as your life evolves.
There are many sources of income that you can draw on in retirement that can be incorporated into your financial plan. These may include any combination of the Canada/Quebec Pension Plan, Old Age Security, your Registered Retirement Savings Plan (RRSP)/Registered Retirement Income Fund (RRIF), your Tax-Free Savings Account (TFSA), non-registered investment accounts, proceeds from a real estate sale, money in a savings account, an annuity or workplace pension income, and other savings.
Once you’ve identified the lifestyle you want in retirement an IG advisor will work with you to determine your sources of income in retirement, and adjust your financial plan to meet your retirement goals.
