Building Toward Retirement
You've been investing for a while now but, things may have changed since you set your investment plan. You may have changed jobs or you may have experienced changes in your family. Now is a good time to check in with a CIBC advisor to make sure your retirement plan is on track. Use our financial tools and our advisors' expertise to help ensure your strategy will assist you in achieving your goals.
How much will I need?
As a rule of thumb, you will need 70 percent to 80 percent of your current income to maintain a similar lifestyle after you retire. If your annual salary is $50,000, you may need $35,000 to $40,000 a year in retirement to continue your existing lifestyle.
The amount you'll need also depends on your living expenses and how you'll spend your time. Ask yourself these questions:
- How many years do I have until retirement?
- What do I want to do in retirement?
- When will I receive Canada Pension Plan (CPP)/Quebec Pension Plan (QPP) benefits and how much will I get?
- Will I have other income (e.g., a pension plan, a part-time job, inheritance or the sale of my house)?