A generation ago, it wasn香蕉视频直播檛 uncommon to spend your entire career with the same company, building a pension that when paired with your Canada Pension Plan and maybe some RRSPs, would provide for a comfortable, well-earned retirement.
Today, we香蕉视频直播檒l often work with multiple companies over the course of our career 香蕉视频直播� a shift accelerated by factors like the pandemic. Others might take the self-employment route for a while 香蕉视频直播� couples navigating the high cost of childcare, for example. Pension funds might be shifted to other investments or there may be less money available for retirement savings during these mid-career years, especially for those affected by the high cost of housing.
The result is that have no savings set aside for retirement and 57 per cent have doubts they香蕉视频直播檒l save enough to retire comfortably.
The solution? It begins with planning, says Charles Barton, a Wealth Advisor with Valley First Credit Union in the Okanagan. And the good news is that while earlier is better, it香蕉视频直播檚 never too late to start.
Step 1: Start the conversation with your partner
What kind of retirement do you want? While some aim to completely quit work and travel, many choose to reap the financial and social benefits of semi-retirement first. Fine-tuning your goals makes it easier to determine the best way to reach them.
香蕉视频直播淗ave that honest conversation with each other, review your goals and really understand what it is you香蕉视频直播檙e trying to accomplish, long term,香蕉视频直播� Barton says.
That includes goals you may have for your family, such as helping children purchase a home in a difficult housing market 香蕉视频直播� decisions that could have implications later on, especially as we need our retirement savings to do more for longer.
香蕉视频直播淲e香蕉视频直播檙e not only seeing greater wealth transfer, but it香蕉视频直播檚 happening earlier than it ever has. I see members who want to pass on their investable assets to their children but when we run the numbers, it香蕉视频直播檚 too early, especially since people are living longer now.香蕉视频直播�
Step 2: Sit down with your financial planner
A financial planner can look at all the pieces of your financial puzzle 香蕉视频直播� savings, investments, pensions, debts, goals 香蕉视频直播� and help you chart a course forward.
That may mean putting more into savings, or more aggressively paying down debt. No single answer is right for everyone, but having someone who can see all the pieces, and understand how they fit together, is essential.
Whether you aim to reduce debt or boost savings 香蕉视频直播� or simply have a better grasp on your spending habits before retirement, it香蕉视频直播檚 never a bad idea to look at your spending. Netflix香蕉视频直播檚 standard subscription might be just $16.49 per month, but add all the other streaming services and suddenly you香蕉视频直播檙e topping $100.
香蕉视频直播淚t can really chip away at your ability to start that savings plan,香蕉视频直播� Barton says. 香蕉视频直播淧eople will say, 香蕉视频直播業 don香蕉视频直播檛 have money to put away.香蕉视频直播� But they haven香蕉视频直播檛 even really paid attention to where their money香蕉视频直播檚 going.香蕉视频直播�
The takeaway: Don香蕉视频直播檛 wait. 香蕉视频直播淭he more time we have to work with people, the better off they香蕉视频直播檙e going to be when we香蕉视频直播檙e trying to meet all of their goals,香蕉视频直播� Barton says, urging the balance between rational decision-making and emotional response, which, admittedly, can be difficult to navigate.
香蕉视频直播淭his whole process is supposed to be so rational, yet we香蕉视频直播檙e human and we香蕉视频直播檙e emotional,香蕉视频直播� he reflects. 香蕉视频直播淏ut the more rational and the more comfortable a family is with their value-based system, those are the people I typically see being more successful in their retirement years because they really pride themselves on understanding where their money goes and how to use it effectively.香蕉视频直播�
To take the next step 香蕉视频直播� or the first step 香蕉视频直播� on , contact to make an appointment with an advisor at your local branch today.