When Canadians think about retirement, they often imagine traveling, spending time with friends and family, or re-discovering lost hobbies to fill up their spare time. When thinking about retirement planning, most people assume they only need to save enough money to live comfortably in their golden years. However, accumulating enough wealth is just one step in a very long process in order for retirees to enjoy the benefits of their long-lived careers.
There are many elements in life that can impact retirement planning. Market conditions, marital status, family, and job safety can all influence this process. To fully prepare for retirement, all of these components need to be accounted for, including other factors such as inflation and taxes. The key to proper retirement planning is making sure the individual or couple does not outlive their money. For married couples, each partner needs to be involved in every step of the process. It is important for both partners to have a clear understanding of what is expected to achieve their retirement goals.
Family members, especially children, can have an effect on retirement planning. Raising a family in the modern world can be very costly. Accounting for their living expenses and university tuition requires careful financial planning to ensure you have enough saved for retirement.
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https://www.theglobeandmail.com/investing/globe-advisor/advisor-practice/article-why-having-enough-money-is-just-one-piece-of-the-retirement-puzzle
