Secure Your Retirement

Whether you’re just starting to think about retirement or you’ve been in the workforce for decades, planning is an essential part of making your dreams a reality.

The Secure Your Retirement step is understanding your current financial status. A review of all your assets, debts and savings helps provide a clear picture of what you have and what you need. This is often enlightening and can uncover new ways to save.

You’ll also need to consider how your expenses will change in retirement. A typical rule of thumb is that you’ll need to replace about 70%-85% of your pre-retirement income in retirement.1 This includes things like your savings and investments, as well as Social Security benefits.

Expert Investment Planning for Your Financial Future – Exponent Ottawa

Finally, it’s a good idea to plan for unpredictable costs such as health care and long-term care. Consider health insurance and a long-term care policy to help mitigate these risks.

If you’re still working, don’t forget to take advantage of employer matching contributions in your 401(k) or other workplace retirement account. Every dollar you put into your account that your employer matches is a dollar less you’ll need to draw down in a down market.