Introduction

First we should define what exactly retirement is all about? Retirement takes on different interpretations by individuals but in the purest for of the definition, retirement is that point in time when individual no longer needs to work for money. You may choose to work full or part time or maybe volunteer your time, but you don’t need to work for money and this is usually a byproduct of effective retirement planning. Others say they will never retire; however, it is important for their own peace of mind to know that at some future point in time they no longer need to work in order to live a particular lifestyle.

Planning for retirement is one of the most important actions that you can take to secure a comfortable future for you and your family. Proper planning will safeguard you against outliving the funds you have set aside for a worry free retirement. To begin the process retirement planning requires you to ask four fundamental questions:

1. Am I going to be able to retire?
2. If I am able to retire, at what age will I be able to do so?
3. What sort of lifestyle do I wish to have and will I be able to fund it?
4. How long do I need my money to last?

Retirement is a major financial goal for most Canadians, one that requires considerable financial commitment. In Canada, according to Stats Canada (2001) 52% of Canadians are hoping to retire by the age of 60. However, an Ipsos-Reid survey revealed that among Canadians aged 45 plus who have an RRSP and are still working, 39 percent of this segment have less than $50,000 saved. An overwhelming 56 percent of Canadians aged 18 to 34, and 31 percent of those aged 35 to 54, don’t even have an RRSP. Whether you have already established a Retirement Savings Plan or are just beginning, it truly never is too late to begin your plan.

Table of Contents

1. Retirement Planning
2. How Much Money Will You Need to Retire?
3. Retirement One Question at a Time
4. Assembling Your Retirement Plan
5. Retirement Income – Where Will It All Come From?
6. What is an RRSP?
7. Do You Worry That Your RRSP is not Enough?
8. You May Not Need as Much as You Think
9. Spousal RRSPs
10. What Is a RRIF?
11. What is a TFSA?
12. RRSP or Tax Free…That is the Question
13. What is an RDSP?
14. Annuities
15. Put Your Assets to Work for You
16. Home Equity, Don’t Just Sit on It
17. Follow These Tips to Maximize Your Final Investment Year
18. How Can You Save Taxes During Retirement?

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