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At this website, you can find useful tips to make the most out of your retirement planning. It is called “7 top retirement tips for 2018,” and it has essential tips that we all should consider when we think about saving for our future. Although they are simple tips, it can make a significant difference in our retirement planning if followed as suggested. Some of the suggestions include: Budgeting, paying off debts, staying healthy and setting up gradual transitions process.

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7 top retirement tips for 2018

Ready to say farewell to your workaday life and hello to those long-awaited golden years? A little planning can help you make your dreams a reality.

Retirement opens up a seemingly limitless world of possibilities. But all those choices can be a bit intimidating.

The good news is with a bit of care, forethought and preparation, you can not only plot out a successful, fulfilling retirement, but also ensure you'll have the funds on hand to pay for it.

The following 7 simple, practical tips can help you begin that journey:

1. Map your future

While you should definitely leave room in your plan for serendipity and adventure, creating a list of your priorities for your golden years can prove invaluable as you lay down a sturdy foundation for your retirement. What's on your list? Exotic travel, starting a new part-time business, spending more time with friends and family, diving into a new hobby or signing up for a class on a topic in which you've long harboured an interest? Take some time to mull over what you really want to do with this tabula rasa. Be sure to encourage your partner, if you have one, to do the same and then look together for common ground as well as the places where there's synergy between your separate wants and needs.

In short, if you want to map out your best possible future, it doesn't hurt to have a decent idea of the desired destination.

2. Budget, budget, budget

Now that you have a more solid conception of what you want your retirement to look like, it's time to crunch the numbers and establish a feasible budget. Get as detailed as possible. Include housing costs, rent, gas, hydro, food, transportation and any other expenses that come to mind. If you are considering downsizing your space to free up resources, keep an eye on the market and work with a real estate agent you trust to maximize the value of your move. Remember to factor in inflation costs (Canada's average is about 2%). Some expenses, such as commuting or lunch costs, will disappear, so take those savings into account as well.

3. Pay off your debts

Do your best to pay off any debt while you're still earning a regular income. Once that debt is gone, redirect those resources to your savings, investments and other long-term goals.

4. Max out your investments

Max out your retirement investments by putting as much as you can into your registered retirement savings plan (RRSP) and tax-free savings account (TFSA), then speak with your financial advisor about further options for growing your money that best suit your unique needs.

5. Seek out other potential sources of retirement income

Your RRSP, TFSA and employee pension plan need not be your only sources of retirement income. You may also be eligible for payments from Old Age Security (OAS), the Canada Pension Plan (CPP)/ Quebec Pension Plan (QPP) and the Guaranteed Income Supplement (GIS), all of which supplement your retirement income.

CPP and QPP provide monthly payments to those who contribute to it during their working years. The amount of those payments depends on how long you contributed and the age when you start withdrawing your CPP or QPP retirement pension (as early as 60). The older you are when you start receiving payments, the more per month you could potentially receive. Canadians over 65 may qualify for OAS, which does not require contributions to reap benefits, if they've lived in Canada long enough. The GIS is a monthly benefit for low-income Canadian OAS pension recipients.

Other income sources to consider include rental income and part-time work.

6. Get or stay healthy

You can minimize those aches, pains and potentially skyrocketing healthcare costs as you age by eating right, getting enough sleep, exercising and maintaining your general health. Don't forget to look after your mental and emotional health, too - that's always important, but especially key when making a significant transition. Talk with a doctor, dietician and physical trainer to get expert guidance so you can remain healthy and active or so you can take up an active lifestyle.

7. Set up a gradual transition process

Retirement is a watershed moment in your life and even if you've made plans, you might find yourself wondering what to do with all that new, free time. If that transition ultimately seems to be too abrupt, perhaps consider a move to working part-time with a gradual decrease in hours. You don't want to work until you're 80 out of pure fiscal necessity, but there's no longer a hard-and-fast rule that says you have to retire at 65 if you still enjoy working.

Retirement, like most things in life, is what you make of it. A plan that gives you confidence and security as you move into that next phase of life may just be one of the greatest, most profound gifts you ever give yourself.

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Ready to say farewell to your workaday life and hello to those long-awaited golden years? A little planning can help you make your dreams a reality. Retirement opens up a seemingly limitless world of possibilities. But all those choices can be a bit intimidating.

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At this Website, you can find a Retirement financial checklist that has the most important concepts you need to start with.
It is an excellent resource with step by step, and it even provides you links to more pages explaining everything you need to know about the financial retirement system including tips on budgeting during retirement,  public pensions, types of insurance, working while collecting a pension, pension income splitting and updating your will.

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retirement; aging; pensions; savings; seniors; personal finance;

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Your retirement financial checklist - Canada.ca

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Take steps to manage your financial well-being. From deciding when to apply for public pension benefits, to updating your budget, this checklist can help.

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This infographic shows the big difference that a few years can have on interest earning potential. By starting 10 years earlier and contributing less per month, this scenario shows the impact interest has on your savings.

