Is retirement a daily reality? You may dream about it but is it really something you think about day to day
You can already picture your days of freedom; full of all the projects you have been planning for years now. The question is, will you have enough money to make it all happen? Are you going to have a comfortable retirement or will your standard of living plummet?
Be Prepared for Retirement
In most cases, the income from public plans won't be enough to meet a retiree's needs. Sadly, too many of us overestimate how much they contribute. What's more, with the aging population, it would be surprising if these amounts you receive from these plans were to get any higher.
It's important to be prepared for retirement by planning your savings and contributing to an RRSP and the earlier the better. If you plan to stop working in 30, 15 or 5 years, or if you are 20, 35 or 50 years old; whatever you goal or age, make sure you have a solid game plan tailored to your reality.
Use our online calculator to determine your retirement needs.
If you are on the threshold of retirement, here are the financial priorities to keep in mind.
- Get your retirement budget on paper, including your recreation and travel expenses.
- Submit your applications for government pensions if you are eligible for them.
- Consolidate all your RRSPs at one financial institution so they are easier to manage.
- Find out about the various discounts and perks that you are entitled to according to your age.
- Update your will and estate planning so that they reflect your current financial situation.
Retirement Budget (expenses and income)
When you retire, it‘s important to have an accurate sense of your future expenses. Some expenses will stay the same while others will increase, decrease or disappear all together—just like your income!
It is therefore important to know what to expect and to plan your retirement budget. carefully. It will give you a good idea of your standard of living and the dreams that you can accomplish.
The higher your standard of living, the less a pension plan represents in terms of your overall retirement income. So, if you want a comfortable retirement, you are better off having other sources of income than those from the government or your employer.
Your retirement income can come from two types of pension plans (public or private) and from four different sources, depending on your age.
Your best bet is to plan for your retirement early by coming up with the perfect game plan—to make it easier to reach, and maybe even surpass, your financial goals.
When you start living off your savings, the most important thing is to have as much money as possible and to make it last as long as possible. You worked hard to give yourself a golden retirement and you deserve to get the most out of your personal savings.
Banking Transactions at Retirement
We know that you want to enjoy life to the fullest, so we put together some banking tools adapted to your new retirement reality.
From payments to investments to withdrawals, our 60+ Advantage offers up to $5 off the regular monthly fee of three of our plans.
Will and Mandate in Case of Incapacity
Retirement is like all good things: it too comes to an end. No one likes talking about death or disability; however, it is in everyone’s best interests to do so.
Good estate planning, with a will and a mandate in case of incapacity, will help avoid all kinds of headaches if something unfortunate should happen. Not only does this protect you in the event of disability, it lets you bequeath your legacy exactly the way you want.
To find out more, consult our My Planning section.
Do you expect to have itchy feet when you retire? Visit our Planning Your Trip page for everything you need to know about insurance solutions and payment tools.