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The longer you save, the more you will have in your nest egg. Investment income will also build your account balance over time.
If you are thinking of retiring at 60 instead of 65, you’ll need to save more because you are losing five prime contribution years and your savings will have to last longer.
No one can predict his or her date of death. However, if all your relatives lived to age 95 and you are in good health, it is wise to factor this potential longevity into your retirement planning.
How will you spend your retirement? A modest retirement may only require 50% of your pre-retirement income. But if you are planning an active retirement including frequent, exotic travel, you may need up to 70% or more of your previous earnings. Consider various retirement income options.
Is it an ORSO or MPF? Make sure your pension has been placed under the watch of trustworthy MPF providers.
To calculate how much you need to reach your retirement savings goals, you will need to assume a rate of return on your investments. Your financial advisor can help you select a realistic number for your investment projections.
You may have assets such as asaving account, other unregistered savings or property. You might own a business. Depending on the value of these assets, you may not need to save as much in a workplace pension.
When you withdraw money from your pension, you pay tax on the withdrawal at your marginal rate. You also lose the contribution room and the benefit of compound interest over time. Emergency funds should be saved in your pension where contribution room is restored in the next year.
Do you want to spend all of your money when you are alive, or leave a legacy for your children or your favourite charity?
Are you saving enough for the future? [Web page]. Retrieved from Canada Sun Life Corporate Website read the article
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A truly happy and fulfilling retirement depends on one key factor – your mindset. In fact, mindset is the key to most aspects of successful living.
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