If you made it this far into our retirement series, you’re probably wondering whether you’re on track with your own retirement. The best person to help you is your financial advisor, but in the meantime you can also consider using a retirement calculator like this one from the OSC.

How it works

1. How much you’re saving

2. Your estimated long-term rate of return

3. How long you have until retirement

1. What your savings could grow to when you retire

2. What income those savings can provide throughout retirement

Financial calculators are a great tool to get a sense of how you’re doing. They’re a great start, but since everyone’s situation is unique, you’ll want something tailored to your needs. YOUR plan should be based on all of your expected sources of income, your investment portfolio, expected longevity, tax rates and numerous other factors.

Take action that’s appropriate for you

We realize that you may be at a different stage in life than someone else reading this article. Our article “Investing through the ages” walks through what investors should be thinking about at every stage of their lives. Discuss it with your financial advisor to get the conversation started.

What next?

We hope that our series on retirement provided you with valuable insights that will help you think about retirement planning. We believe it’s wise to be proactive and take the steps necessary to ensure that you will enjoy your retirement years without being concerned about outliving your savings.

Key takeaways

Sooner = better

Start saving and investing as soon as possible to benefit from the power of compounding

Just because you aren’t working, doesn’t mean your savings can’t

Ensure that your retirement savings are invested in productive assets that can grow your wealth

Watch what you take out

Try to find the balance between your income needs and your portfolio’s longevity

Remember the buckets

Manage sequence of returns risk so your portfolio can grow despite short-term volatility

If you can address these important points, you’ll be well on your way to taking control of your financial future.