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10 or more years until you retire

10 or more years until you retire

Retirement is a long way off, so you figure you've got lots of time to think about it. And with more than 10 years to go, you've got plenty of other things on your mind. Still, it's time to start taking concrete steps that will pay off in the long run as part of a simple yet effective action plan.

Money matters

Create a monthly budget so you'll…

  • Be able to allocate income to expenses (rent, groceries, loan payments, etc.)
  • Be aware of any high-interest debts so you can pay them off quickly
  • Be able to free up extra cash for retirement savings

 Get an overview of your income, expenses and Investments (PDF, 683 KB)

Create a retirement savings strategy so you'll…

  • Have an idea of your retirement goals
  • Be able to define your short- and mid-term savings needs
  • Know which investment options are available

Need help with a retirement savings strategy?

Start saving now so you can…

  • Invest long-term and earn more money with less risk
  • Develop good saving habits like using automatic withdrawals or payroll deductions to save (if possible)
  • Set up an emergency fund to cover unexpected expenses
  • Max out your RRSP contribution every year so you'll have less taxable income and you won't have to make large contributions later on to catch up
  • Max out your TFSA contribution each year so you can earn interest tax-free
  • Take full advantage of your group RRSP (if you've got one), since the fees that apply for these plans are usually lower than for individual plans
  • Save up for other things (buying a home, going back to school, having a child, etc.)

Start your estate planning so you can…

  • Figure out what's involved in settling an estate
  • Name an executor (also known as a liquidator)
  • Set up your Personal Record (PDF, 600 KB) so all your personal information and documents are in one place to make things easier for the executor
  • Determine whether you need to talk to an expert

Need help with estate planning?

Tips from an expert

Talk to a representative or a financial planner about…

  • Taking out life insurance to make sure your loved ones are taken care of when you die
  • Buying other coverages (disability, critical illness, long-term care, etc.) to protect your savings in case you get sick or become disabled
  • Improving your retirement savings strategy

Talk to your employer about your group retirement savings plan so you can…

  • Contribute to the group plan through payroll deductions without significantly reducing your net income
  • Learn more about the terms and conditions of the group retirement savings plan and the types of investments available