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Financial planning

When to review your plan Add to ...

Your financial goals will likely change as you go through different stages of life. Use this table as a guide to reviewing and updating your goals.

If you’re at this stage of lifeYour financial goals may include
Post-secondary and early career years
You may be getting training, going to college or university, starting a career, or maybe finding a life partner. Spending is often greater than income.

Paying for post-secondary education

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Buying consumer items (car, home furnishings)


Building up savings


Paying off debt


Building a good credit history

Family and career-building years
You may change jobs to enhance your career. Your income usually rises during these years. You may also start a family, and want to save for your children’s education.

Buying a home


Buying life insurance


Preparing a will


Starting an RRSP


Starting an RESP


Growing savings


Starting a new business


Reducing taxes​

The pre-retirement years
Your expenses may start to go down, and savings can really start to build. If you have kids, you may help pay for some of their costs, like education or a first home.​

Paying off mortgage and all other debt


Reducing taxes


Growing retirement savings


Sending your kids to college or university


Starting a new business


Planning your retirement lifestyle​​

Early retirement years
You may want to work less and pursue interests like travel, volunteer work or part-time work.


Later
retirement years
You may become less mobile, and may need to take care of health problems.

Starting a new business


Turning your retirement savings and pension into income


Managing taxes


Managing your retirement savings so they’ll last


Updating your will

 

Rodney and Rose have recently retired and have decided to review their financial plan. Read their story to learn more about reviewing and updating your financial goals.

Content in this section is provided in partnership with Investor Education Fund, a non-profit organization founded and supported by the Ontario Securities Commission that provides unbiased and independent financial tools to help Canadians make better money decisions. To find out more, go to: GetSmarterAboutMoney.ca

 

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