We all know that we need to have a strategy if we expect to reach our goals. The same can be said for saving for retirement. The idea is to define your retirement objectives and decide how you’ll achieve your savings plan.
To get started, ask yourself:
- How do you picture life in retirement? Will it be a life of leisure close to home or will you live adventurously as a world traveller?
- Is semi-retirement and working part-time an option?
- Will you opt to take your OAS and CPP early or late?
- Does your investor profile and risk tolerance still match your retirement savings goals?
- Are you optimizing your savings potential by maxing your annual RRSP contribution?
- Are you also saving money in a TFSA and/or other savings product?
Don’t be surprised if these questions lead to other larger questions. Remember that the experts at Canada Life are available to help. Click here to learn more.