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Warning sign two inadequate financial planning.

A big issue for some is the problem of inadequate
financial planning. A lack of Clarity around your financial situation, such as
not knowing if you have enough saved or if your budget is realistic, can lead
to Anxiety and Stress when income changes after Retirement.

As you start to plan for retirement, the
planning of which should start about 10 years before you actually retire, you
should consult a financial planner. When you consult, you should review the four
pillars of your retirement. These pillars are:

  1. In  Canada, the Canada Pension Plan (CPP) or
    in the U.S, Social Security is the first pillar of retirement.
  2. In Canada the Employer Pension Plans
    which align with Employer-sponsored retirement plans (401(k)s,
    pensions) in the U.S. as the second pillar of retirement.

  1. In Canada Registered Retirement Savings Plans and
    Tax Free Savings Accounts align with Personal savings and investments
    (IRAs, Roth IRAs, and other investments) in the
    U. S as the third pillar of retirement.
  2. Home equity is often considered the fourth pillar in the
    U.S., while in Canada, Old Age Security is considered the fourth pillar.

A
retirement-specific financial advisor can help create a sustainable retirement
income strategy. After your meeting, you should have the tools to help you create a budget before leaving work to see if it’s
realistic and allows for unexpected expenses. Or you could take a course, many
community colleges and retirement websites offer Online Courses on managing
retirement finances. To help you check out these resources: Fidelity Retirement
Calculator can help you estimate if your savings are on track and NerdWallet
Retirement Planning Tools which offers budgeting tips and calculators tailored
to retirement

Originally Published on https://boomersnotsenior.blogspot.com/

I served as a teacher, a teacher on Call, a Department Head, a District Curriculum, Specialist, a Program Coordinator, and a Provincial Curriculum Coordinator over a forty year career. In addition, I was the Department Head for Curriculum and Instruction, as well as a professor both online and in person at the University of Phoenix (Canada) from 2000-2010.

I also worked with Special Needs students. I gave workshops on curriculum development and staff training before I fully retired

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