Retirement Planning

Retirement planning simply means to allocate finances for the retirement. The goal here is of retirement planning which is to accomplish financial independence during the retirement years, so that the need to be fully employed becomes optional rather than a basic necessity.

Retirement funds applied to start a business is a pretty bad idea.  You must assess in this situation your circumstances and consider:
• Time window before you retire,
• Your values, and types of your assets accounts,
•  Your Age,

There are benefits for which you are eligible and few options you might want to consider should you choose to retire.Retirement Pension provides a monthly taxable benefit to retired contributors.The application kit is available online or you may pick one up at any Service Canada Centre. You can also contact Service Canada and have a kit mailed to you. If you do not apply right away, you could lose some benefits.

There is also International Benefits program provides social security benefits to eligible individuals who have lived or worked in another country other than Canada, or to the  common-law partner of eligible individuals who have lived or worked in another country.

The process of retirement planning aims to generally do the following :

1. Assess readiness-to-retire given a desired retirement age and lifestyle, i.e. whether one has enough money to retire; and
2. Identify actions to improve readiness-to-retire.

Life after retirement

Retirement might coincide with important life changes; a retired worker might move to a new location, for example a retirement community, thereby having less frequent contact with their previous social context and adopting a new lifestyle. Often retirees volunteer for charities and other community organizations. Tourism is a common marker of retirement and for some becomes a way of life, such as for so called grey nomads.
Reasons to start a retirement plan regardless of what is happening in your life.

1. If you don’t have a retirement plan on your job
2. If you work for yourself or have your own business
3. If you know you don’t have any investments, inheritance or a windfall of money
4. If you plan to live past age fifty.

Retirement Planning

Retirement