Retirement Planning do's and Dont's
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Thread: Retirement Planning do's and Dont's

  1. #1
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    Retirement Planning do's and Dont's

    Do Start Early
    Starting retirement planning early has many benefits. A survey showed that people who start saving for retirement in their 20s are 66% more likely to retire before age 60 compared to those that begin saving in their 30s.

    Do Know Your Risk Tolerance
    Just like people want to do different things in their retirement, they also have different levels of risk tolerance. Each person’s risk profile depends on their wealth, income, and how far they are from the expected retirement age. For instance, the type of stocks found in a 20-something’s portfolio might not be ideal for someone at age 55. Therefore, before deciding on what to put in your retirement portfolio, always make sure you know how much you can afford to lose.

    Don’t Put All Your Eggs in One Basket
    We have all heard of this line before, but it is still worth mentioning. Sometimes an investment opportunity can look so attractive that you don’t think there’s a chance of losing money, and you just want to put all your money into it. This is when you should remind yourself not to put all your eggs in one basket.

    Don’t Speculate
    Speculating another big retirement planning mistake. Everyone loves triple-digit returns, and it’s always exciting to bet on “the next big thing.” But to get those returns, it almost always requires taking a substantial amount of risk.

    Any more suggestions??


  2. #2
    Senior Member Beaver101's Avatar
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    Maybe the question: Are you mentally ready for retirement?
    Everyone should be respected as an individual, but no one idolized.-A. Einstein

  3. #3
    Senior Member Daniel A.'s Avatar
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    Good advice, I remember when I was in my early twenties looking at CPP thinking this is nothing at twenty five I went to work for a company that had a DB pension they paid for. Thirty years later I was able and more than willing to retire with a buyout offer.
    I know some that could not take advantage of the buyout offer only due to not having enough years in the pension to make it worth while.

    I've been retired for almost seven years now the first 3.5 years I did nothing other than what I wanted at the moment no commitments, I wintered in Mexico for two years 4 months each time and that got old for me. I'm the type that needs to have a purpose not just sit around.

    The last couple of years I've worked a bit part-time where I'm in charge of the hours that I put in very limited but puts about 16,000.00 extra in my pocket a year not that I need it though it does come in handy such as when my daughter called me last month wanting to buy a house before the close of the one they have needing money for
    the down payment.

    Mentally I was ready after putting in over thirty years at one job the idea that I could leave and go do anything I wanted. In my life since school I was only out of work for less than four months so had 38 years in CPP at full max. Then with my company pension I knew I had a good deal I've just in the past month put in for CPP that should give me another 900.00 a month their estimate. Between my wife and I we collect now 5500.00 a month both with great DB pensions and that will only increase with OAS.

    There were so many times in the course of work that I wanted to walk away but knew I just had to stick with it.
    After retiring my kids looked and thought boy you have it good but they don't understand what it takes to be where I'm at their journey is really just starting and they are faced with a very different world.
    Being a lifer with a company is not easy but then again neither is bouncing from one job to the next.

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  5. #4
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    Quote Originally Posted by Beaver101 View Post
    Maybe the question: Are you mentally ready for retirement?
    As time goes by, some of us who have retired find we are less and less mentally ready. But the die is cast......

  6. #5
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    Fund your retirement before RESP. The trend is for the baby boomers is screw their retirement in favor of enabling their kids to feel no pain have having to make their own money

    If your having money problems figure out the problem with your personality & fix it.

  7. #6
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    The thing with RESP's is you get the government grants and it is hard to say no to that.

  8. #7
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    Good Advice

    The do's and dont's is a very informative list for any newbie.

  9. #8
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    I'd add: Don't rush into anything

    Make sure you take it slow, take time to read and consider different ideas. Don't make knee jerk decisions to go with one investment or one approach. And plans are not permanent... keep learning more and refining your strategy.

  10. #9
    Senior Member My Own Advisor's Avatar
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    Good advice lonewolf.

    I'll echo James' comment. Don't rush whatsoever.
    Hidden Content - Working on a $1 million portfolio and $30k per year from it.

  11. #10
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    - Make a plan.
    - Write it up.
    - Stick to it.


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