After years of living the “rat race”, you are looking forward to the day when you can start living on your own schedule. Being a good employee is important, but eventually you will arrive at the day when you are the boss. But do you have enough assets to enjoy your preferred lifestyle? When considering a proper retirement plan in Calgary it is critical to think about the three phases of retirement planning.
Accumulation
A good retirement plan starts on your first day in the working world. This is the accumulation phase. The earlier you can start saving, the more your money will have a chance to compound throughout the years. However, most young people don’t have huge incomes, so this is a challenge.
Pre-Retirement
Ironically, you make the most amount of money just before you retire, so there is less of a chance for it to have time to compound. But don’t let this discourage you.
Retirement
At this point, you will be concerned with income and wealth preservation. Growth will take a backseat so you can focus on paying the bills with the proceeds from your nest egg.
With careful planning, you can make sure your money outlasts you. There are many different options available: RRSPs, TFSAs, CPP, annuities, investment funds and more. All of these things exist to help you grow your assets so you can invest in your future.
But how can you choose which investments are right for you? That’s where an experienced financial advisor can help. An advisor can help you sort through your priorities, goals, and risk tolerance levels so you can make the decision that is the best one for you.
Like a tour guide in a foreign country, a financial advisor in Calgary can guide you through the world of finance to make sure you have the best retirement experience possible.
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