Start understanding retirement now – your future self will thank you.
Your goals and aspirations change and so does your income. Your retirement plan starts with projections of your current situation and how much you need to live your desired lifestyle. Even though retirement could be far into the future, it is important to start planning early.
The best way to prepare for retirement is to educate yourself now. Gaining knowledge and resources today will empower you to plan the retirement you desire. Retirement is a complex, long-term phase of life; understanding the unknowns early will help you save more money in the future.
How do I save for retirement?
Your FSW Advisor will help you build the foundation of your retirement plan by exploring the right investment strategies and savings goals that fit your current financial picture. Saving money while working is the optimal strategy, but what if you are unsure how to do this or where to find the extra funds needed for contributions?
The value of the advice you receive now from an FSW Advisor will “ pay it forward” in your retirement. We answer this question and more when we start discussing what you will need to live the life you desire.
Tip: Your advisor can work with you to set up a regular automatic savings plan to keep you on target with your long-term savings goals. Even a small amount adds up!
The value of professional financial advice
Research shows that Canadians who work with advisors tend to have more retirement savings compared to those who save without professional guidance. Studies also show that professional financial advice has the potential to help you double—or even triple—your net worth – even after fees. (source: Ipsos Reid Financial Monitor, JD Power)
Top 5 things to know:
- Sources of income during retirement
- The amount of money you need to retire
- Taxes – how to minimize and what is taxed
- Planning for unexpected health changes
- What am I going to do when I retire?