One of the problems many of us face when we retire is how do we keep our money to help us pay our bills and maybe have some left for our family when we die. It appears from the research that younger people are starting to recognize the steps they need to make to have a retirement nest egg. The question as to whether we are doing it is a different question and one that is not as positive as the first. The research indicates that although 73% understand the need to save only about 58% are saving.
The Alliance for Lifetime Income and HerMoney's latest research finds that nearly three in four (73%) women know what steps to take to build their retirement nest egg, and less than half (47%) know how to make their money last throughout retirement.
How you manage your retirement funds is an important part of your retirement if you do not have a good pension plan. So where does one go for help? Women can learn a lot about retirement income planning by going to the right online resources and tools that are objective and simple to use. The Alliance and HerMoney have a variety of tools and guides to help demystify retirement income planning.
Retirement planning involves firstly determining how and where you want to live when you retire, and especially determining how much money you need to live on for your life expectancy (your income goals). You need to figure out the actions and decisions needed to achieve these goals. This includes identifying sources of income, estimating expenses, implementing a savings program and managing the assets you have.
Many of us cannot afford a financial planner to help us with this important task. Luckily the Government of Canada provides various resources to help you with your retirement planning. The headings below are links to click on to connect to services and information for each of these parts of retirement planning for those of us in Canada
Government of Canada – Retirement Planning –
Services and information
Determining how much money you need for retirement
How much money you need to retire, the impact of
inflation on your retirement income and more.
Public pensions, OAS, CPP, employer pensions, RRSPs
and other sources of personal savings.
Tax deductions, credits and expenses
Claiming tax deductions, credits and expenses to
reduce the amount of tax you must pay.
The Canada Pension Plan (CPP), Old Age Security
(OAS) pension and other income allowances and benefits.
Living and travelling abroad when you retire
The potential implications for your taxes, benefits
and insurance when living abroad during your retirement.
When, why and how to start saving for your
retirement and tips to help balance your financial priorities.
Working while collecting a pension
The impact of working during your retirement on
your OAS, CPP or other pension income.
Housing costs, options and choosing where to live
when you retire.
Making and following a budget during your
retirement years.
If you are in the United States you can go to https://www.usa.gov/retirement
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