On February 21st, I’ll turn 55 years old. In Alberta, many places offer senior discounts at 55! I’m not ready to be a senior yet. However, I’m getting there. Old age and retirement is only 10 years away.
Growing up, we were told, the best way to plan for retirement, was investing in property. Your home became your retirement portfolio. I listened to my parents. They gave good advice, for back then. Today, not so much. Five years ago we began to realize that our home wasn’t sufficient. Property values are up, but so are living expenses. They are much higher than my parents could have forseen.
We knew what we wanted to do when we retire, but having a home was not going to cover it. Selling our home, we realize, is not a realistic option. Having a home equity loan is affordable, and yet it too, is not enough. We were looking at a 15 year window to accomplish something that takes 30+ plus years to do.
On Vacation in Hawaii
We want to experience life, retirement is a beginning. Our hearts are with our family, our children, grandchildren and friends. We’ve also found new families in the great places we’ve visited. Travel when we retire is very important to us. There are many great treasures to experience. Treasures to bring home to family, to share with family. Larry and I have no idea how long we’ll be able to travel. There are no guarantees in life. That’s why we want to be sure that our retirement package will be able to cover our dreams. It also needs to cover that period when we can no longer travel due to unforseen circumstances. Again, there are no guarantees in life!
Investing in RRSP’s was a start, but frankly, we don’t have a clue what we’re doing. There are so many choices. You can invest in GIC’s, RRSP’s, Mutual Funds, and well, more. This past week, I learned about becoming #RetireReady with TD. A TD goals based assessment helped me learn about who I am. Who I really am! Obviously, your vision of what you’ll be doing when you retire, is different from mine. That’s why it’s so important to follow a plan that’s based on you.
How much should I be saving? How much should I be investing? Is it even possible to be ready to retire in such a short period of time? These are all good questions, and ones that we’ve been asking each other. It’s scary to see the future coming up so quickly.
However, with TD, you aren’t alone. Fear comes with not knowing. Talking with TD about your retirement, will open up a variety of options to choose from. They can help you set up realistic goals. They can show you the possibilities and help you figure out just when you can retire.
Is it possible for us to retire at 65? Have we done enough in the past 5 years that will allow us to accomplish our goals in the next 10? I don’t know, but I’m going to find out. We’ll be visiting TD soon to discover our options. I want to know how. I want to retire without fear.
Disclosure: This post is part of the YummyMummyClub.ca and TD and the #RetireReady sponsored program. I received compensation as a thank you for my participation. This post reflects my personal opinion about the information provided by the sponsors.