Envision your retirement
Do you ever find yourself daydreaming about how you’ll spend retirement? Whether you’re exploring the wonders of Barcelona or strolling through the woods with your grandchildren, these daydreams are more than pleasant thoughts. They’re key elements in the development of your wealth plan.
Retirement lifestyle and goals
The amount you need to retire comfortably is based on several factors, but none is more important than your lifestyle. An individual who plans on downsizing and enjoying their favourite pastimes when they retire will have a different financial goal than someone who intends to purchase a vacation property for Canadian summers and a condo down south for winter.
Your desired lifestyle affects your projected retirement income needs, savings objective and estimated retirement date. For example, a couple planning to travel the world after reaching their savings goal has a more flexible retirement date than an overworked business owner set on a life of leisure who’s entered into an agreement to sell the business.
Plans can change
Since your retirement lifestyle affects your wealth plan, it’s important to inform us if your plans change – and they can change for a variety of reasons. Caring for an aging parent can affect when you’ll retire and where you’ll live. Perhaps you decide to turn one of your interests into a small business. Or you’re entertaining the notion of moving permanently to another country. Divorce often calls for re-evaluating a retirement plan, for either spouse. Remarriage can definitely lead to changes, as a new couple may have different ideas of how they’ll spend their golden years.
When you keep us up to date on your retirement plans – and any changes – it helps make sure your investment program remains aligned with your savings goal. It’s all about working together so you can enjoy the lifestyle you envision when you retire.