Ask the Financial Planning, Insurance & Investments Expert – Christine Conway CFP, CHS
WILL YOU BE READY FOR RETIREMENT?
According to a poll recently released by the Angus Reid Institute, 74% of Canadians who have not yet retired and 48% of those who have are worried about outliving their money.
In addition, only 46% retired when they had planned, with the rest retiring either earlier or later ‘due at least partly to circumstances outside of my control’.
How can we deal with this uncertainty around our financial health during retirement?
Money during retirement typically comes from three sources:
1) A pension plan
2) Government benefits
3) Personal savings
Begin by assessing how you are doing on all three fronts. Will it be enough?
Personal savings are within your control. So is the ability to structure your savings so that you maintain access to government benefits and pay as little tax as possible. You may also have the option to maximize contributions into your pension plan.
Do you have a financial plan that takes into account your debts, your mortgage and still allows you to save for retirement?
Give us a call at 604-521-3778 or send me an email at firstname.lastname@example.org.