Are you approaching retirement age? Retirement is a milestone that many of us will spend years working and saving toward. A time when we can finally sit back and enjoy the fruits and hard work of our lives. If you are planning on retiring in the next 5 years, here are some things that you need to know.
Whether you have a pension plan, RRSPs, or other assets, you must make sure you are financially prepared for retirement. With the loss of your working income, you will need to supplement your quality of life with money from other areas. CPP alone is often not enough to keep up the same quality of living that you may have become accustomed to during your working years. If you have not yet spoken to a Chartered Professional Accountant to look over your finances and provide retirement planning advice, now is most definitely the time to do it. It is not too late.
You may need to decide if that large house or prime location you are currently living in is something that you will want to carry on with, or if it also time to downsize when you retire. While this can be a tough decision, you may find the equity that you free up from downsizing can help with your financial planning, leading to more cash available to enjoy throughout your retirement years.
One of the most important things you can do to prepare for retirement is to being to educate yourself. When you meet and get information on retirement planning, make sure that you also learning about the many options and approaches available, so you are best educated to make the decision that will most benefit you well into your retirement years.
If retirement within the next 5 years is a consideration for you, make sure that you start retirement planning now if you have not. The Chartered Professional Accountants at Naicker & Associates can work with you to make your retirement a smooth transition.