Canadians want to retire at 63 – will you be ready?
(NC) If you want to stop working with plenty of time left to enjoy retirement, you’re not alone. According to a recent survey, most of us who are “flexforce” workers – gig workers, job jumpers and postponed professionals – feel that the magical age to stop working is around 63.
Whatever your dream retirement age is, it's important to remember that life can throw unexpected curves that steer you off course. That’s why it’s important to have a financial plan and a commitment to follow it.
To help you stay on track to meet your retirement goals, Jennifer Diplock, associate vice president of personal savings and investing at TD Canada Trust, offers these tips:
- There is no-one-size-fits-all approach to retirement. Once you’ve determined your goals, establish a savings plan to help you stay on track. Try an online retirement calculator that can estimate how much you would need to save to retire with your desired income to live the lifestyle you want. Once you have a picture and plan, take steps to make that vision into a mission.
- Retirement can sometimes be confusing, and given the number of variables you may experience in your career, it’s important to speak to a financial advisor to set up a plan tailored for your specific needs. It's also key to understand your spending and saving habits so you can readjust if needed. Look for tools like spending apps that can provide real-time notifications of your transactions to give you insights into your financial habits and allow you to take more control over how you manage your money.
- In addition to monitoring your spending, you should also keep close tabs on your retirement investments. While it may not be necessary to check your portfolio daily, it's a good idea to check in with your financial advisor at least once a year, or whenever there's a major milestone in your life, to ensure your retirement plan is still headed in the right direction.