Even with decades of preparation, surprises are likely to come your way that first year of retirement.
Even if you have a smart plan for retirement, there’s still an adjustment period where leaving the labour force means far less money coming in and more going out. And let’s face it, pre-retirement habits and assumptions can be difficult to change.Article content
Review everything from subscriptions you stopped using long ago to exorbitant rates for wireless and mobile phone usage. Such moves can bolster your savings cushion when you’re ready to move ahead.Want to travel? It’s a delicious luxury but it’s incredibly expensive when you factor in food, lodging, flights and frequency of trips. Want to renovate your home or buy a seaside getaway? Interest rates on first and second mortgages these days are literally through the roof.
If you once put 10 per cent of each paycheque aside, you could now aim for 10 per cent of each Canadian Pension Plan cheque. Even just 5 per cent is better than nothing, especially if you invest it wisely. Yes, the stock market is down these days, but as billionaire Warren Buffett advises, it’s also the ideal time to buy stocks that are undervalued and overly punished by nervous investors.
Your adviser can identify spending problems, assist with your bucket list items and help you shoot for the retirement lifestyle of your dreams. Many also specialize in creating a detailed, three-dimensional view of your situation.
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