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For most people in the GTA, including Aurora, retirement is a main financial goal that involves significant financial obligations. About 1/2 of Canadians hope to retire before the age of 60.* It doesn’t matter if you have already started a Retirement Savings Plan or are just starting, it is never too late to begin saving.
Retirement Planning in Aurora, and indeed the rest of the GTA, is the main financial goal for most. Even if you already have a savings program in place, or are interested in one now, the very first step you should take is to figure out just how much will be available at your retirement.
Contact our office for DETAILED ANALYSIS of your retirement income needs and opportunities.
Start now , Save now, and Stay invested. START NOW with setting aside what you can now, trying to increase that amount when you can, or every few months. You should consider using a pre-authorized deposit plan to help you SAVE. This helps you to make regular deposits into your retirement savings plan. Don’t forget that even small amounts can accrue significantly as time goes on. It doesn’t matter when you start investing, but it is critical to is to STAY INVESTED for as long as you can. The longer you keep your savings, the more you will profit from growth due to compound interest.
Diversification is the same as not putting all your eggs in one basket. You can spread out and minimize your risk by investing in many different investments. This allows you to reduce the chances of one poor performer affecting your portfolio. Financial experts around the world agree that the mix of your investments – balanced for safety, income and growth - make up more than 80% of your portfolio's return.
Retirement planning in Aurora and the GTA involves setting aside money throughout your working years so that you will have enough income for your retirement. It’s a simple idea, but can be very complicated once you start looking at your investment choices and what the tax implications will be.
Everyone begins to prepare for their retirement years at different stages in their lives. Some people find it most effective to start in your 20s or 30s with the purchase of your first RRSP or by opening a TFSA.
A well thought out retirement plan will take you right through your retirement. You will be confident in the knowledge that your current financial situation when you retire will last you for your lifetime. It doesn’t matter what your age is, the most important part to a financially secure retirement is to start now!
You may think that it's impossible to figure out exactly how much you'll need for retirement 30 or 40 years from now. But that doesn’t mean that you shouldn’t start saving for it today. By making regular contributions to a RRSP/TFSA even if you are older, you can still watch your savings grow tax-free over the long term.
The nice thing about starting early is that It doesn't take a whole to build a nest egg if you start early enough. Make your first contribution as soon as possible in your working career to benefit from compound interest. And let time work for you.
Taking a measured and deliberate approach to building your RRSP/TFSA, by making regular contributions, even if they are small amounts, is the most effective way to guarantee your success. This is because most people find it difficult to free up a large sum of money at year-end. This is therefore the most common reason people fail to maximize their contribution, or sometimes even make it at all.
Make a point to always deposit your maximum RRSP/TFSA amount every year. Also take the time to figure out whether an RRSP, TFSA or both are the best way to build your nest-egg.
Don't touch your RRSP/TFSA unless you absolutely have to. While it can be a valuable safety net in times of financial crisis, don’t think of it as that “other” emergency safety account unless it is part your planned strategy. That is because any money you withdraw today will not be there when you really need it the most - at retirement.
Contact our office if you have any questions about Retirement Planning in Aurora Ontario or throughout the GTA.
Copyright © 2015 AdvisorNet Communications Inc. All rights reserved. This article is provided for informational purposes only and is based on the perspectives and opinions of the owners and writers only. The information provided is not intended to provide specific financial advice. It is strongly recommended that the reader seek qualified professional advice before making any financial decisions based on anything discussed in this article. This article is not to be copied or republished in any format for any reason without the written permission of the AdvisorNet Communications. The publisher does not guarantee the accuracy of the information and is not liable in any way for any error or omission.
* Statistics Canada, Summer 2014 Perspectives and Labour Force Survey.