Set your retirement goals:
– what are your future plans for the next 5 years? 10 years? 15 years?
– articulate this well and be as concise as possible of what is your future retirement vision.
– this helps determine your money needs going forward.
Where is your retirement income from:
– identify all sources – governments, company and/or private pensions, investments, or other sources.
What are your retirement expenses:
– determine what your spending will look like based on your retirement goals.
– and do this for the next 5 years, 10 years, 15 years, …
– the more detailed your plan, the more realistic your plan will be.
Your retirement sweet spot:
– basically finding the retirement budget where your expenses will equal or be below your income.
– having an annual reserve or contingency will also help your sleep at night with less financial worries.
– it may also reveal you’re not financially ready for retirement yet!
Your retirement savings start now:
– it’s never too early to start.
– the best time to start is NOW.
And now a reminder for 2024 –
Feb 29 – deadline for RRSP, SPP contributions for the 2023 tax year.
Apr 30 – deadline for 2023 personal tax return filing.
Jun 15 – deadline for 2023 personal tax return filing for self employed individuals and their spouses.