Whether you’re planning to leave the workforce in five, 10, or even 30 years, it’s vital to stay on top of your retirement plan. Statistics Canada found that since the 1970s, the number of Canadians with an employer group retirement savings plan dropped from 46% to 37%. With the number of employer group retirement plans decreasing, it’s more important than ever to follow these five tips to stay on track for retirement.
Talk to a professional and create a financial strategy
Working with an advisor to create a financial strategy allows you to live your best life now, without jeopardizing your retirement in the future. A financial strategy helps set goals into perspective and allows for adjustments if need be.
We will help organize your current finances and achieve your financial goals head on. With a financial strategy, clear set goals and a tangible course of action, you’ll feel comfortable about your financial future.
Get professional retirement advice
Where better to get advice about retirement than from someone who specializes in retirement planning, investment strategies and money management? Other than medical situations, paying for financial advice is probably the one profession that’s worth the cost.
Without professional retirement advice, it’s up to you to figure out how to retire with financial stability. Are you prepared to do that? People live a large portion of their lives in retirement and professional advice can help you make the best decisions based on your personal situation.
Create a retirement-friendly budget
It’s very common for people to get wrapped up in their day-to-day finances and forget about their future. If you’re tight on money now, a budget can help improve your current and future situations.
Even small contributions to your retirement savings plan can go a long way over time as they quickly add up. Adding retirement savings (no matter how big or small) into your monthly budget will help achieve retirement success.
Turn unexpected into retirement savings
If you receive a bonus at work or an unexpected cash windfall, it’s a fantastic opportunity to add some extra money into your retirement savings. Unexpected money is very easy to waste, and if you’re not on track for retirement, you owe it to yourself to save for your future.
It’s always a good time to start planning for retirement
If you think you’re too young to start planning, think again. Thanks to compounding returns even small investments in your 20s can grow into big savings for your future. How you tackle retirement in your younger years may look different than it does if you’re in your 40s, but it’s a great idea to start thinking about it and planning for it sooner than later.
When it comes to saving and planning for retirement, professional advice can go a long way. Whether your retirement is in the near future or several years down the road, it’s always a good idea to plan ahead and seek professional advice. Contact us today if you want to create a retirement plan or check in on your current plan to ensure you’re on the right track towards a successful retirement.