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Retiring in the next 5 years - A 'to do' list

Whether you're a few years from retirement or already enjoying it, you're well aware of how important it is to plan ahead. But, unless those plans are captured in a document, it can be difficult to keep track of your progress or know whether you need to adjust your approach to get where you want to go. It's also wise to ensure your plan is reviewed on a regular basis to ensure it still meets your needs and situation.

That's when a written retirement plan can help. Just as we create an overall financial plan or a statement of investment objectives, we can also develop a written retirement plan to provide a clear roadmap for your journey through retirement. Putting your plan in writing gives us an opportunity to:

  1. Spell out your key lifestyle goals, including what you want to do in retirement, where you plan to live, whether you plan to travel extensively, and if you plan to continue working.
  2. Create a worry-free retirement by estimating how much these goals are likely to cost, assessing your income sources, and creating a budget that matches your income level with your expenses.
  3. Figure out a combination of growth and income for your investments for your retirement. As you enter retirement, you may want to invest more conservatively while ensuring you still have some growth investments. Our wealth consultants can look at your unique situation and help you create a plan that meets your needs before and after you retire.
  4. Plan a withdrawal strategy for your Registered Retirement Income Fund (RRIF), Tax-Free Savings Account (TFSA), and non-registered investments to provide a steady stream of income as tax-efficiently as possible.
  5. Get the right strategies to protect your family, yourself, and your lifestyle - now and in retirement.
  6. Figure out what to do with your real estate. Will you be downsizing, moving to a warmer climate or staying in your current location?
  7. Update your will to your current situation and status. (Are you aware we provide no-charge estate planning to help?)

The last five years before retirement are likely exciting ones. After what may feel like a lifetime of working, you are almost ready to hang up your proverbial working shoes (or boots). With a little planning, you can get the retirement you want, plan for the unexpected and make sure your retirement income lasts and supports your goals. Our team of experts in estate, insurance and retirement planning are here to help.

Up Next: Is it ever too late to start planning for retirement?

It's usually not too late to start saving for retirement. And if you are determined, and dedicated to providing a nest egg for yourself, you can make it happen.
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