Retirement Check-Up

Gwen Renwick, Vice President, Innovation Wealth
Gwen Renwick
Gwen Renwick

Vice President

Innovation Wealth

We have all heard of “Freedom 55” but with increased debt and market downturns, does it still exist? Is retirement really in your near future?

Today is a great time to financially check in with a wealth professional to ensure you are on course.

Financial Check Up

A good place to start is to make sure your immediate goals are met. You’ll also want to have enough emergency cash on hand to cover you for six to nine months of living expenses. If you are coming up short, focus on finding a solution that achieves your short-term objectives.

A wealth professional can help you develop a short and long-term budget and action plan. Knowing what you are saving for and how you’re going to do it will give you focus and peace of mind.  

Will you be retiring with debt? Look at accelerating your debt repayment now so that your cash flow in retirement won’t be impacted. Debt also has estate planning implications. When you leave a cottage to your children, debt can mean your heirs get very little. The property may even have to be sold to satisfy creditors.

Your Current Retirement Plan

Your next focus can be your current retirement plan.  

Look at your budget and get a good understanding of how much it will take for you to live exactly as you are today when you retire. 

It’s also good to understand how your tax situation will change when you retire to avoid the surprise of additional or unnecessary tax. Expert advice will help you manage your finances today to achieve your financial goals in the future. 

Financial Goals

If your retirement plan is on track, why not see if there are more goals you can achieve prior to financial freedom? Think about your list of “things to do before I turn 55”. If you’ve always wanted to travel to Europe or buy a sailboat, you might want to establish a plan for making it happen in the near future while you are still earning income. Focus on one goal at a time. Your progress will be faster which will keep you motivated.  

There are many financial goals and needs to consider, from taking a closer look at retirement, to making sure you are doing the things in life that you planned to. You may also want to look at whether your estate plans and insurance coverage are in order. 

Innovation Wealth can help

Consulting a wealth professional to develop or update your financial plan will give you control over your finances; both your short-term and long-term goals.  You may achieve your dream of retirement sooner than you think.  

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