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Retirement Planning

Retirement planning: 7 questions to ask yourself

Building a plan requires careful consideration
A successful retirement begins with careful planning. But how do you plan for something so big, so important, and so far away? Here are seven simple questions that can help get you started.

1. What are some of the best financial decisions you’ve made?
Thinking about past success is a great way to achieve future success. Take note of some of the decisions you’ve made over the years that have led to positive results. More importantly, think about the process that led to those good decisions. Ask yourself: how can you replicate this success during retirement?

2. Who do you know who has retired successfully? What made their retirement successful? Do you have friends or family members who have retired? Ask them about their experiences. What did they do to prepare for retirement? What has made their retirement successful? What would they do differently?

3. Who else is affected by the financial decisions you make?
If you have a spouse or dependent family members (children, grandchildren, or even parents), you’ll need to incorporate their needs into your retirement plan. Consider how you intend to provide for them during retirement, and what steps you need to take now to ensure their needs are met.

4. What do you consider important in life?
Retirement planning is as much about your life as it is about your portfolio. So, take some time now to understand what’s important in your life, and what you’d like to do more of during retirement. Do you plan to travel the world? Purchase a cottage? Pursue a new hobby? Or spend more time with the grandchildren? Envisioning your ideal retirement will make the transition between working life and retirement easier.

5. How do you plan to care for your health?
While basic health care coverage is provided by the government, many of us receive enhanced benefits (prescription drug benefits, dental benefits, optometry benefits, etc.) from our work. Before you retire, it’s a good idea to check your coverage to ensure that coverage will continue after you leave work.

6. What will you miss most about your job?
For most of us, work is more than just a place to earn a paycheque. Work fulfills our need for accomplishment, provides structure to our day, and gives us a place to socialize. That’s why it’s important to think about what you will miss about work and find activities to replace the satisfaction and fulfillment that work provided. This will make it easier to avoid the restlessness that many experience during the first few retirement years.

7. What are your biggest fears about retirement?
What makes you anxious when you think about retirement? Why? The answer to this question highlights areas that you will need to concentrate on before you’re ready to pick up your final paycheque.

Professional Advice
Retirement doesn’t have to be complicated. But it does require some careful thought and planning. If you have questions about your retirement plan and how to better meet your objectives, contact us. Together, we can map out a strategy for successful retirement.

The opinions expressed within this article/communication are those of the Financial Advisor and are not necessarily those of Keybase Financial Group Inc. Any data provided is for illustration purposes only. Clients and prospective clients should always read a product prospectus and fully understand all of the risks associated with the product before purchasing. Any information relating to the discussion of taxation issues is considered to be only general in nature. Clients should seek a qualified tax professional to discuss their specific tax requirements.
Keybase Financial Group Inc. is a member of the MFDA and is a member of the MFDA IPC