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Now’s the time to think about the lifestyle you want in retirement and estimate funds you will need. Look at your retirement benefits and pensions and see how to increase your financial security. Follow these tips to learn how to improve your financial well-being now and after you retire.
- Create a budget. In your monthly budget remember to include taxes, rent or mortgage, entertainment and restaurant meals, gifts and holidays, as well as savings, including short-term emergency savings and longer-term savings for the future.
- Manage debt and have a plan to pay it down. Manage debts and pay off as much as possible each month to reduce stress. Talk to a financial professional about debt payment options if you need.
- Learn about financial planning. No matter how much your income is, good financial planning can help you avoid poverty, stay independent, have more choices, and enjoy a healthier lifestyle. Learn about how to save, invest, and avoid investment scams.
- Take a team approach. Financial planning affects your spouse, including property ownership, estate planning, mortgage insurance, designating will beneficiaries, RRSPs and Tax-Free Savings Accounts.
- Learn about Tax-free Savings Accounts (TFSAs). TFSAs can be used to create a retirement or emergency fund, and can provide a tax-sheltered estate for heirs.
- Have multiple sources of income during retirement. Multiple sources could include: personal savings, real estate, employee benefit plans, government pensions, and working part time.
Remember, it’s never too early to start saving for retirement!
Helpful Hint: Use the Canadian Retirement Income Calculator to see how much money you will need in retirement.