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 The
Money Management Newsletter: Managing
Money
Investment planning throughout the life-cycles:
ABCs & 123's
Ages 51-60:
Retirement is in sight
By the Money Management Editor
Money Management Newsletter
This age bracket indicates you're at the peak of your career, your mortgage
paid off, and you're looking towards eventual retirement. This is also
the time to consider what your pension and retirement income will be against
future expenses. Such a review will help you identify any shortfalls and
take corrective action if possible - being prepared makes the retirement
transition easier!
A change in health or the offer of early retirement may have you turning
your attention towards life after work! Here's what to do to be prepared.
Pointers:
1. Determine what retirement means to you, your spouse? How will you
spend your time? Where will you live? Is working beyond retirement an
option?
2. Ask yourself - are your retirement savings matching your aspirations?
Will you need to fine-tune your budget and or savings goals?
3. Take steps to retire debt-free.
4. Review your savings and investments to coincide with your retirement
date. Consider combining RRSP accounts into a single plan. This helps
when converting your RSP savings into replacement income for the day you
stop going into work.
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| Next page: Ages 61-70 - Retirement's
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, Fiscal Agents Money Management Newsletter
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