#3 Retirement Myth Debunked

Myth 3 – I need $500K, $1M, $2M to retire

The fact is that your “number” can vary greatly depending on your personal situation and goals, how long you expect to live, whether you will be single or with a spouse/partner, and when you will retire. Consider asking an advisor who specializes in retirement planning, or better yet, retirement income planning, like me! Consider trying some of the tools available from trusted sites produced by large financial institutions. And don’t forget government benefits like the Canadian or Quebec Pension Plan (CPP/QPP) and Old Age Security. If you want to maintain the same lifestyle before and after retirement, your number is tied to how much income you will need to provide the same consumption dollars. That’s the money you normally spend on your own lifestyle. Add some extras to that bucket list of yours for those early years of retirement when you will be most active and spend more money.