Please note that our branches will be closed on Friday, April 7, 2023 for Good Friday.
Our Contact Centre will be open from 9:30 am to 4:00 pm EST. Online banking and ATMs are available for your convenience.
Our Toronto City Hall branch will also be closed on Monday, April 10.
It's repeated all the time but, it's 100% true, you need to plan for your retirement long before you get to that point in your life when you no longer have to or want to work.
We want to help you retire comfortably when you're ready, and on your terms. Here is a checklist of important steps to start today, if you haven't already, to plan for your retirement.
Decide when you want to retire
You don't need an exact date, but an approximate age or year you hope to retire is a good place to start. Having a finish line in mind and a rough idea of how much money you need makes it easier to determine how long you have to reach your financial goals.
Define your retirement lifestyle
The optimal retirement will look very different for everyone. Do you want to retire to cottage country? Move into a downtown condo? Travel? Start an expensive hobby? Support your children financially? These things will determine what your financial needs will be and will impact how much you need to save to live the retirement of your dreams.
Plan for hobbies upon retirement
For a variety of reasons, it's important to consider the day-to-day activities you will enjoy when you don't have to go to work every day. Naps, while great, will likely not provide you with the intellectual stimulation and activity you need to live a long, happy and healthy retirement. If you love reading, you won’t need the same amount of room in your budget as if you're going to build an addition onto your home for a woodworking shop or travel to exotic golf courses. Regardless of your lifestyle, your projected retirement budget should include an allowance to enjoy those activities. Tools like our Retirement planning calculator, can help you determine what savings you will need.
Know what benefits will be available to you
There are many retirement-age government benefits available to you, but there are other ways to save money. Many serviced-based businesses like insurance companies often offer discounts to seniors. When looking at how much money you will need to live in your retirement, factor in these benefits to help ease the burden, even a little, on how much you'll need to save to live comfortably.
Manage your debt
The last thing you will want to do when your paycheques stop coming is use what you've saved in retirement to pay down debt. It is far too easy to build up debt and put off dealing with it. Managing your debt before you retire will better prepare you to transition to life after regular income and give you more flexibility with the money that you do have.
Start saving yesterday
It really is never too early to start saving. Long-term investments, compound interest and real estate, are all things that work wonders for you over time. If you're not sure how to start planning for your retirement, give us a call. Our financial advisors can help you set and achieve your financial goals.
Not sure if you're in a good financial position to save for retirement? No problem, we can help you with that. Book and appointment today and we'll get you set up to start working towards the day you don't have to anymore.