Recipe for retirement

Planning for retirement is not a one-size-fits-all recipe. Money is the magic ingredient. But how much money do you really need? Here are some tips to help remove the frustration:

Take a good look at your finances

Utilize tools such as the MEPP online retirement planner to estimate how much you will need at the time of retirement based on salary, current savings, age and estimated retirement expenses.

Plan early

The earlier you put in the work, the better. Creating a plan provides a map of your goals and how to get there. Being mindful of how much you are saving each month is important.

Create a budget

Whether you spend more time with family or travel the world, planning adventures and creating a budget is important to ensure you live within your means.

Develop interests to occupy yourself in retirement

Now that you won’t be working, you will have a lot of time on your hands. Hobbies or a part-time job could provide some enjoyment and extra cash.

Retirement is not a cookie-cutter plan - what goes in the recipe is up to you. Our Retirement Information Consultants, who are CERTIFIED FINANCIAL PLANNER® or QUALIFIED ASSOCIATE FINANCIAL PLANNER™ professionals, are here to help you create your own retirement recipe. Feel free to contact them at 306-787-3170 or ric@plannera.ca.