Did you know the average life expectancy for a 65-year-old is about 86 years old? Consider this:
Longer life expectancy will inevitably change how you live and plan your savings and retirement goals.
While the good news is that you could spend a considerable amount of time in retirement, your portfolio must be able to provide for your needs today and throughout your retirement years. And, that possibility of more years in retirement is making some investors nervous about outliving their retirement savings.
In addition, your retirement goals may be competing with many other financial needs – both expected and unexpected – that you’ll potentially need to save for or protect against. For example, you may be saving to help pay for a child’s or grandchild’s education. Or, you may need to protect your plan for your family in the case of a disability, job loss, or death. That’s why it’s important to develop a comprehensive financial strategy today. While many investors have recognized that a Registered Retirement Savings Plan (RRSP) can be a powerful retirement savings tool, it’s only one part of helping you reach your financial goals.
Good preparation means taking a holistic approach, and that’s where your Edward Jones advisor can help. Your advisor will work to understand what's important to you. He/she uses an established process to help you build personalized strategies to achieve your goals and will partner together throughout your life to keep you on track.
See our 5-step process to see how these answers form a foundation for an ongoing and evolving conversation between you and your advisor.
While an RRSP is a good start, it's only one part of the picture. Your Edward Jones advisor can help you build a comprehensive strategy to help you reach your long-term financial goals.
*Statistics Canada, Report on the Demographic Situation in Canada. Mortality: Overview, 2012 and 2013