Financial Planning for Your Retirement Dreams

Many of us worry that we won’t have enough money to live our retirement dream. But if you plan ahead, living a sustainable, rewarding lifestyle is entirely possible in retirement. Look forward to enjoying a meaningful life and building great memories with these tips.

Define what you value in retirement. Once you’re clear about this, you can determine how to achieve what’s meaningful to you with the money you have.

For example, if you love experiencing different cultures, ask yourself: Is cruising around the world something I can afford in retirement? If not, what else might satisfy my wish to sample other cultures? Can I stagger your travel over several years? Plan to spend within your means.

Instead of worrying about staying on budget, build a sustainable spending plan. Figure out how to do the things you value without taking on additional expenses you may not be able to sustain, such as buying a cottage. Sure, you can enjoy that cottage during the summer and even rent it off-season, but you will have the maintenance and property taxes that come with having a second residence. Consider renting instead of buying.

Grow your retirement funds. Consider investing in a mix of assets that can offer guaranteed income (bonds, annuities, and guaranteed investment certificates); grow your income (stocks or equity mutual funds); help fund your dreams for your children and grandchildren (insurance); and help support you when the unexpected occurs (high-interest savings accounts and insurance).

SOURCE: www.newscanada.com