With Canada’s aging population, more and more people are preparing to wind down their career and take their next steps into retirement. While many people dream about golf courses and pursuing forgotten hobbies, without a clear plan retirement can be a bumpy landing. Looking to the future, many Canadians are pre-planning the lifestyle they want to live and the financial obligations required to get there. Once their ideas are set, many begin working with professionals to create a roadmap to their destination. Want to do the same? Read on for our guide to a great pre-planned retirement.
Dreaming of the perfect retirement – For so many, retirement seems intimidating because the future seems so unclear. Setting clear and attainable goals provides you with a sense of direction to the next great phase of your life. Right now, the average Canadian is spending over 1700 hours a year working. Sitting down and plotting out what you plan to do with your newfound time is essential to a great retirement.
For some, retirement is an opportunity to go back to school and expand their knowledge, or finally find the time to work on a project or business they have been putting off. For others, it is a chance to travel the world by themselves or with loved ones, experiencing new cultures, or working with non-profits. Or maybe you’ve worked a difficult career and are ready to finally get some much-needed rest. Regardless, a purposeful life fills your time in retirement with real meaning.
The professionals that will help you get there – Now that you have clearly defined goals in retirement, it’s time to meet with the professionals that can help you get there. Meeting with financial advisors or life planners is a great way to ensure that your bank account and career are in the right direction for the life you want to live. They can help you align your spending habits with the type of lifestyle you aspire to have and prepare years in advance for the big shift.
Additionally, it is critical to consider meeting with a lawyer beforehand to make sure your documentation is in order. So many procrastinate on these essential documents, and must deal with the headache of last minute preparations. Being proactive on paperwork such as wills, life insurance, and understanding policies can give you a huge step up down the road.
While financial advisors and lawyers are considered standard procedure, many people preparing for retirement forget meeting with a realtor which can pay in huge dividends down the road. With key knowledge of housing market trends, a real estate agent can help make projections of homes for sale down the road, and make sure your current location is desirable when you decide it’s time to sell.
For many families preparing for retirement, looking at smaller living situations can be an important part of the process. Read more on our essential tips for preparing for downsizing here (Link to article 6)
Don’t grow older, grow wiser – For so many, retirement can seem daunting, especially after becoming comfortable with your career and lifestyle. So much of our time is dedicated to our career that giving it up seems like too much to handle. By preparing the lifestyle you want in advance, and working with professionals to create the plan to get there, you can ensure that it’s smooth sailing into your retirement. With this, you’ll be excited for where your heading, not what you’re leaving in the past.
