Retirement: no more mindless meetings, early mornings hunched over your BlackBerry or back pain due to long hours at your desk. You've saved diligently and are now ready to make the move from saver to spender. But how do those in retirement, or approaching retirement, best manage the accounts they took decades to build?
Whether you plan on traveling the world or moving to a smaller home in a quiet neighbourhood, you need to make sure your plans won’t cause you to run out of funds too soon.
“As you enter retirement, it’s not about the number or how much you’ve built up any longer,” says Cynthia Caskey, vice-president and portfolio manager of TD Waterhouse Private Investment Advice. “The whole conversation pivots and changes into ‘What’s my lifestyle? What income and cash flow am I going to be able to draw to pay for that lifestyle?'"
You should start managing your registered retirement savings plan (RRSP) long before you plan to retire, says Howard Kabot, vice-president of financialRead More »from Approaching retirement? Get your money right