Planning for retirement involves trade offs. This Retirement Planning Trade-Offs infographic illustrates the amount of capital required will depend on a number of variables aside from CPP and OAS.

From pension sources and investment returns to inflation and retirement needs, this infographic speaks to the many factors involved in planning for retirement.

Planning for a successful retirement requires intentionality and trade-offs. The retirement planning trade offs infographic highlights some factors including:

How long do you wish to continue working?
Your retirement savings will be significantly impacted by how long you plan to remain in the workforce. The earlier you retire, the more time your savings will need to cover. For example, if you retire at 60 instead of 65, you’ll need to fund 5 additional years of living expenses, which may require a larger savings pool. Conversely, working longer can allow you to contribute more to your retirement savings, take advantage of employer retirement benefits for a longer period, and let your investments grow.

What is your desired lifestyle?
Your retirement funds need to align with the lifestyle you envision. If you plan to travel, pursue hobbies, or maintain a high standard of living, you’ll need to budget for a higher level of expenses. On the other hand, a more minimalist approach to retirement may require a smaller nest egg. It’s important to reflect on daily spending habits, potential healthcare costs, and even unexpected expenditures.

Investment Choices
The type of investment vehicles you choose plays a crucial role in determining how much you will need to save. Investing in a diversified portfolio that balances stocks, bonds, mutual funds, and retirement accounts can help you achieve a favourable rate of return over time. A more aggressive strategy might yield higher returns but could come with greater risk, while a conservative approach may protect your capital but result in slower growth. Working with a financial advisor to identify the right investment mix for your risk tolerance and timeline is prudent.

This infographic is included in FreshPlan software and is also available as a print-ready or web-ready piece.

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