When you think about your retirement, you surely have in mind projects and dreams that pack you: go on a trip, indulge in your favorite hobbies or just enjoy life …
Your projects may not be quite definite but the thought of a retirement comfortable, coupled with peace of mind, surely delights you.
Determine your retirement goals
If we take into account that retirement now lasts almost as for a long time that the active life, sometimes even up to 30 years, that deserves that we linger a little. Several questions therefore deserve reflection to properly plan your retirement dream. For example :
• At what age do you plan to retire?
• How do you plan to spend your time in retirement?
• What are your financial expectations for your retirement?
• What will be the required amount of savings based on your goals
of retirement ?
Evaluate your sources of income
In general, to maintain one’s standard of living in retirement, it is estimated that retirement income is required to be 70% of the gross income of recent years. What about you? There are several sources of income to consider in your retirement financial planning: income from, among other things, your pension fund, the Régie des rentes du Québec, the Old Age Security pension, your RRSP and non-RRSP investments or your personal property (sale of the principal and / or secondary residence). Make an update with your caisse advisor on your desired financial situation at retirement as well as your various sources of income would allow you:
• plan your retirement dream;
• establish an appropriate financial strategy, taking into account the contribution of public and other plans;
• to see concretely the actions to be put in place, by the time of retirement, to concretize your dream;
• plan with you your next RRSP contribution.