Synergy Credit Union - Are you on track to meet your retirement goals?

Pat has been putting away money in his savings account for years.

He has accumulated a nice portfolio since he started around the age of 30. Now, 45, he is happy with the progress he is making in his portfolio. But in the back of his mind, he is still wondering if he is on track for what he needs.

It’s easy to be focused on the savings aspect of planning your retirement. After all, ensuring your investments are in order can make all the difference in reaching your financial goals.

But retirement is a process, not a date. Make note of these milestones, and as you approach them, check in with us to ensure you’re on track to retire when and how you want.

50+: Even if retirement is still 10 or more years away, it’s not too early to begin mapping out how to transition your holdings from growth to income and capital preservation.
60: This is the earliest that eligible Canadians can begin taking Canada Pension Plan (CPP) or Quebec Pension Plan (QPP) payments. Should you? We can run the numbers and help you decide. 65 If you’re turning 65 this year or next and meet the eligibility requirements, you can start receiving Old Age Security (OAS). But you have the option of deferring the benefit for up retirement to 60 months. We can help you consider the pros and cons to this decision in light of your specific situation.
70: If you chose to defer your CPP/QPP payments, you must begin to take them now. We’ll need to review your budget to see where the extra cash would best be deployed and plan for any tax implications.
71: You must collapse your Registered Retirement Savings Plans (RRSPs) by the end of the year in which you turn 71. If you have significant registered assets, however, collapsing RRSPs sooner may preserve your ability to collect income-tested government benefits.

Up Next: Retiring in the next 5 years - A 'to do' list

Think back to your most recent savings goal. How long did you have to save in order to reach it?