After years of living the “rat race”, you are looking forward to the day when you can start living on your own schedule. Being a good employee is important, but eventually you will arrive at the day when you are the boss. But do you have enough assets to enjoy your preferred lifestyle? When considering a proper retirement plan in Brampton it is critical to think about the three phases of retirement planning.
You get home from work, your spouse is tired, and the baby just spilled spaghetti all over the carpet. Your older child got suspended from school for cutting his friend’s hair. After dinner, you can barely think straight. Who has the time and energy to make critical decisions about their financial life?
Raising the next generation and working to support them is already a tall order. How can you make sure you are on the right track financially when you already have your hands full?
You are more experienced now, your bank account is larger, and it is easier to think further ahead. Paying next month’s bills is not as stressful as it used to be. However, while paying the mortgage might not keep you up at night, planning for the next few years might cause some tossing and turning.
How will you pay for your son’s private high school? Your daughter’s violin lessons are getting expensive too. What about your aging mother who may need to move in with you? And your spouse just told you they might lose their job.
During the last market downturn a few years ago, retirees who had all their assets in equities saw their nest egg shrink by almost 35% over a 12 month period. This is an absolute nightmare scenario for a retiree, and unfortunately, it was a reality for too many hard-working people.
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