Retirement comes with many changes to your finances

Here is some helpful information to guide you on your retirement journey

ASSESS YOUR FINANCES

What do you expect your monthly expenses to be as a retiree? Will your pension, savings, and investments be enough to cover your needs? Before you retire, you’ll want to create a budget and likely speak with a financial planner about how you can make the best use of your money and investments during this next stage of your life.

PAY OFF YOUR DEBT

After you retire, you’ll likely have a lower monthly income than you were used to when you were working. This means it can be harder to meet monthly instalment payments and the rising interest on your debts. While you’re still working, you should make plans to eliminate your debt or reduce it as much as you can.

PLAN FOR LARGE PURCHASES

Do you plan to downsize to a smaller home? The cost of renovations needed to sell can take many retirees by surprise. Even if you remain in your home, you should think about potential large costs down the line, such as replacing old appliances or buying a new vehicle.

PLAN YOUR TIME

What do you want to do with your retirement? Learn a new skill? Travel the world? Volunteer in your community? Start thinking about what you envision for your retirement lifestyle, and what you need to do in order to make those dreams a reality.