This is the question most people ask once they reach the typical “retirement age”. Before you start crunching the numbers, take stock of your personal goals.
2,000 hours. That’s how much time the average Canadian spends at work each year. Do you have a plan to fill that time throughout your retirement years? What do you want to achieve during retirement, and what is most important to you, if you can’t do it all?
Thanks to advances in medical care and healthier lifestyles, Canadians can spend 30 years or more in retirement. When you talk to your financial planner about how much money you will need, keep these three stages in mind.
Retirement spending isn’t a straight line—or is it entirely predictable. Recognizing the needs you may have during each stage can help you plan out your future and the finances to support it.
Once you have an idea of what you want in retirement, your RBC financial planner will help you create a plan to meet your goals. He or she will look at your sources of income, current and future expenses to help you figure out the numbers. We call this approach Your Future by DesignTM
“A lot of people have a vision—a snapshot—of what they expect retirement to look like. Life, however, is a full feature film.”
— Bill Hill, National Retirement Consultant, RBC Financial Planning
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