Many financial planners will use a quick rule of thumb to determine how much you need for retirement – for example 70% of your pre-retirement income. This is based on a 1996 actuarial study that figured out that, on average, people would need less; assuming their home was paid off and their kids were self-sufficient. The problem with this, as Jim Yih of http://retirehappy.ca pointed out, was that not many of us are average. Nor do many of us really want to be just average!
At Money Coaches Canada, our retirement planning process starts with establishing what retirement means and looks like to YOU. Will you be travelling the world? Joining a gardening club? Babysitting grandkids? After you have articulated your own vision, dreams and goals; only then can then we figure out how much money you will actually need. Read Jim Yih’s great blog post on Retirement Lifestyle Planning. He helps one consider all the aspects of a balanced retirement, not just financial. After all, the ‘golden years’ are about a lot more than just money…
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