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This Padlet was compiled By Christhiane Ribeiro and Tammy Field.
Our purpose for this Padlet is to show how important retirement planning is, and how important it is to start early. We've put together some resources to show you how easy that can be, and how you can get started.

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This video is very effective at breaking down the major steps in starting your retirement planning. MoneySense magazine is a respected source for financial tips and knowledge.
This video gives you the confidence to plan because it makes the concept attainable and easy to understand. The basic idea is that you need to have income to pay your bills; not an arbitrary number of savings.

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Although this video makes reference to American savings vehicles, the concept still applies to Canadians. It is generally more important to start earlier, rather than be able to invest large amounts of money into your retirement plan. Generating interest is one of the biggest advantages of retirement savings, and the only way to take advantage of that interest is with time.

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You MUST Start Retirement Planning in Your 20's!

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This video contains some really great advice from Scotiabank regarding how to determine how much you will need for retirement.
It's common to hear that you need $1 million dollars to retire. But this may not be true based on the funds you are entitled to. They present the information in simple language and the animations make sense of the concepts.

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Do you really need to save 1 million dollars to retire?

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Planning for retirement starts with asking yourself some important questions about when you want to retire and what you plan on doing in retirement. This website covers all the information needed including a calculator to determine how much savings you'll need.
Setting goals then becomes one of the key factors in successful planning. Without goals you are unable to track your progress to ensure you will be ready when the time comes to retire.

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Retirement planning is about managing your money so you can make the most of your retirement years. Your retirement plan should balance your needs, wants and the reality of your finances.

3 reasons to have a retirement plan

1. Set goals - A plan helps you set goals for retirement, including the age when you want to stop working and your lifestyle.

2. Know how much to save - It can help you figure out how much money you need to save to live comfortably in retirement.

3. Choose what to invest in - A plan can guide your investment choices based on your goals and your risk tolerance.

How much you need to save depends on 3 things

1. Your age - When you start saving makes a big difference in how much you need to put away. The younger you are when you start, the less money you have to put aside, thanks to the power of compounding. Use this calculator to see how much you could save.

2. Your lifestyle - Do you plan to stay home or travel the world? The amount you'll need to save will depend on the life you plan to lead when you retire.

3. Federal government benefits - You could be entitled to government retirement benefits like the Canada Pension Plan (CPP), Old Age Security (OAS) and the Guaranteed Income Supplement (GIS). If you're eligible for income from these government programs, you might not have to save as much. Learn more about these benefits.

How much do you need to save?

Use this calculator from Service Canada to estimate your income in retirement.

7 tips for last minute savers

1. Take advantage of any unused RRSP contribution room - The government allows you to carry forward unused contributions each year. If you have unused contribution room, try to use it as soon as you can to take advantage of tax-sheltered savings.

2. Invest in a TFSA - As of January 1, 2018, you can invest $5,500 each year. Your money grows tax-free and you don't pay tax on the money you withdraw.

3. Look for small ways to save - Consider cutting back on your spending for items like lottery tickets, magazines or fancy coffees. It all adds up. It may be better to live on a little less now, so you'll have more when you really need it. Here are more ways to save.

4. Take advantage of workplace pension or savings plans - Especially if your employer offers matching contributions.

5. Save your bonuses and raises - Next time you get a bonus or raise, don't spend it all. Try to put some of it toward your retirement savings.

6. Consider saving less for your children's education - If you have to choose between saving for retirement and your children's education, put money in your first. Let your children get jobs or borrow to help pay for their education. Later, you may be able to help them pay off their student loans, which carry lower interest rates.

7. Revisit your investment Investment An item of value you buy to get income or to grow in value. + read full definition strategy - Look for ways to get a little more growth without more risk than you can tolerate. If you choose only the most conservative investments for your retirement savings, your savings may not grow fast enough to give you the income you need after you retire.

Some experts say you'll need to save enough to generate a retirement income of 70% of your current income. Is that right for everyone? Not necessarily, according to expert Malcolm Hamilton. Watch his interview with Globe and Mail columnist Rob Carrick to find out why.

Fast facts

According to Statistics Canada, the average after-tax After-tax The money you have left after you pay taxes on money that you made working or investing. + read full definition income of married elderly couples was $55,900 in 2010.

Take action

Use this calculator to see how even small amounts of money saved add up over time.

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How much you need to save for retirement | Planning for retirement | GetSmarterAboutMoney.ca

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Retirement planning is about managing your money so you can make the most of your retirement years. Your retirement plan should balance your needs, wants and the reality of your finances. Set goals - A plan helps you set goals for retirement, including the age when you want to stop working and your lifestyle.

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This image is helpful in illustrating how much is typically spent in retirement. These are important to keep in mind when you're considering how much you will spend when building your retirement plan.

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This is a good visualization on how you should breakdown your spending when building your current budget. It's important to note that without a budget for current spending, it will be incredibly difficult to plan and set goals. You need to put one in place and use it to reach your retirement goals.