Retirement Goals

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Plan and Make Your Retirement Dreams Come True

We are all working towards retirement and there are many things you can do to insure that you will be ready to enjoy it when the time comes. We will look at just a few of these items in this article. In order to enjoy a stress free retirement in Calgary it is important to have enough funds on hand to be able to do the things you enjoy doing.

Plan You Way to Retirement

  • Evaluate your resources
  • Evaluate your investments
  • Make a new retirement model
  • Plan for quality of life
  • Manage your social security and healthcare

Evaluate your Resources

Take a good hard look at your resources and your net worth. Add up everything you own and everything you owe. In retirement all types of resources will be important to you including your home, your investments, your insurance policies, your cash, your IRAs and annuities. The more diversification you have, the better off you will be.

Evaluate your Investments

Where your money is invested now can make a big difference in terms of how you fare in retirement. The less cash reserves or less low yield investments you have the better off you will be when you retire. Invest in mutual funds not stocks. You will better weather any economic storms between now and retirement if you stay in mutual funds.

Make a New Retirement Model

Don’t rely on the retirement model that your parents relied on. Social security with or without a pension and some savings in the bank, will not be enough. You have to be committed to a new model. You need to have investments that pay dividends or investments with growth. While you are evaluating your resources you need to create a stream of income. It can come from your investments, from the dividends or from interest. Wherever it comes from, it has to fuel your retirement. You cannot rely on static sources of income.

Plan for Quality of Life

If you want to have a good retirement with a high quality of life, then you have to let go of leaving your funds to your children. You need to use your funds for your own quality of life. If there are funds left when you pass on, those funds can become the inheritance for your children or your children’s children. Don’t sacrifice your current life for the inheritance of the future.  If your home is paid for and you don’t need a reverse mortgage then your children can inherit your home. Better yet take a cruise or a major adventure and include your children and grandchildren in the adventure now. Use your resources to enjoy the time with them now rather than leave those resources behind you.

Manage your Social Security and Healthcare

If you choose to retire before the age of 66 try to do so without taking your social security payments or medical care. Use your investments, interest or savings and consider working part time doing something you enjoy from age 62-66. In this way you will not have to take a reduced amount of social security.

It you follow these guidelines, you should be able to enjoy your retirement with enough funds to make it worthwhile.