Yes! If you retire between age 50 to 60, you are likely to live for another 40 years. Are you ready financially and psychologically?
Take the test now.
Are you ready Financially?
Retirement Fund needed to produce $5000 net per month until at least age 90*
Age 50 $ 1,400,200
Age 55 $ 1,302,454
Age 60 $ 1,188,911
Age 65 $ 1,057,018
* using a 6% rate of return and a 3% inflation rate
As you can see above, depending on a number of factor, those without a private pension plan will need at least $1,000,000 to produce this kind of income.
Are you saving enough? Regular studies show that Canadians do not save nearly enough.
With recovering markets, there is no better time to make a lump sum investment now or increase your monthly contribution to your RRSP, TFSA or non-registered account. You may even consider an investment loan.
If you come to our annual review meeting, we will have prepared a personalized retirement analysis for you or call us anytime to further discuss your plan.
Are you on target and ready for the best 40 years of your life? No one plans to fail, however, some fail to plan. Make sure to visit us once a year for your financial check-up!