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You’ve worked hard through the years and saved so that someday you can retire. As you get closer to retirement the next few years are just as important as the early years of retirement planning.
Take a complete look at where you are today and ask yourself the following questions to uncover any gaps:
You can estimate spending by walking through an expense worksheet or track spending for a few months to see what you are spending today and what expenses might change when you retire. Consider separating necessary expenses, like mortgage, utilities and food, from discretionary expenses, like travel and entertainment. Once you’ve estimated your annual retirement expenses, subtract any sources of retirement income, such as pension plans and government benefits. This will give you a base to know how much in withdrawals from your retirement plans, tax-advantaged plans and savings you'll need.
Comparing your expected expenses versus the savings you currently have can help determine whether you’re on track to retire and live the life you want. Is there a gap between what you have saved and what you may need? If so, consider the following strategies:
Start a monthly contribution plan to help increase your contributions or if appropriate, take an RRSP loan to help catch up and use your tax rebate to repay all or some of your loan. You may also use any tax refunds for your RRSP contribution.
Start a monthly contribution plan to help increase your contributions.
With a higher-earning spouse contributing to a spousal RRSP, this strategy lets you equalize your retirement income and may lower your family's overall taxes.
Making appropriate changes to your investment mix of stocks, bonds and mutual funds within your portfolio can help ensure your money works hard to help you meet your long-term goals.
Although you may be in good health now, make sure you’re prepared in the event of unexpected health care costs or long-term care needs so you don't need to dip into your retirement savings.
Remember, you don’t have to plan alone for your retirement years. To review your strategy and help close any gaps in your current plan or to open an account, set up a meeting with the Edward Jones advisor in your community. Our goal is to help you reach your retirement goals.
Insurance and annuities are offered by Edward Jones Insurance Agency (except in Québec). In Québec, insurance and annuities are offered by Edward Jones Insurance Agency (Québec) Inc.