Ever wonder how to build out a solid retirement game-plan? In this video we show you the key things you need to think about, how to build in a safety buffer and some free resources on how you can do this on your own if you want to.

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DISCLAIMER: The content and opinions on this channel are for informational and educational purposes only and none of it is (nor is it intended to be) investment advice. It is our firm position that everyone has a unique situation and should seek professional advice on how best to navigate it. Rhys Martell is a Chartered Investment Manager (CIM), a Fellow of the Canadian Securities Industry (FCSI), a Qualified Associate Financial Planner (QAFP) and more. However, he is not registered to provide investment advice and does not provide specific recommendations. Those looking for specific investment advice should seek out a registered professional. Rhys Martell is not responsible for any investment decisions taken by anyone other than himself….(read more)

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retirement planning may seem like a daunting task, but a solid plan can ensure that you have financial security during your golden years. Here are some key steps to creating a retirement plan that fits your lifestyle and goals.

1. Determine Your Retirement Goals

The first step in creating a retirement plan is to determine what you want to achieve during your retirement years. Do you want to travel extensively or move to a different location? Do you plan to continue working part-time or volunteer? Whatever your goals, you need to quantify them in terms of the amount of money you will need to achieve them.

2. Calculate Your Retirement Budget

Once you have determined your retirement goals, the next step is to calculate your retirement budget. This involves estimating your expected income and expenses during your retirement years. Even if you plan to continue working part-time, you will likely have a reduced income, so you need to consider sources of income such as pensions, investments, and savings.

3. Create a Retirement Plan

Based on your goals and budget, you will need to create a retirement plan that takes into account investments, savings, and other sources of income like pensions and government benefits. Consulting with a financial planner can help ensure that your plan is well-rounded and includes a range of investment options to mitigate risks and maximize returns.

4. Save for Retirement

Saving enough money for retirement is one of the most essential parts of the planning process. Start by looking at your current expenses and making adjustments that will free up money you can redirect to your retirement account. In addition to personal savings, many people also invest in retirement savings accounts such as RRSPs, TFSAs, and Defined Benefit Plans. The key is to start saving as early as possible in order to allow for compounding returns over time.

5. Monitor Your Plan Regularly

Creating a retirement plan is not a one-time event. You need to review and monitor your plan on a regular basis to ensure that it remains on track. Your investment strategies may need to be adjusted as market conditions change, or your budget may be impacted by unexpected expenses. Regularly reviewing and making updates to your plan can help you stay on track and remain confident in your financial future.

In conclusion, creating a solid retirement plan can feel overwhelming, but it is essential for achieving the financial security you desire during your retirement years. By determining your goals, creating a budget, investing wisely, saving consistently, and monitoring your plan regularly, you can create a retirement plan that fits your lifestyle and helps you achieve your dreams.