Posts Tagged With ‘ boomer retirement planning ’

 Here are the last 10 places that are ranked in the  top twenty: 11.    Canada (Rank: 11): ·         Pension System: Basic national benefits, means-tested income supplement, and public pension plans. ·         Strength: Diversification of income sources and adjustments for inflation. ·         Challenge: Improvement needed in quality of life and material well-being. 12.    New Zealand (Rank: 12): ·         Pension System: Universal public pension, KiwiSaver DC retirement scheme, and alternative occupational schemes. ·         Strength: Effective... Continue Reading

As you transition into retirement, it’s a perfect time to discover the vibrant and flourishing aspects of your identity that may have been somewhat overshadowed during your working years. Retirement doesn’t mark the end of your personal journey but rather the beginning of an exciting new chapter in your life. The path ahead is filled with opportunities to redefine who you are and to nurture your sense of self in a positive and confident manner. Life is a precious gift, and it’s crucial to approach it with optimism and a sense of purpose. Each day is a chance to explore your passions,... Continue Reading

 I have been asked by many approaching retirement this question,  “Do you really need to take a view on inflation for the purposes of modelling future wealth?” When approaching retirement and trying to model future wealth, it’s essential to consider the potential impact of inflation on your financial planning. Inflation is a key factor that can erode the purchasing power of your savings and investments over time.   Inflation is the gradual increase in the prices of goods and services over time, which reduces the real value of money. It’s a common economic phenomenon... Continue Reading

Planning for retirement is about making more informed decisions. Over the years we have acquired knowledge and personal insights and have grown to trust our insights and intuition. This type of knowledge is called tacit knowledge, and it is difficult to articulate, codify, or transfer to others. When it comes to retirement planning, tacit knowledge plays a significant role. Your emotional connection to retirement, your personal experiences and how you envision your ideal retirement, the lifestyle you want, and your sense of fulfillment are influenced by your unique life experiences and aspirations.... Continue Reading

 You will live in retirement another 20 to 30 years, so it is important that you prioritize your physical and mental health. Regular exercise, a balanced diet, and staying socially connected can contribute to a happy and healthy retirement. Consider joining clubs, fitness classes, or local groups to stay active and engaged. Joining is an excellent way to stay active and engaged during retirement, especially if you’ve been primarily focused on work and have limited outside activities. Think about your interests and hobbies. What have you always wanted to explore but didn’t have the time for... Continue Reading

 Congratulations on your retirement! After retiring, what would you do on the first day, instead of going to work? During the first few weeks, you feel that you are on holiday. I was an educator, and I had two months off, so for the first two months, I was in holiday mode. At the end of the two months, my wife and I did actually go on a holiday and took it another two months. Some of you may have actually planned out what you would do with your retirement. I did not. I retired on a whim, with good reasons but I had not planned out what I would actually do with myself when I retired. I worked full... Continue Reading

 If you live in Canada there is a new way of accessing services for seniors, and all Canadians, in planning for a secure and dignified retirement.  Canadians considering retirement can now take advantage of new and improved tools to help make informed decisions regarding retirement planning and retire with confidence and peace of mind. Service Canada launched the Retirement Hub (https://retraite-retirement.service.canada.ca/en/home)  – a new, user-friendly, online tool that provides a simple and improved experience for Canadians planning their retirement. It will help Canadians with planning,... Continue Reading

 Are you paid by the hour? Do you believe you will be able to retire with comfort? If not, you are not alone, just over 50% of hourly employees feel they will be able to retire comfortably. A survey of 2,000 employees split evenly between salaried and hourly workers reveals that hourly workers are less confident they will retire comfortably compared to salaried workers (53% vs. 63%). The survey conducted in 2023 on behalf of a retirement benefit provider finds that 25% of employees say their employer does not offer a retirement savings plan. Hourly workers making less than $60,000 a year have... Continue Reading

 It’s important to recognize that achieving a fulfilling retirement doesn’t require substantial wealth. Wealthy people are not the only ones who have enjoyable retirements. They know how much money they need for retirement and live within their means. Nearing retirement and feeling unsure about your finances, try these ideas: Consider making retirement financial literacy your primary focus. Begin with the fundamentals. Learn about personal finance during retirement through books, courses, newsletters, and workshops. Check with your employer or financial institution for retirement help. Before... Continue Reading

Life can start at retirement. By this stage, we have lived enough to start admitting that the past is past, and we have learned many things. We begin to understand that our future may be deceptive because it depends on the present, and we have to seize the opportunity to improve and not go backwards.  Victor Hugo said, “The future goes by many names. To the weak is it the unreachable. To the frightened, the unknown. To the brave it is opportunity.” You make decisions for yourself.  And you are happier for it. Yes, you have family/spouse/pets, but you are no longer making decisions based on... Continue Reading