Do you remember the “Freedom 55” ads? These days, retiring in your 50s is only for a lucky few. “Freedom 65+” is more realistic for most Canadians. And according to Benefits Canada, it’s not merely realization facing Boomers and Gen Xers; Millennials are also coming to the same conclusion.
Of course, when you work in the creative industries, working past 65 might be ideal especially if you love what you do. Regardless of whether you decide to retire in your late 60s or 70s, remember that retirement may last 15 to 20 years, so it’s important to be prepared.
How’s your plan, anyway?
Have you thought about what your life will be like after work? You’d not be alone if you actually avoid thinking about it all together; it can be scary and confusing. But here’s some good news:
- The MyCanadaLifeAtWork.com website has excellent calculators, articles and other tools which can help you figure out where you’re headed
- The CEIRP plan makes it easy for your savings to accumulate quickly because payments are made automatically deducted from your pay cheque. It’s great to have one less thing to think about!
- You can make additional contributions to your RRSP and or TFSA through the MyCanadaLifeAtWork website, which makes paying yourself first fast and easy
With all these great tools at your disposal, you’ll be ready for the new retirement normal.