What to know about Retirement…now!

How to Retire by Age 30 "This was achieved not through luck or amazing skill” 2 $67,000 salaries Saved 65% of earnings Investments, 2 rental properties Live on $25,0

Mr. Money Mustache’s Tips  Save Half of Your ‘Take Home’ Pay Forget the big, fancy car Don’t finance a car, ever When you have money, downsize Do your own home improvements “Trim the fat” from your day to day (gym memberships, coffees, etc) http://abcnews.go.com/Business/man-mr-money-mustache-retired-30/story?id=30989572

Retirement in Canada People are working longer than they ever have What do you think the average retirement age is?

Retirement in Canada Average retirement age is 65 for men and women Old Age Security benefit can begin at 65 (was 67 under the Conservative government) In Australia, the retirement age is 70

Roger http://www.cbc.ca/news/business/canada- retirement-age-rising-1.3638733

Retirement in Canada Moving to cheaper parts of Canada or warmer countries where their $ stretches Many not ready Living longer, haven’t properly saved for retirement Downsizing homes Townhomes/condos, easier space to manage Companies are adjusting Instead of a big party and goodbye, they’re introducing “phased retirements” Retirement doesn’t always mean not working Really they’re working P/T, cutting back hours or consulting – or starting a new business

The Big 4 What do you think they are?

The Big 4 Finances Health Social Emotional

1. Finances Savings from RRSP’s (Registered Retirement Savings Plan), Pensions, Investments Only 1/3 of work places offer pensions More tomorrow from BMO Most people need about 70% of your yearly income for X amount of years during retirement, to enjoy a lifestyle you’re used to Less if your mortgage is paid off and you downsize, and no children to support (50%)

2. Health How will you stay healthy and active? Start now! A healthy retirement is more enjoyable, less expensive, better for your mental health

3. Social How will you stay connected to people without co workers around? What activities will you take part in? Volunteering?

4. Emotional Are you prepared to lose a piece of your identity? Are you ready to adjust to a different lifestyle? Supports in place? Do you have a plan for how you will spend your days? Depression, anxiety can creep up at this time

Big Decisions What do you think?

Big Decisions Move or stay? To travel? New hobbies or existing ones?

But…who knows? What will retirement look like when you retire around 2065?