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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