The countdown has begun! Retirement isn't a distant dream anymore. It's time to step up your plans. Some people will have to get cracking and create a preliminary action plan, while others just need to keep the ball rolling.
Money matters
Create a monthly budget so you can…
- Look for expenses that should be eliminated once you retire and see if you can get rid of some of them now
- Develop an action plan to pay off as many debts as you can, including your mortgage
- Set aside as much as you can for long-term savings
Go over your retirement savings strategy so you can…
- Get a clear idea of your retirement goals
- Identify your retirement savings needs
- Lower your portfolio's risk level as you get closer to retirement
- Add investments with guarantees to your portfolio, like the Helios Contract
Need help with a retirement savings strategy?
Tips from an expert
Talk to a representative or a financial planner about…
- The sources of income available to you when you retire
- How your investment portfolio is doing and whether the retirement date you've chosen is realistic
Talk to your employer so you can…
- Learn more about the terms and conditions of the group retirement savings plan and the group insurance plan for retirees
- Take a pre-retirement course (if offered)
Contact the Canada Pension Plan or the Régie des rentes du Québec so you can…
- Get a statement of the contributions you've made to date
- Determine whether you'll be applying for benefits before you turn 65 and if so, whether any penalties apply