Plan for Retirement

Now is the time to start planning for your retirement, no matter how young or old you are. Sometimes major life events, such as the death of a spouse or a divorce, can change significantly any plans that have already been made. Try to continue to save whatever is possible, even during these difficult times.

Do the Math


In 2015,

40% of couples could not accurately say how much their partner made. 10% of them were wrong by over $25,000.


36% of couples disagreed on how much they have invested.

56% of pre-retirees surveyed intend to retire before age 65; only 39% of retirees surveyed had actually retired early (prior to age 65).

Get a rough estimate of how much income you think you’ll need in retirement. A good starting point is analyzing your current monthly living expenses. Deduct any expenses that you won’t have once retired and add in any new anticipated retirement expenses. Gross this amount up for income taxes and you’ll have an estimate of your pre-tax retirement income needs in today’s dollars. When doing future projections, be sure to account for inflation.

Get to Know Your Pension Benefits

Investigate how much you can expect in terms of company pension plans and government benefits. Your RRSP and other savings will need to make up any difference between this amount and your pre-tax retirement income needs.

Develop an Investment Plan

If you don’t already have one, be sure to develop an investment plan based on a well thought-out personal investment policy statement. Your investment plan will outline your asset mix and degree of diversification. Generally, with 10 years until retirement, you can comfortably take advantage of growth-oriented investments and benefit from market volatility.