Financial Planning – Where to start?
Have you ever gone on a vacation without a plan as to where you would stay or where you would stop for fuel and food? How about a trip that involves a few flights to get to your destination? Did you ever not know where you were going once you landed from the flight? Likely the answer is no. When we travel somewhere, we tend to plan out exactly where we will stop to eat and where we will stay during our trip.
So, why would your retirement be any different? You work your entire life to save for retirement. Without a plan in place, it is extremely difficult to know when, or if, you can retire.
Wanting a retirement plan but don’t know where to begin? First thing you need to do is gather all financial information such as bank account statements, pension statements, RRSP and TFSA statements, life insurance policies, and CPP statements. Once you have all of that together, next step would be to figure out how much you are spending every month using a detailed monthly budget. This is very important step and can not be missed. Take a look at the past few months to see where you are spending your money.
Lastly, start thinking about retirement and what that looks like to you. Is it retiring up at the cabin? Spending time with your grandchildren? Travelling the world and seeing everything it has to offer? Perhaps it is to stay home and do the things you have always wanted to do but never had the time. Depending on what retirement means to you, will determine how much money you will need in retirement.
Next step is for a Certified Financial Planner at M.Y. Private Wealth of Raymond James to do the work. We will look at your entire financial situation and discuss it with you together. Then we will construct a retirement plan based upon your needs and risk tolerance. Doing this, will help to determine how much more money you may need to save and how much you can spend during retirement. Once we review your retirement plan with you, we always make it a priority to review it at least once a year to make sure you are on track. As we know, life changes all the time and these changes may affect your plan.
Celeste Yuzdepski
Financial Advisor
