Take Stock

Are you 25 years old? 45? 55? When it comes to retirement, it's never too early to take stock of your situation and see what lies ahead. We have a few suggestions and questions to make you think, depending on how many years you have left before you retire.

Do you want a plan that is tailored to your situation? Learn more about our retirement projection service.

Retirement in 30 Years

Yeah, right. That's a long way off! We hear you, but it's in your best interests to start planning as soon as possible. You’ll thank us in the end.

Conceivable Current Situation Important Questions for the Future

Until your mid-thirties, common financial concerns are:

  • establishing your credit and banking reputation
  • buying a house or a car
  • starting a family

Only professional athletes start thinking about retirement that young! For the rest of us, the reality is more about having relatively liquid savings and readily accessible investments.

  • At what age do you plan to retire?
  • Do you have an idea of the public pension plan benefits you'll be entitled to if you retire at age 55, 60 or 65?
  • Have you determined how much you'll need to have a comfortable retirement, taking into account the increased cost of living?
  • Do you know how much you need to save to reach your goals?

Retirement in 15 Years

It's not quite as far away, yet it's not just around the corner either. It's an almost inevitable concern, unless you've got money to burn or you like the idea of a dull retirement.

Conceivable Current Situation Important Questions for the Future

From your mid-thirties until the end of your forties, your career is taking off and financial security is improving accordingly. Your strategic priorities are:

  • managing your investments and optimizing their growth
  • building an estate
  • lowering your tax bill
  • Have you decided at what age you plan to retire?
  • Have you estimated your retirement income and expenses? Do you have all your bases covered?
  • Have you determined how much you need to save to reach your goals, taking into account public and supplemental pension plan benefits? At the rate you're going, are things looking good?

Retirement in 5 Years

You're officially in pre-retirement phase. Time flies, doesn't it? At this stage, you gradually go from planning to preparing.

Conceivable Current Situation Important Questions for the Future

As retirement draws near, two main financial goals weigh heavy on your mind:

  • increasing your investments and your estate
  • securing your investments and your estate

It's time to reconcile these two goals as best you can. What's more, the emphasis is no longer on retirement savings, but also on preparing for your new lifestyle.

  • Are you ready? Have you decided where and how you will enjoy your retirement?
  • Have you estimated your retirement income and expenses, taking into account all the income sources to which you will be entitled? Do you have all your bases covered? If not, will you be able to correct the situation, in whole or in part? Are you going to have to put off your retirement a few years in order to reach your goal?
  • Have you started thinking about how to manage your assets once you have retired?

Retiring Before Age 65

If you want to retire at, say, age 55 instead of 65, you'd better start saving now! With ten fewer years to build your nest egg, it could make all the difference.

Retirement Age Life Expectancy Capital Accrued at Age 55 Annual Return Annual Income

55

80

$100,000

6%

$7,400

65

80

$100,000

6%

$17,400

By letting the $100,000 in the above table accrue for ten more years, the annual pension increases by $10,000 (until age 80). To have a pension of $17,400 at age 55, you're going to need $235,776 in the bank at retirement. Now there’s some food for thought!

Now that you have a better idea of where you stand, here are some strategies for starting to invest now for later.

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