Even if you've been saving for years, it's only natural to wonder if you’ll have enough to enjoy the retirement you want. Here are some tips that can help you know for sure.
One practical way to know whether you have enough saved is to create a retirement budget and try living within it. Doing this before you retire will help you know whether your savings can deliver the lifestyle you want, and give you time to make adjustments to your plan (or your expectations) before you retire.
If you do practise living out your budget and discover that you're not ready to quit working just yet, you can decide to work a few extra years—or look for ways to accelerate your savings.
Not sure where to start? An RBC Financial Planner can help you estimate the budget you’ll need and make a plan. You can also use the Retirement Cash Flow Calculator to do a rough estimate.
If you have accounts at various financial institutions, consolidating into one plan can make it easier to maintain the right mix of investments, know how you’re doing and reduce the fees you pay.
You can transfer Registered Retirement Savings Plan (RRSP) assets tax-free between RRSP accounts—and the same goes for Tax-Free Savings Accounts (TFSAs).
Another option is to use a service such as MyAdvisor at RBC. It’s a unique solution that lets you access unlimited advice from a live advisor and see your savings and investments in one place—even accounts you hold at other financial institutions!
See how MyAdvisor can help you get ready for retirement.
As long as you’re earning an income from work, you have time to continue building your savings. Here are a few tactics that can help you save faster:
Tip: Save the easy way with a regular, automatic savings plan for your RRSP and/or TFSA. It’s the best way to pay yourself first and increase your opportunity for returns.
If you have investments or other financial concerns that keep you up at night—or even if you just want to double-check your numbers, an RBC Financial Planner can help you get a clearer picture of where you stand and what you need to do to help reach your goals.
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