Tuesday, February 14, 2017

What Will Retirement Look Like for You? #RetireReady with TD

I had a visit with my financial advisor a couple of weeks ago. It was an hour of tidying up accounts, removing my late husband's name, discussing how and when to deal with the mortgage on our home. It was a bit overwhelming, but also satisfying to get some financial matters I'd been ignoring looked after. She even found an old chequing account of mine that had a few dollars in it. So we transferred the new found dollars and closed it out. Score!

At the end of our visit, she recapped everything we'd done, and went through my remaining accounts with me to make sure it was all in order. That brought her to my RRSPs. Let's just say she was unimpressed with my investment mix. She's a no-nonsense woman, which I appreciate, and she made it quite clear that, at my age, I needed to have a more aggressive plan if I hoped to have the happy, active retirement I desired. Apparently, my risk-tolerance is kind of wimpy. Despite my heart palpitations, I believe her, so we'll be meeting again next month to fix up my portfolio. Wish me luck!

The clock is ticking. But there's still time.

Have you planned for your retirement? I don't just mean the financial side, but how you want your retirement to look as well. Jim and I had planned to retire in Newfoundland, buy a little place by the ocean. I still might do that, although being near grandkids will for sure be a priority, which could keep me in Ontario. I know I don't plan to spend my latter years sitting in a rocking chair with my crochet, or at least not too much more than I do now. I hope to stay active, make time for travel and exploration. I expect I'll feel a need to keep working in some capacity for a long time as well. Not just for the income, but to keep my mind active and to feel a continued connection to my professional life. Plus, I get bored easily. Heck, my mom was 70 before she gave up working full-time. She said it was for the paycheque, but we all kind of knew she really just loved to be busy.

I adore hiking and exploring nature. Retirement will give me lots of time for that, I hope!
Not everyone retires in the same way, or at the same time of life. I once had a dream of calling it quits at 55, of course, but that seems unlikely now. I would like to aim for 60 though, at least to start easing in to retirement. That gives me 13 years to plan and save and invest. But I can't figure it all out on my own, hence the financial advisor. She'll help me create a secure enough nest egg so I can continue to enjoy life as I wish long after I stop working. If I want to travel, I'll need a little more. The key to getting there is in the plan, and its execution.

So, what have I been doing so far? I've been making small, monthly contributions to an RRSP since my late 20s. Originally it was a payroll deduction plan, and then I set up an automatic monthly transfer from my bank account. Both options work well for me, because I don't have to think about them. They happen on their own, so I won't forget or decide to skip a month. But it still hasn't added up to a lot, and every year when I'm doing my taxes and looking at my RRSP allowable limit, I sigh, wishing I could come anywhere near to that number. I was lucky enough to have a good pension plan with my last employer, which I cashed out when I left. That's sitting in an RRSP as well, and that's where we are going to focus for my investment plan.

TD believes there's a lot you can do to secure your retirement in the 15 years leading up to it, allowing you to become #RetireReady. I like that phrase. Before you take that step out of the workforce, you need to have things in place and be ready for the next phase of life, financially and otherwise. A TD goals-based assessment can help you figure out what you want out of retirement, allowing you to gain a better understanding of the retirement income you will need. Only once you know that end goal can you really create and implement a successful plan to get there. You can explore TD's retirement products and book an appointment with a TD financial advisor at www.td.com/retireready.

I'm getting #RetireReady. Want to join me? It's kind of exciting :)

Disclosure: This post is part of the YummyMummyClub.ca and TD and the #RetireReady sponsored program. I received compensation as a thank you for my participation. This post reflects my personal opinion about the information provided by the sponsors.

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