Ideally planning for retirement should start as soon as we start working. Why? Chances are we will make it to retirement and be there longer than we are in the traditional workforce. In short, the sooner you start saving the more you can take advantage of compound interest.
A pilot has a checklist to be sure nothing is left out. I suggest you use one to help plan for your retirement, it will save you time and money. It is a shameless plug, but you will find one at www.RetirementPlanningCheckList.ca that you can use as a guide.
Here is brief overview:
First you need to decide, what a successful retirement means to you and then choose a retirement date as a focus point.
Next determine, what it will cost to fund your retirement goals. Do a retirement budget, etc.
Once you determine the cost, how much you need to accumulate and need to save can be determined.
Examine and co-ordinate the various sources of retirement income.
Review your employee benefits to determine what you will need to supplement with personal plans.
If you are self employed, you will need to address what is going to happen to, and with, your business. Succession planning needs to be addressed.
Ensure your estate plan is up to date with what you want to happen after you are gone - will, beneficiaries for insurance and retirement account, etc.
Keep your spouse informed and be sure to have a Personal Record Organizer that provides the location of your important documents.
Choose a financial planner to assist you.
Take action, get started.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
There is additional information on retirement planning and business succession planning on my website. www.jpw.ca
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A pilot has a checklist to be sure nothing is left out. I suggest you use one to help plan for your retirement, it will save you time and money. It is a shameless plug, but you will find one at www.RetirementPlanningCheckList.ca that you can use as a guide.
Here is brief overview:
First you need to decide, what a successful retirement means to you and then choose a retirement date as a focus point.
Next determine, what it will cost to fund your retirement goals. Do a retirement budget, etc.
Once you determine the cost, how much you need to accumulate and need to save can be determined.
Examine and co-ordinate the various sources of retirement income.
Review your employee benefits to determine what you will need to supplement with personal plans.
If you are self employed, you will need to address what is going to happen to, and with, your business. Succession planning needs to be addressed.
Ensure your estate plan is up to date with what you want to happen after you are gone - will, beneficiaries for insurance and retirement account, etc.
Keep your spouse informed and be sure to have a Personal Record Organizer that provides the location of your important documents.
Choose a financial planner to assist you.
Take action, get started.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
There is additional information on retirement planning and business succession planning on my website. www.jpw.ca