If you have more than 5 years of full-time work ahead, your retirement planning is likely to centre on a number of mid to long-term activities. A CIBC advisor can go through this process with you, to help you identify any gaps, and ensure you're on the right track.
Visualize your retirement
What kinds of activities will you enjoy? Are you planning any big expenses, such as travelling or buying a recreational property? Considering these questions with a CIBC advisor will help to determine your desired retirement lifestyle.
Identify how much money you will need and where it will come from
Will you receive guaranteed income from your company's pension plan, your own savings (including RRSPs), or government benefits? Do you know how much extra income you will need to generate from your investments? Assessing and understanding your potential sources of income will help an advisor understand how to bridge any gap in your retirement plan.
Develop appropriate retirement strategies
With a clear understanding of your needs today and your goals for the future, a CIBC advisor will work with you to implement appropriate strategies. These might include making the most of tax-advantaged savings solutions like RRSPs and TFSAs, or deciding whether it's better for you to pay down your mortgage and other debt. An advisor will summarize these strategies into a written retirement plan that you both can refer to. Once your plan is put into action, you can work together to ensure your plan is updated as your circumstances evolve.
Monitor your plan
With more than 5 years left until your anticipated retirement date, you have the flexibility to build and adjust your retirement plan as your life changes and new opportunities become available. A CIBC advisor can help develop and implement your retirement plan and adjust it as your needs, goals, and time-horizon change.