“Let him who would enjoy a good future waste none of his present.” –Roger Babson
This should be everyone’s approach towards retirement. To plan it does not mean to stop living until we reach a certain age, but to live today without compromising tomorrow.
However, the idea of a perfect retirement is unique and must be defined. This major Stage of Life will present its share of personal and emotional challenges, and one must be prepared. The very first step of retirement planning is therefore to visualize your own dream retirement and assess:
- Will it happen progressively?
- Will your partner retire at the same time as you?
- What will be your main hobbies?
- Will you travel?
- Where will you live?
When – and only when – your future lifestyle has been determined will begin the strategic planning process. This is where your advisor and yourself will elaborate the best investment and debt management strategies as well as tax maneuvers that will allow your to live your dream retirement.
Did you think retirement planning was all about TFSAs and RRSPs? Oh well, now you know better! Behind these accounts exists a world of opportunities!