{"id":25191,"date":"2016-04-14T07:33:02","date_gmt":"2016-04-14T11:33:02","guid":{"rendered":"http:\/\/canadianbudgetbinder.com\/?p=25191"},"modified":"2025-01-22T09:45:58","modified_gmt":"2025-01-22T09:45:58","slug":"retirement-savings-plan-goals","status":"publish","type":"post","link":"https:\/\/digitalskyweb.co\/canadianbudgetbinder.com\/2016\/04\/14\/retirement-savings-plan-goals\/","title":{"rendered":"Building A Canadian Retirement Savings Plan"},"content":{"rendered":"\n

<\/span>Estimated reading time: <\/span>14<\/span> minutes<\/span><\/p>\n\n\n\n

Financial freedom requires understanding your retirement needs. From creating a Will to investing, learn how we plan for retirement.<\/p>\n\n\n\n

Our financial advisor told us once that our retirement savings plan<\/strong> looked suitable for our age. <\/p>\n\n\n\n

We won’t know the future until we arrive, but planning today for tomorrow is critical, even if life is not guaranteed. <\/p>\n\n\n\n

However, we knew there was a long way to go before we’d feel any thrill about our retirement plan. <\/p>\n\n\n\n

Two Of Life’s Predictions <\/h2>\n\n\n\n

It’s hard to get excited about financial freedom when you don’t know what you need.<\/p>\n\n\n\n

We knew we needed to keep our finances in order and ensure we had a legal Will<\/a><\/strong>. <\/p>\n\n\n\n

They say taxes and death are the only certainty in life, and it’s true. <\/p>\n\n\n\n

Most of my colleagues don’t often talk about retirement because we want to work and use our expertise, as this is what we want to do with our lives. <\/span><\/p>\n\n\n\n

I remember working dead-end jobs or jobs I hated; retirement sounded good every morning, before and after coffee. <\/span><\/p>\n\n\n\n

Retirement may not be a hot topic at work, but I’m sure behind-the-scenes money is being saved for when the time comes to say hello to a new way of life.  <\/span><\/p>\n\n\n\n

I’m only a newbie,<\/span> so I suspect some long-standing employees make more than six figures yearly and have a decent defined retirement savings plan. <\/p>\n\n\n\n

Debt-To-Income Ratio<\/h2>\n\n\n\n

Even though a significant income may be impressive, it may also mean lots of debt. <\/span><\/p>\n\n\n\n

It’s just another way to calculate a debt-to-income ratio<\/a><\/strong> to understand better where one stands financially. <\/p>\n\n\n\n

I’ve always credited myself for<\/span> wanting a career I love over accepting a position just for the money. <\/p>\n\n\n\n

I want to love what I do because the money is just a bonus to do stuff with. <\/p>\n\n\n\n

This is why I work as hard as I do now, hoping the future will look brighter for my family. <\/span><\/p>\n\n\n\n

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You never know the dark secrets that lurk behind the eyes of success
<\/span><\/h4>\n<\/blockquote>\n\n\n\n

Your income does not equal what you are worth.<\/strong> <\/span><\/p>\n\n\n\n

It never has been and never will be because earnings are just numbers. <\/span><\/p>\n\n\n\n

What you do with that number counts, especially when working out a retirement savings plan for down the road.<\/span><\/p>\n\n\n\n

Preparing For The Worst <\/h2>\n\n\n\n

Those who work from home or own a business are not safe from the perils of losing grip on employment reality either. <\/p>\n\n\n\n

You may be the boss, but with that comes even more responsibility. <\/p>\n\n\n\n

Everything can come crashing down in an instant, and then what? <\/p>\n\n\n\n

Many businesses did not survive Covid-19, and nobody was ready for that. <\/p>\n\n\n\n

We all have to think ahead if we want to be somewhat prepared or face the consequences of the unknown head-on when it gets to us.<\/p>\n\n\n\n

Should I Retire Early?<\/h2>\n\n\n\n

Since our son is so young and I’m no longer in my 20s or 30s, spending more time with the family would be great, even if I retire in the next ten years. <\/p>\n\n\n\n

By then, our son would be coming up for 12 years, and we’d have the world at our fingertips. <\/p>\n\n\n\n

We love to travel, even if it is a short road trip, but if I were to retire early<\/a>, <\/strong>we’d have every opportunity to see the world.<\/p>\n\n\n\n

That all sounds groovy, but then what?<\/strong><\/p>\n\n\n\n

Don’t get me wrong, I love leisure time and the potential to never work again or work for myself building this blog<\/a><\/strong>. <\/p>\n\n\n\n

When you love what you do, it’s hard to say goodbye, especially when you know you are making a difference in many people’s lives. <\/p>\n\n\n\n

For example, Mrs. CBB’s uncle still works as a lawyer in his 70s because he loves what he does.<\/p>\n\n\n\n

Things I Don’t Want To Do During Retirement<\/h2>\n\n\n\n