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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

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.

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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