Unity Credit Union Limited

Retirement Planning

Why do I need a Retirement Plan?

Planning for a financially secure retirement is one of the most important challenges facing Canadians. Many do not belong to pension plans and the future of government plans like Old Age security and the Canada Pension Plan is clouded with uncertainty. An increase in early retirements, coupled with longer life spans, means retirements are lasting longer than they used to. The importance of taking responsibility for funding your retirement and relying less on governments has never been greater.

It’s in your best interest to start working on a Retirement Plan as soon as possible.

What is involved in Retirement Planning?

A Retirement Plan consists of 3 important steps:

Setting a retirement date.
Estimating your annual lifestyle expenditure during retirement.
Measuring your retirement costs against your expected financial resources during retirement.
Planning for retirement involves tradeoffs.

The amount of retirement capital you need often depends on:

When you start investing
When you retire
The return on your investments
Your income expectations
Income indexing
Your current saving levels
The amount of government pension income

For more information, contact:

Scott Smith, CFP at 306-228-4515 Ext. 231 or email scott.smith@unity.cu.sk.ca

Credential Financial Strategies Inc.

Back