Regardless of your retirement plans – whether it’s travelling, relocating, or beginning a new career – you need to take an active role in planning for your future. Everyone dreams of retirement, but retiring in the lifestyle we want is not an accident. A planned retirement takes hard work, discipline and dedication.
Planning your retirement is a marathon, not sprint. In 1900, retirement wasn’t a hot topic. Most employers didn’t offer pensions, there was no Canada Pension Plan or Old Age Security, and the average life expectancy was about 50.
Today, most people can expect to live 20 – 30 years or more after retirement. In fact, current estimates suggest many people now in their 30s and 40s will live to be 100 or older.
The general wisdom is that planning your financial future starts with your first job. In your 30s 40s even while you’re juggling your income to pay for things that might seem more pressing, like buying a home, supporting a family, or anticipating your children’s college expenses, you need to build your long-term wealth.
As you move through your 50s you may be earning more than ever before, but also spending more. On the other hand, if you’ve established good saving habits – like putting money into a well thought out portfolio, your long term goals are more likely to be on track.
In your 60s you’re now in the home stretch. Retirement is imminent and you want to be sure you’ll have enough income to live comfortably.
Whether your retirement is a distant dream, an upcoming date, or already a reality, TRP Retirement Planning can provide you with tools and resources to help you with your retirement planning.