Why have a retirement plan?

There are many good reasons to have a retirement plan. Preparing to retire is about more than setting money aside for the future. You should know how much money you will need and how investing will help you reach that goal. Knowing how much you need to save depends on what you expect your lifestyle to look like in your retirement years.

A retirement plan can help you:

  1. Set goals – A plan helps you set goals for retirement, including the age when you want to stop working.
  2. Know how much to save – It can help you figure out how much money you need to live comfortably.
  3. Choose investments – A plan can guide your investment choices based on your goals, time horizon and your risk tolerance.

Retirement doesn’t mean you have to stop working 

If you think you’ll need additional retirement income, try turning one of your hobbies or passions into a job. Working during retirement might sound odd, but it’s a great time to pursue interests you’ve always wanted to explore. 

There’s a good chance your career was largely focused on a 9-5 job to pay bills and put away money for your future, so now could be the time to turn your attention to a passion project or something you really enjoy. 

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