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According to a recent study conducted by Retired Quebec, 45% of québec workers do not adopt the right behaviors in the field of financial planning for retirement.
It’s optimism or lack of foresight, the preconceived ideas about retirement are numerous. Some of them may even jeopardize your financial security, or even put you in a vulnerable situation.
See the five mistakes frequently committed when the financial planning retirement.
1. Make proof of lack of foresight
It may be that you are you considered too young to think about retirement or thinking about it make you anxious.
This is quite understandable, but be aware that the most common problem in terms of retirement, it is the lack of planning.
Take the time to define your retirement project. In the thus taking in hand, you will be able to realize it according to your aspirations. The longer you wait to save, the harder it will be to reach your goal.
Arm you properly for drawing up your financial plan, first short term and then long-term.
Consider the thing as a long-term undertaking, a project that is being built little by little, step by step. Because, as with any project, a retreat, it has to be planned!
Finally, if possible, plan a financial leeway to deal with certain events that are likely to occur.
2. Be too optimistic
You contribute to the registered plan offered by your employer? You think you finance your old days with the value of your property?
This is a good start, but unfortunately, this is not enough. There may be more to assure you a peace of mind in retirement.
Remedy the situation by setting savings goals. Don’t forget to review your savings plan annually or following a significant change in your personal situation, whether it is financial or family.
Because save enough, it is essential to succeed in achieving your retirement project!
3. Do not diversify their investments
In addition to making contributions to the registered plan offered by your employer, put money aside elsewhere. Make your money work for you by investing it in various products.
To protect yourself against inflation, the key is the distribution. So remember to diversify your investments, rather than concentrating in a single product.
Keep in mind that your average yields should be at least equivalent to inflation, failing to eat away at your capital.
4. Do not equip themselves properly
You have already started saving. Do you know, however, if the amounts you set aside are sufficient?
Use SimulR, the interactive tool developed by Retired Quebec to simulate your retirement income.
It allows you to quickly get an overview of the amounts that you could receive based on your age as well as an estimate of the amount of savings that you will have to accumulate. Everything is done online, for free and in just a few minutes. Share your results with your financial planner.
In the optical, where you are not sure where to start, take the time to familiarize yourself in the matter. Educate yourself on the various savings and disbursement consultant capsules information Flash Retirement.
They are all available online and self-service.
5. Neglecting the importance of the financial planner
Salary comparable, Quebecers who have a financial planner, you have 69% of financial assets of more than those who do not. This is not little to say!
So don’t hesitate to fine-tune your retirement plan by following the advice of a financial planner. A few annual meetings, the costs of which are often borne by your financial institution, are sufficient to guide you to the right direction.
In addition to clarify what are your concrete objectives in the field of economy, he or she will help you to diversify your savings strategies and disbursement mechanisms to better plan your income in retirement.
Also, take advantage of its expertise to review your calculations regularly. In effect, your savings needs and your personal situation may evolve with age.
It all begins with the strategic use of the many tools that are available to you. This should allow you to be on the safe side of the statistics on the behaviour in the field of financial planning for retirement! So, how will you enjoy your old days?
As with any project, a retirement, it has to be planned!