A good first step in the retirement planning process is to set a goal.
You’ll start by making an estimate of when you want to retire from full-time work. It’s OK if this is a very rough guess.
The median retirement age for Canadians is about 65. That number has been increasing over the past few decades.
If you think you might want to keep working part-time after retiring from full-time work, then you might want to choose a slightly later retirement date for planning purposes.
Delaying retirement is one of the most powerful ways to improve your retirement readiness. That’s because:
- It decreases the amount of money you need
- It gives you more time to save
- It gives more time for your savings to grow and benefit from the magic of compoundingThis video helps to explain:
