If you are getting ready to retire, you’ll soon have lots of big decisions to make. Here are five key things to think about:
- Think about how you’ll invest your savings after you retire. You may want to get expert advice on what to do. If you’re going to make changes, plan with care and make changes slowly, over time.
- Figure out how much income you will get each month. This includes money from a workplace pension, any government pension, and your own savings.
- Figure out how much you’ll spend. Sit down and work out a proper budget. Will your income cover your costs? Will it cover your costs when prices rise? If you’re not sure, look for ways to cut your spending, or plan to work a little longer so you’ll have more income to retire on.
- Take into account that you or your spouse may have health problems as the years go by. If you think you may need long-term care, find out if it would make sense to buy extra insurance now.
- Think about what you’ll do with your time. You could try a new hobby or join a club. The experts say it’s better to make some plans now, than to stop working and then have no idea what to do.
Remember: Retirement is one of life’s biggest changes
Don’t wait until the last minute to think about how you’d like to live when you retire, and how you’ll pay for it.
Content in this section is provided in partnership with the Investor Education Fund, a non-profit organization promoting financial literacy to Canadians. To find out more go to GetSmarterAboutMoney.ca.