Friday, August 23, 2019

Do you have a retirement plan? 1


Retirement means something different for everyone. For some it's a time to travel, while for others, it might be indulging in a hobby, learning something new or devoting time to family.

Whatever your goal, having a plan is fundamental to making your retirement vision a reality. Yet a 2018 poll conducted by CIBC found that 90% of Canadians have no detailed plan that defines the lifestyle they want in retirement.

Finding security in retirement
Feeling financially secure is a goal shared by many pre-retirees, and it makes sense. It's reassuring to know that you’ll enter retirement with enough money to live the kind of lifestyle you want for the next 30+ years, without fear that you'll run out of money.

53% of those polled by CIBC who had yet to retire or were semi-retired weren't sure they were saving enough to fund their full retirement. Fortunately, active planning together with a savings strategy can help you find out if you’ll meet your needs.

30% of Canadian retirees, for example, say they had to deal with surprise costs, such as home repairs, long-term care expenses or providing financial support to children, grandchildren or ageing parents. If you plan for some of these items, then you’ll be more prepared if they do happen.

A financial plan can keep any surprises from steering your retirement off course, and it can provide the financial security that allows you to create a meaningful retirement lifestyle. Overall, a financial plan can help you make the most of the time you've worked so hard for.

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