Are you choosing between retiring or retiring comfortably?
Whether you’re saving for retirement or approaching it, ask yourself whether you’ve fully explored all aspects of your retirement income.
While Canadians generally believe contributing regularly to their registered retirement savings plan (RRSP) is a primary financial goal, many still do not get around to it due to outstanding debt or other financial priorities. Whether you are financially comfortable during your retirement could depend on how effectively and how regularly you save today. That is why it is important to determine how your present financial security plan matches the retirement you envision.
For many it can be a difficult topic. Everyone will have unique needs and goals for their retirement. Even the definition of retirement has evolved over the years. Fewer Canadians today are retiring at 65; some retire earlier while others continue to work beyond that age.
How do you envision your retirement?
There are eight common factors that contribute to a successful retirement.
- Positive view on aging and life transitions: How you’ve handled other life transitions can hint at what transitioning to retirement might be like.
- Strong vision and values: What is your primary aim in life—that which gives you a sense of purpose and defines “fulfillment?”
- Healthy aging: Poor health can prevent you from enjoying your retirement.
- Positive view of “work”: seeing work as a chore rather than rewarding can create hurdles when it’s time to retire.
- Nurturing family relationships: Researchers have found people in satisfying personal relationships have fewer illnesses and higher levels of good over-all health.
- Supportive social network: Good relationships offer a number of emotional benefits.
- Meaningful and fulfilling activities: There’s a difference between activities that fill time and fulfilling activities. Only you know the difference.
- Financial comfort: You’ll need sufficient financial resources to fund a quality retirement.
Choices today can lead to freedom tomorrow!
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