Not your parents’ retirement
Compared to previous generations, today’s retirees are living longer, healthier, and so understandably, more active lives. In nearly every way, you’re more youthful than your parents were at your age. So it’s fitting that your “retirement style” is also different.
What’s your retirement style?
Kinda-sorta retirement: The line between your working and retired life is blurry in this scenario. It usually involves part-time or contract employment, like consulting or training – or maybe even starting your own business.
Dedicated retirement: If your retirement involves pursuing a passion, this is your scenario. It’s likely something you’ve always wanted to do, like golf or charitable endeavours, but didn’t have the time while you were working.
Light-switch retirement: In this scenario, you leave your work routine behind for a blissfully unplanned lifestyle. There are no responsibilities, no schedules and absolutely no alarm clocks.
Every retirement style comes with lifestyle decisions that should be carefully considered. How you live will determine how much savings you need, and decisions you make now can have a significant impact on your nest egg’s longevity.
Here are a few things to consider and discuss with us.
- Will you downsize your home?
- Do you plan to purchase a home in another country?
- Will you have employment income past age 71?
- Will you have debt in retirement?
- Will you be caring for family members during retirement?
- What amount of discretionary savings will you need?
- How will you pay for any healthcare-related expenses?
Your retirement lifestyle, income sources and any debt are important factors in determining the best strategies for your unique situation. Talk to us about a personalized retirement plan that helps you make informed decisions.
This column, written and published by Investors Group Financial Services Inc. (in Québec – a Financial Services Firm), and Investors Group Securities Inc. (in Québec, a firm in Financial Planning) presents general information only and is not a solicitation to buy or sell any investments. Contact your own advisor for specific advice about your circumstances. For more information on this topic please contact your Investors Group Consultant.