With less than 5 years to go before retirement, your planning can begin to get more specific. The following strategies are likely to be front-and-centre.
Plan retirement activities
How will you spend your days in retirement? Do you plan to move to be closer to your children, grandchildren, or elderly parents? Are you prepared to accommodate your changing physical abilities?
Choose a retirement date
Will you retire all at once or continue to work part-time? Are you taking early retirement or choosing to stay professionally active into your 70s and beyond? Are you coordinating your retirement date with your spouse's?
Develop your retirement income plan
How much of your retirement income is guaranteed (for example, from government benefits or your company's pension plan)? Do you know how to apply to start receiving this income? How and when will you turn your non-registered and registered investment assets into a tax-effective income stream?
Consider factors that could impact your plan
A CIBC advisor has the strategies and expertise to help you maximize your retirement income as you approach and enter retirement They can help safeguard your plan from factors such as health care expenses or the impact of inflation, to ensure your savings last your lifetime.
Retirement planning doesn't end when you retire. In fact, it becomes even more important to meet regularly with a CIBC advisor to fine-tune your plan throughout the transition into retirement and beyond.