Plan ahead with Sue Wyseman: Budgeting before you retire

In the next 5 years we will see the baby boom generation start to retire. This generation, unlike their parents, have a definite idea of how they want to spend their retirement years, however, many have not prepared accordingly.

When I sit down with members contemplating retirement the most important question is not “Can I afford to stop working?”, but rather “When can I stop working?”. Before you can answer this, it is necessary to have a clear understanding of your company pension, Canada Pension Plan and Old Age Security Plan benefits. Like a salary these pension benefits will provide a good portion of your retirement income along with Registered Retirement Savings and non-registered savings plans.

By estimating your retirement expenses and income now, you can avoid any unpleasant surprises, such as not having sufficient income to support yourself. Remember, working with a Financial Planner is about more than investing. Our Financial Planners work with you to ensure that you have a plan that will take you through every step of your life cycle, from University days to Estate Planning. Set up an appointment today. The Credit Union is ready to help.