A generation ago, it wasn91裸聊视频檛 uncommon to spend your entire career with the same company, building a pension that when paired with your Canada Pension Plan and maybe some RRSPs, would provide for a comfortable, well-earned retirement.
Today, we91裸聊视频檒l often work with multiple companies over the course of our career 91裸聊视频� a shift accelerated by factors like the pandemic. Others might take the self-employment route for a while 91裸聊视频� couples navigating the high cost of childcare, for example. Pension funds might be shifted to other investments or there may be less money available for retirement savings during these mid-career years, especially for those affected by the high cost of housing.
The result is that have no savings set aside for retirement and 57 per cent have doubts they91裸聊视频檒l save enough to retire comfortably.
The solution? It begins with planning, says Charles Barton, a Wealth Advisor with Valley First Credit Union in the Okanagan. And the good news is that while earlier is better, it91裸聊视频檚 never too late to start.
Step 1: Start the conversation with your partner
What kind of retirement do you want? While some aim to completely quit work and travel, many choose to reap the financial and social benefits of semi-retirement first. Fine-tuning your goals makes it easier to determine the best way to reach them.
91裸聊视频淗ave that honest conversation with each other, review your goals and really understand what it is you91裸聊视频檙e trying to accomplish, long term,91裸聊视频� Barton says.
That includes goals you may have for your family, such as helping children purchase a home in a difficult housing market 91裸聊视频� decisions that could have implications later on, especially as we need our retirement savings to do more for longer.
91裸聊视频淲e91裸聊视频檙e not only seeing greater wealth transfer, but it91裸聊视频檚 happening earlier than it ever has. I see members who want to pass on their investable assets to their children but when we run the numbers, it91裸聊视频檚 too early, especially since people are living longer now.91裸聊视频�
Step 2: Sit down with your financial planner
A financial planner can look at all the pieces of your financial puzzle 91裸聊视频� savings, investments, pensions, debts, goals 91裸聊视频� and help you chart a course forward.
That may mean putting more into savings, or more aggressively paying down debt. No single answer is right for everyone, but having someone who can see all the pieces, and understand how they fit together, is essential.
Whether you aim to reduce debt or boost savings 91裸聊视频� or simply have a better grasp on your spending habits before retirement, it91裸聊视频檚 never a bad idea to look at your spending. Netflix91裸聊视频檚 standard subscription might be just $16.49 per month, but add all the other streaming services and suddenly you91裸聊视频檙e topping $100.
91裸聊视频淚t can really chip away at your ability to start that savings plan,91裸聊视频� Barton says. 91裸聊视频淧eople will say, 91裸聊视频業 don91裸聊视频檛 have money to put away.91裸聊视频� But they haven91裸聊视频檛 even really paid attention to where their money91裸聊视频檚 going.91裸聊视频�
The takeaway: Don91裸聊视频檛 wait. 91裸聊视频淭he more time we have to work with people, the better off they91裸聊视频檙e going to be when we91裸聊视频檙e trying to meet all of their goals,91裸聊视频� Barton says, urging the balance between rational decision-making and emotional response, which, admittedly, can be difficult to navigate.
91裸聊视频淭his whole process is supposed to be so rational, yet we91裸聊视频檙e human and we91裸聊视频檙e emotional,91裸聊视频� he reflects. 91裸聊视频淏ut the more rational and the more comfortable a family is with their value-based system, those are the people I typically see being more successful in their retirement years because they really pride themselves on understanding where their money goes and how to use it effectively.91裸聊视频�
To take the next step 91裸聊视频� or the first step 91裸聊视频� on , contact to make an appointment with an advisor at your local branch today.