Pre-retirement checklist

Why create a checklist?

Whether you are preparing for retirement in your 20s or 50s, a valuable first step is to make a checklist. This will set you up for success and constantly remind you of the important actions you must complete before you retire. Everyone's situation and personal objectives are unique, so our advisors work with you to ensure you live your retirement on your own terms.

What goes into my checklist?

Your pre-retirement checklist can vary from your friends'; however, below are the most common actions for success.

Create an emergency fund

Your current financial stability is important. Before saving for retirement, put away money for an emergency fund that can cover three to six months of all your living expenses. Life can be unpredicatable, so having an emergency fund will allow you to save for retirement with peace of mind.

Pay current expenses first

Ensure you can pay for your current expenses from rent and food to gas and entertainment. Saving for retirement is important, however affording to live in the present is as well.

Buy life insurance

Life insurance can provide you peace of mind in your retirement by helping you 1) pay off all your debt, 2) cover taxes at your death, 3) cover final expenses, such as funeral costs, and 4) provide income for your family members. Buying life insurance can help your family start planning for their own retirements. Plus, the younger and healthier you are, the cheaper insurance can be!

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Estimate retirement expenses

Get your creative juices flowing! Where do you want to retire? What lifestyle do you want during retirement? Have a clear picture of how much money you need to retire to make it easy to reach your goals.

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Determine your retirement date

In most cases, the earlier you start saving for retirement, the earlier you can retire. Your income, expenses, lifestyle, and other factors will determine the realistic age range for you to retire comfortably.

Start saving

Refer to your pre-retirement checklist

Now that you've created your pre-retirement checklist, you are aware of the factors that influence your retirement plan. Your checklist will be a helpful guide throughout your life and serve as a reminder of what actions you must take to retire on your own terms.

Choose the best account for you

It all starts with you. Your age, where you are in life, and what your retirement goals are. Our TFSAs and RRSPs can be options for you, however, creating a financial plan with an advisor is the most important. If you need outside help to turn your retirement vision into a reality, we can help.

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Our Tax-Free Savings Accounts (TFSAs) and Registered Retirement Savings Plans (RRSPs) give you a tax-advantage when saving for retirement.

A Registered Retirement Savings Plan (RRSP) is a government-approved plan that helps you save money for your retirement. The main benefits of an RRSP are:

• contributions are tax deductible,
• gains within an RRSP are tax-sheltered, and
• funds may be accessed early to buy a home or for post-secondary education.

Learn more about RRSPs >

A Tax-Free Savings Account (TFSA) is an account that allows you to save and invest for the future, without being taxed on gains within the account. The main benefits of a TFSA are:

• earning investment gains tax free within the account,
• withdrawing funds tax-free, and
• carrying forward unused contribution.

Learn more about TFSAs >

Retire on Your Own Terms

Create a financial plan

Everyone starts saving for retirement at different times, so it is important to meeting with an advisor early on to ensure your lifestyle is supporting your retirement goals. Creating a financial plan will ensure you can stay on track to retire in your own terms.

Have questions or want to switch up your retirement plan? Talk to us >