Establish a retirement savings strategy
While financial services professionals can help you design your retirement savings strategy, the elements are relatively straightforward.
First of all, nothing prevents you from getting a more precise idea of what you want, and then from showing the result of your reflection to an advisor.
For a more muscular approach, you can also use the SimulRetraite calculator External link. Opens in a new window. on the Régie des rentes du Québec website or the Canadian retirement income calculator External link. Opens in a new window. from the federal government.
A survey on financial health and well-being, conducted in 2018 by Desjardins Insurance among approximately 3,000 Canadians, reveals the following:
58% of respondents
who have a written financial plan have $ 50,000 or more in savings.
A 4-step retirement savings strategy
Step 1: Define your retirement goals and determine your financial needs for ...
get an idea of the age at which you plan to retire;
start planning your retirement plans: travel, buy property in another country or help pay for your grandchildren's education;
decide if you will use the simple method (70% of pre-retirement income) or the retirement budget (PDF, 308 KB) Opens in a new window. to calculate the annual income you will need in retirement.
Step 2: Determine your sources of retirement income and your savings needs for ...
get an idea of where your retirement income will come from: Do you have a group retirement plan with your employer? Will you continue to work part time? Will you have an old age security pension?
estimate how much additional savings you will need to meet your financial needs in retirement.
Step 3: Determine your investor profile and make the investment choices for ...
establish your level of tolerance for the risk of fluctuating investments;
define the types of investments to which you have access and which correspond to your savings objectives and your level of risk tolerance.
Ask an advisor to establish your investor profile.
Step 4: Review the elements of your strategy each year and adjust them as needed to ...
assess whether the objectives of the strategy are being achieved;
make the necessary adjustments if your situation has changed;
seek professional help if you are having difficulty getting the results you want.
Talk to experts on complex issues
Consult a financial advisor or planner to ...
take out life insurance to ensure the financial security of your loved ones in the event of death;
take out other insurance (for example: salary, critical illness, long-term care) to protect your savings in the event of illness or disability;
enhance your retirement savings strategy.
Consult your employer if you have a group retirement savings plan for ...
take advantage of payroll deductions for your group retirement savings plan contributions, without reducing your net income too much;
find out about the terms and conditions of your group retirement savings plan and the types of investments available.
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