Of course we’d all like to have more money.
So it’s not surprising to see survey results that 58 per cent of Canadians wished they had saved more money for their retirement.
However, the flip side of Schroders’ 2017 Global Investors Study (of 22,100 investors in 30 countries) shows that almost half of Canadians felt they did have enough money at their average retirement age around 60.
You might (semi-)retire from work. But you should never retire from managing your finances.
Whatever your working/retirement status, use this annual RRSP season to remind and motivate yourself to gain or stay in control of your money to help achieve your objectives.
Physical and mental health willing, the good news is you have choices.
Not enough money? Then join the 13 per cent of Canadians who don’t expect to fully retire at all.
The survey showed 60 per cent hope to work part-time for about three years before retiring completely.
Or cut back on the spending, even moving to less expensive housing if you want or need to cut expenses dramatically.
Or – and this is what the financial industry encourages you to make as your number one choice – save and invest more money.
What’s your situation? If you are among the 42 per cent who have enough money for their retirement, congratulations. You have followed one or more of the above strategies – and/or you have (or will have) income from a good company pension.
Other factors include providing for health care and possible nursing home expenses, wanting to remain financially independent, supporting charitable causes while you are alive and after your death.
Remember to consider all aspects of estate planning – for example, how much of your estate you want to leave to your heirs.
In your will (you do have an up-to-date will, don’t you?), where possible leave percentages of the residue of your estate rather than absolute dollar amounts.
Mike Grenby is a columnist and independent personal financial advisor; he'll answer questions in this column as space allows but cannot reply personally – email [email protected]
