"Soon To Be... A Retiree"
Ten or so years before your target retirement date, you are in your prime earning years. If you have children, they will soon venture out on their own, becoming less dependent on you (if that hasn’t already happened). If you have a mortgage, the end is actually in sight. Life is good!
Also by this stage... you’ve likely witnessed unfortunate and unexpected things happening to good friends or relatives.
As this is your final approach to living without income from work, you want to know you’re positioned to cover not only future lifestyle needs, but also any unforeseen investment or health risks.
Also by this stage... you’ve likely witnessed unfortunate and unexpected things happening to good friends or relatives.
As this is your final approach to living without income from work, you want to know you’re positioned to cover not only future lifestyle needs, but also any unforeseen investment or health risks.
- Set long-term financial goals
- Project retirement lifestyle and income needs
- Assess personal tolerance for risk
- Determine appropriate asset allocation
- Strategic use of tax-deferred (RRSP) versus tax-free (TFSA) versus tax-efficient accounts
- Consider best strategies for generating future income streams
- Build/monitor/update your investment portfolio
- "Market-proof" some or all of your investments
- Evaluate options for CPP, OAS and any personal pension plans
- Increase your peace of mind regarding your family’s long-term financial well-being.
Although your timeline to retirement may be 10 years or less, your PLANNING timeline is still around 30 years, based on average retirement ages and life expectancies. We're nowhere NEAR "done" yet!
