This article on preparing for retirement was originally published on Life in Pleasantville.
So you’ve turned 50. You’re all grown up. It’s sometimes a shock, but I took it in stride and so should you. Now is the time to think of your grown-up future. What’s to look forward to? A great retirement.
Some of you have planned your retirement for years, others are just starting to think about it now. That’s ok, because even at 50 it’s never too late to #RetireReady. Whether you’ve got 25 years to plan or just 15, there’s a lot you can do to make sure you’re comfortable and happy.
First, as Canada’s Money Coach, I learn a lot about people’s money and spending habits. Some are slow and steady, others are chaotic only because life throws many challenges and opportunities at everyone. It’s how you react that’s important. I always start with a goal-based assessment of where they want to be and when. TD approaches your retirement with the same focussed plan. What are your goals? How do you plan to achieve them?
Second, I have an entire toolkit devoted to helping my clients save for the rainy days and the sunny retirements. There’s the 52-Week Saving Plan, a simple way to tuck some money away. I help people find hidden money in their taxes, savings and expenditures.
So many choices
I also work with TD to help people make the right choices by taking a close look at credit card interest rates, mortgages, lines of credit and savings accounts. There is so much on offer, and so many choices, that not being ready for retirement even is simply not an option.
Also, take a moment and look around. If you are 50, your mortgage is almost done. Your kids are through school and hopefully they are out of the house. Many of you have grandkids on the way. The hustle and grind of your early years are behind you and you can look forward to a new stage in your life, where your money is yours, and yours alone. How will you make the most of it, and have a solid nest egg for your golden years?
Here are a few guidelines I share with my clients:
- Know where you stand. Consider a goal-based assessment from TD. Find out exactly what effort you need to make sure you can #RetireReady. TD will take you through their entire range of savings options, from Tax Free Savings Accounts to Retirement Savings Plans, all in plain simple language that makes it easy for you to understand so you can make the right choices.
- Put it in writing and refer to the plan regularly. With your plan from TD you’ll have goals and milestones that you can knock off and celebrate … all while building your #RetireReady fund.
- Trust the professionals. To ask for help is the first step towards achieving any goal. Like Canada’s Money Coach, the professionals at TD have heard it all. My clients like that I take them through each component of any plan, we talk about risks and rewards, we face our plan with a clear understanding of how to get it done. Asking for advice is easy, listening to it is the hard, but most important element. TD’s professional, helpful advice will help you get what you want, and what you need. They get to know the real you, not just the numbers. And as a result, they’ll help you to #RetireReady.