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Retiring Soon? Plan More Than Just Your Money

As you approach retirement, it’s essential to plan for more than just your finances. While money is undoubtedly a crucial part of a comfortable retirement, planning for the emotional, social, and physical aspects of your life can significantly enhance your overall well-being during your retirement.

Ensuring a fulfilling retirement involves mapping out how you will spend your time, maintaining social connections, staying active and healthy, and pursuing hobbies or interests that you enjoy.

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The Pros and Cons of Working Longer

working longer trend, pros and cons

There is a growing trend in the approach to retirement, with many people deciding to work beyond what was once considered the “normal” retirement age. As you consider your options, you may find that you need the extra income or you simply love what you do and identify with your job.

Recent studies show that about one in three people aged 60 and over continue to work. About half of these said they needed to work, and the other half wanted to work. More than three-quarters of today’s workers expect to be working into their retirement years.

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How to Save for Retirement With No Company Pension Plan

saving for retirement with no company pension plan

The number of companies providing defined benefit pension plans, or even defined contribution pension plans and Group RRSP alternatives, continues to decline. As well, the frequency of employees changing jobs has been on the increase for years. Therefore, increasingly, the onus is on individuals to provide for their own retirement.

So, what do you do if you do not have a company pension plan? There are several strategies and vehicles to help you save for your retirement. The key is to have a plan and to start as early as possible.

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