At all stages leading up to retirement—from decades to years to mere months before—we may worry if we are going to be able to retire comfortably. Some of us may worry we will not be able to support our lifestyle goals. Others may worry about outliving savings and running out of money.
Starting to plan and save earlier is always better for a smooth transition into retirement. It also helps ensure safety and security during retirement.
Wherever we may be in that process, we must identify the primary challenges and barriers that are either preventing us from moving forward, or paralyzing us with self-doubt about our future in order to overcome them. Only then can we embrace the solutions to achieving a fulfilling retirement.
Planning Inertia
The first step is always planning. Having confidence in ourselves that we will achieve our goals is not to be underestimated. That confidence is so crucial to the comfort we seek in retirement. Those of us with formal plans for generating retirement income and savings will feel more confident from the outset.
Obtaining professional services to help put in place, monitor, and adjust such plans also increases confidence. Having an investment advisor can help paint a clearer picture of what to expect and facilitate a finely tuned—at times complex—plan to best suit your personal needs and objectives.
This all sounds great, but there are several reasons planning is not always prioritized.
It can be extremely difficult to balance long-term, retirement-related goals with more pressing financial realities. Furthermore, it can be daunting to research all the products and options available on the market and determine which would best address our specific retirement needs.
Starting early is an overstated idea, but it is by far the best piece of advice. And with a professional investment advisor, we can start planning for retirement to ensure that we will have what we need upon retiring, and that those objectives can be reached in conjunction with our current goals.
It’s Never Too Late
Despite the feeling that it might be too late to start saving for retirement, it never really is. Every little bit helps, regardless of age and income. Now is always the best time to start. Shame, guilt, or frustration will only stall us longer. The best idea is to move forward, with the mentality that planning and saving for retirement is a marathon, rather than a sprint.
Competing Priorities
We already have day-to-day living expenses, and have to save up for a car, a down payment on a house or condo, a vacation, children’s activities, college, and manage credit card debt. So how can we save for retirement too?
It is difficult to justify something so far in the future when all these things are happening at once right now. But the someday of retirement will come soon enough, which is why, once again, an approach that takes into account a larger plan is the way to go to help us through all stages of life. The question is: who can we trust to help get us there?
Rothenberg Capital Management has been helping Canadians plan and manage their retirement savings for over 40 years. Our advisors are salaried and have state of the art systems and administrative help so they can give their clients expert advice that takes into account the present and the future, without sacrificing one for the other. They will guide you to maximize opportunities at every stage of your life, beginning with questions such as:
- How much income will I need to live comfortably in retirement?
- What should my annual savings be now so that I can reach my retirement goals?
- How should I invest my money for retirement?
Get started with a FREE consultation. With no obligation on your part, you can find out why Rothenberg Capital Management is the trusted choice among Canadians and also enjoy a taste of what it’s like to retire worry-free.
To schedule an introductory call, simply call our office (Montreal: 514-934-0586 or Calgary: 403-228-237), or click here.
