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If you are over age 50...

Retirement planning is possible


After age 50, you have less time to take advantage of new savings habits. But there's still time to act!


10 suggestions to help you make financial plans for retirement

  1. Save regularly and as often as possible!
    Never hesitate to put money aside. Contribute to your RRSP every year. When possible, add any unused contributions from prior years.

    You can save regularly without negatively impacting your budget. Ask your financial institution to make automatic transfers or ask your employer to deduct amounts from your pay.

  2. Get rid of any large debts
    It is important to arrive at retirement without any large debts. Contribute to an RRSP and use the related tax deduction to make an extra payment on your mortgage.

  3. Think about phased retirement
    Would you like to go from full-time work to part-time work? If so, phased retirement may be for you. You may be able to receive a temporary benefit from your supplemental pension plan to offset the reduction in your employment earnings.

  4. Revise your retirement goals
    Review your plans and re-evaluate your financial needs after retirement. Be sure that your savings efforts will help you reach your goals. If you do that now, when you retire, your lifestyle will not change radically. For help, use one of our tools: Planning for retirement in 5 steps.

  5. Think about retiring a little later than you had originally planned
    This option has several advantages. For example, your retirement pension under the Québec Pension Plan and your pension under a supplemental pension plan (pension fund), if you have one, will be higher and so will your personal savings.

  6. Project your retirement income regularly
    Use CompuPension, our tool for simulating retirement income, at each of life's turning points. Determine your financial needs and adjust your savings plan as needed, with the help of your financial planner.

  7. Consult a financial planner
    You should consult a financial planner as early as possible to find out if your financial, tax and investment strategies are optimal. Then you can make intelligent choices.

    Be sure your financial planner is certified by the Autorité des marchés financiers du Québec.

  8. Sign up for a retirement preparation course
    Inform yourself on financial management, adapting to retirement, health, etc. Some employers offer courses to their employees that cover these subjects. Ask about it!

  9. Update your will
    Be sure the name of your spouse and your conjugal status (married or de facto union) as well as your last wishes are correctly stated.

    You should also think about having a mandate in case of incapacity.

  10. Set a good retirement planning example for your children!
    You play a vital role in the financial future of your children. Did you know that a study carried out at Laval University showed that young people under age 29 consider their parents to be their main source for learning about personal financial planning? Set a good example and show them the right way to go.


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