Retirement Planning

Planning for Retirement

Step 1 - Budget & Expenses

Look at your current living situation and look at your existing bills.
First start with your core expenses. Travel, acommodations & food.
Map that out, plan for the standard inflation rate of 3% per year increase.

Step 2 - Decide the Age At which you plan to retire.

Decide whether that'll be 55, 60 or 65 or older. Look at whether by
those ages you'll be eligible for any retirement incomes thru the
government such as old age security, pensions or other government funding.

Step 3 - Determine the income sources you're sure to get.

Level 1 - Federal or (from the country)
Level 2 - Provincial or State
Level 3 - Private Insurance/Pensions/Savings

Step 4 - Compare your expected income with your needs

Look at the type of living you wish to have, factor in inflation over
the years and look at the figures on paper. Decide how much extra
you might wish to save in order to live at a comfortable level.

Step 5 - Determine how much you need to save.

It's that simple, last step is to figure out how much you need to
save in order to make it that far.