Retirement Planning For Canadians.

What is retirement planning?
A simple definition is: The setting aside of enough money during one's income earning years to provide an income during retirement.

Seems simple enough, doesn't it? In years gone by it was possible for the money set aside in this manner and supplemented by Government assistance such as the Canada Pension Plan and Old Age Security, to provide for a comfortable and dignified retirement lifestyle.

Canadians have a Registered Education Savings Plan (RESP) for their child's Higher Education; however, I believe it would be beneficial to the rest of us if we were to have a Retirement Education Savings Plan, or some other type of universal education system that would encourage us to take an active role in our retirement planning.
Neither age nor income level should prevent us from taking an active and proactive interest in our retirement planning.

We have been alerted to the possibility that those of us newly retired or soon to retire will not be able to count on the Government support that our parents did. We are on our own! If we are to achieve and maintain a financially secure retirement we must become knowledgeable, informed and involved in creating the income that will support our retirement financial needs.

Fortunately, technology has made it increasingly easy for anyone with the desire and initiative to get as much information as is needed to begin to take an active role in their own financial planning and welfare.

Because we are living such longer and more active lives many of us will need almost as much income in our retirement, as we needed before we retired. Then too, health issues can place a bigger financial strain on our retirement income. So, if we do not want to live a limiting and financially restricted lifestyle when we retire, we must take steps today that will ensure we have the financial means to enjoy a secure retirement.

So, how will you handle retirement? Burying your head in the sand is not an effective plan. If you plan to retire, you can and should learn about the many effective and efficient financial strategies and investing vehicles that will ensure that your "golden" years really are "golden".

There are those in the financial industry who present a doom and gloom attitude about what they perceive will be the lack of sufficient retirement funds for a majority of future retirees. I do not agree with this outcome as a foregone conclusion.

Achieving your retirement financial goals means understanding what you have today and how to use it to effectively create the financial security and independence you will need in the future!