What’s Your Retirement Strategy?
Key Steps To Boost Your Retirement Savings
Finances can be challenging to balance, particularly if you have a low income, or are having problems affording your obligations. It’s easy to become overwhelmed when it comes to making your retirement plan. It’s never too early to start putting money aside for your retirement. Regardless of your age, begin saving for retirement as soon as you have money available – even if it means saving as little as possible each week. Keep in mind that even modest amounts compound up over time.
Setting retirement goals, for starters, will give you an idea of how much you should be saving. Consider your travel plans, where you will be living (i.e. your current home, or a retirement home), any outstanding debts (such as a mortgage), and when you intend to retire. Deciding when you want to retire has a major impact on how much money you’ll need to save. Take into account the retirement goals of you and your partner, and the amount of money you will receive from pensions, investments, and personal savings. You must ensure that you have sufficient funds to maintain yourself for the duration of your retirement. Finally, preparing for an emergency might help soften the impact when the inevitable happens. It is important to ensure a separate savings account set aside solely for emergencies. You should be able to live comfortably for 3 to 6 months with the money you’ve set aside.
If you have any questions in regards to retirement savings please give us a call to speak with one of our mortgage specialists at (416)621-7501.