Plan Your Retirement with Exponent

Accurate Canadian Retirement Calculator you are new to public service, close to retiring or anywhere in between, you can prepare for a financial future that is in line with your goals by taking some simple steps.

A good place to start is by determining how much income you may need during retirement and where your funding will come from, such as Social Security, savings and investments. Most people can expect to spend 70%-85% of their pre-retirement income in retirement.1

Retirement Planning in Canada Made Easy with Exponent Investment Management

The earlier you begin saving, the more time your money has to grow thanks to compound interest. Essentially, every time interest is paid on your investment account balance, it’s added to the principal, allowing that growing balance to help fund future withdrawals.

Another consideration is identifying your risk tolerance, which is the amount of loss you are willing to accept within your portfolio. A higher risk tolerance allows for a greater range of potential returns, while a lower risk tolerance can result in lower returns.

Once you have determined a savings target, it’s important to review your plan regularly, particularly after major life changes that can impact how much you need to save. For example, if you change jobs or get married, you may need to adjust your budget to accommodate those additional expenses.

It’s also a good idea to consider whether you will need to continue working at some level during retirement, either part-time or on a consulting basis, in order to supplement your income. Oftentimes, retired individuals find that this helps keep them engaged and interested in their work while providing the extra income they need to cover living expenses.