Last week we celebrated Canada’s 153rd Birthday! As Canadians we are extremely lucky to live, work and eventually retire in one of the greatest countries in the world.

Here are 10 reasons why:  

1. Canada consistently ranks as one of the best countries in the world to live.

2. Canadian life expectancy is among the highest in the world.

3. The Canada Pension Plan is sustainable for at least the next 70 years.

4. Canadian governments cover approximately 70% of health costs.

5. Canada’s retirement income system provides flexible options for saving, investing and generation income.

6. The Bank of Canada is committed to keeping inflation low and predictable.

7. Workplace pension coverage is likely to improve as governments consider various proposals.

8. Compared to other countries, Canada is in good shape financially.

9. Rising Canadian housing prices have added wealth to baby boomer’s net worth.

10. Canada’s labor market provides opportunities for older Canadians.

Even though Canada is a great place to retire, you still must plan your retirement.

Here are six key points to remember.

Know what you want your retirement to look like.
If you know what you want, you are more likely to get it.  

Make a written Retirement Plan.
If you want to have control over how you live your later years, creating a written plan in advance will likely mean you have better options when you have to make choices about what you do and where you live.  

Planning to Work in Retirement is not a Retirement Plan.
an to work because it gives you satisfaction, fulfillment, and enjoyment – not because you need to.  

Get Good Advice.
Professional financial advice can improve your chances of having the retirement you want.  

Do not assume your living expenses will be lower in retirement. There may be things you spend more on, such as travel, entertainment, hobbies, and health insurance.  

A house is not a retirement savings account.
Downsizing can be complicated and may not get you the financial results you want.  

Creating a Retirement Income Plan is one aspect of Financial Planning that I love to do, if we have not worked on yours yet, give me a call.  

Tracey
           

Products or services related to investments, investment recommendations, financial planning, retirement planning, and investment reviews are provided through our mutual fund dealer Security Financial Services and Investment Corp.

Source: Fidelity Investments, Fidelity Retirement Survey, by The Strategic Counsel,MT 06-28-2016,2017-10-04   Photo by Stuart Miles. Published on 26 July 2012