When it comes to retirement planning, successful retirees have common traits that contritube to their financial security.
One such trait is their ability to establish good money management practices from a young age, which allows them to take advantage of compounding interest over time. Equally significant is the practice of staying within one's financial limits and prioritizing saving money.
Another trait is the ability to remain calm and focused during periods of market volatility. Staying calm when facing market volatility, allows you to steer clear of impulsive financial choices driven by market fluctuations.
In the episode, Joseph Curry and Regan Schiller chat about these common traits that their successful clients share:
- Good money habits
- An understanding of the inevitability of market turbulence
- Sticking to well-formulated plans rather than panicking during market lows
These retirees are more likely to achieve their financial goals and enjoy a comfortable retirement.
In today’s episode, you'll learn how to:
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Craft robust retirement strategies in collaboration with experienced financial advisors.
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Cultivate a fulfilling and satisfying retirement lifestyle.
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Build a stable financial future by diversifying your investment portfolios.
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Safeguard your retirement savings by maintaining a strong cash reserve.
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Adapt your retirement plan in response to market shifts and potential risks.
Resources in Today’s Episode:
Joseph Curry
Regan Schiller
Mastering Your Retirement Finances: A Step-by-Step Guide to a Solid Retirement Income Plan
We want to show you exactly how to develop a predictable income plan for your retirement, so you can enjoy financial stability and satisfaction during your golden years.
Joseph Curry and Regan Schiller have partnered together to bring you practical advice and insights from their experience in retirement planning. They’ve helped countless individuals like you navigate the often-overwhelming world of financial planning and find peace of mind in knowing they've set themselves up for success in retirement. Joe and Regan will take you through the steps they’ve used to create income plans for their clients, sharing their expertise and personal stories along the way.
Retirement is a significant milestone in one's life, and having a predictable income plan plays a crucial role in ensuring financial stability and satisfaction during those golden years. In a world where financial markets are constantly evolving, and economic uncertainties are on the rise, it is essential for retirees to have a well-rounded financial plan in place to maintain their desired lifestyle.
A financial advisor can provide valuable guidance in developing a plan to tackle your retirement plan, helping you achieve greater financial freedom in the long run. Once you have a clear picture of your current financial situation, it's time to envision your retirement lifestyle and develop an appropriate roadmap to get there.
The following are a few common trends amongst retirees that will determine your success:
Save Early, Save Often
Often it comes down to being a good saver. Many successful retirees have a lifetime of good money habits, and they know where they spend their money. They have started young and made a habit of putting money aside. For example, you may put away $50 a month into your RSP. It doesn’t seem like a lot but if you’ve been doing this for 30-40 years, it starts to compound.
Stick to the Plan
Accomplished retirees demonstrate the ability to adhere to their financial plan and maintain the discipline to avoid impulsive reactions. With a reliable income strategy in place, market turbulence is less likely to impact your monthly earnings significantly.
Align your Values with your Spending
It's crucial to be completely honest with your financial planner about your spending habits. When you can candidly assess your expenses and where your money goes, you'll gain a deeper understanding of how to align your spending with your core values.
Reach your Financial Goals and Sleep at Night
You'll want your financial planner to consider your personal comfort level when determining the ideal amount of cash to maintain in your account. This is often referred to as your "peace of mind" fund. It's not meant to be spent; rather, it's there to ensure that you can sleep soundly at night. You should have confidence that your investments are working effectively for you and that you have a clear path toward maintaining your desired lifestyle. It's all about not only helping you achieve your financial goals but also ensuring that you can rest easy.
Your Lifestyle in Retirement
As you approach retirement it’s also important to think about purpose. Many people identify with their career, and they pour their heart and soul into their career. When you arrive at retirement, without a sense of purpose or drive, retirement can feel unfulfilling. People who have planned out what the next stage of life looks like before they actually get there are the ones that will have a more fulfilling retirement.
With these expectations in mind, you can work alongside your financial advisor to create a customized plan for saving and investing that will help you reach your goals. It's also crucial to regularly review and adjust this plan as your life circumstances, financial markets, and personal goals change over time. By staying engaged with your retirement plan and proactively adapting to shifts in your financial landscape, you'll be better equipped to create a predictable income during your golden years.
In closing, taking the time to thoroughly assess your current financial situation and working with a financial advisor to develop a tailored plan for your retirement will pay off in the long run. By being honest about your spending habits, setting realistic goals, and actively engaging with your retirement plan, you can successfully navigate market fluctuations and create a sense of predictability in your retirement income. Embrace this opportunity to take control of your financial future, and you'll not only enjoy a more satisfying retirement but also the peace of mind that comes with knowing you've done everything possible to secure your financial well-being.
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