SMS 137 – Retirement Considerations

Retirement Considerations

Divide you expenses into three buckets:

  1. Survival expenses
  2. Comfort of life expenses
  3. Luxury life expenses

Considerations in determining your costs base in retirement:

  1. What costs will remain in your life in retirement
  2. You shouldn’t have any debt payments
  3. You won’t have any savings requirements
  4. You won’t be supporting your children
  5. You should relocate to a low cost region
  6. Don’t plan for the worst – unfortunate events will be offset by unanticipated benefits
  7. My research has determined – you need less money than you think
  8. Statically you send 2% per year less past the age of 65
  9. Part-time employment will provide more than just supplemental income
  10. You can always make more money – you can’t make more time

Sources of retirement income:

  1. Pension plans (DB and DC)
  2. Retirement savings (RRSP, TFSA)
  3. Government pensions (CPP and OAS)
  4. Other investments
  5. Inheritance
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