Planning Your Golden Years:
A Retirement Guide
While most Canadians think they are on the track to a long and comfortable retirement, many will learn at retirement that they are not as close as they would like to be:- According to www.Canadaretirement.info, a March 2007 survey indicated that half of those polled said they fully believe that middle-income families are unable to save for a safe and secure retirement.
- The average Canadian adult owes more than $55,000 in consumer installment debts.(StatsCan)
- In 1980, consumer credit represented 21 cents of each dollar of personal spending, compared with an increase to 38 cents per dollar spent in 2005.(StatsCan)
- Although incomes have risen significantly in the last ten years, so have costs.
- If you are like most people, taking some time now to plan for your retirement no matter how close or how far away it may be, we can help you get closer to what you really want.
Consolidated Credit Counseling Services of Canada, Inc., a provider of credit counselling, educational assistance and budget planning services to consumers nationwide, offers the following financial tips when planning for retirement:
Know What You Want
While most people envision retirement as no work and lots of play, that is not always realistic. Even if you do not want to work (and do not have to bring in extra money), you’ll want to find activities that keep you wanting to get out of bed in the morning.
So before you even start thinking about money, your first step is to think about what you really want at retirement. Do you really want a thirty or forty year vacation? Or do you want to pick up a hobby you always wanted to learn? Work part-time? Move to a condo on a golf course or a beach in South America? Use the Retirement Lifestyle worksheet at the end of this brochure to help you start thinking about some of your options.
