Saving for retirement

The other day in my networking group I gave a presentation on retirement…
 
Retirement…
 
Ok you might be wondering why a 26 year old is writing about retirement… Why - because I know that most people drastically underestimate the amount they need to retire to do the things they love to do.
 
If you have never thought about retirement and have never thought about how much money it takes to retire…try inputting your information into a calculator.
 
There are many to choose from if you google retirement calculator. I used the one on the fidelity.ca website …it told me how much I need if the markets perform well…and if they perform poorly... It will also tell you the total amount of savings you will need. What this doesn’t take into consideration are the many ways you’re life will change. What happens if you receive an inheritance, what happens if you start to save more when your children are out of the household, what happens when you downsize your home and have extra money available to invest? There are MANY other parts of your life that this doesn’t take into consideration. So it is best to continually update to see where you stand.
 
The BEST part about this calculator is it gives you a target to work towards. If you thought you were doing well just saving money here or there…it might be your wake up call to get on track. On the other hand, if you have been saving more than you need to, you can feel comfortable you're on the right track.
 
Most importantly, if you are worried talk to a professional who can run the numbers for you
and get a plan put in place for your retirement.
 
Like I said in my previous blog…Starting YOUNG and saving the right amount is the best way to an easy retirement!
 
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