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   Should you plan your retirement based on your age?

   • That’s an overly simplistic view, however, that fails to take into account key steps you should take based on your age and how many years you are from your desired retirement date. The better approach is to consider retirement planning in phases of life, each with its own unique best practices.

   Here’s a Step-by-Step Guide to Retirement Planning by Age

   www.kiplinger.com/retirement/retirement-planning-step-by-step-guide-by-age

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   Is retirement planning a good idea?

   • The better approach is to consider retirement planning in phases of life, each with its own unique best practices. The most important thing to remember as you begin your career and start saving for retirement is, most people are not saving nearly enough in their early working years. Above all, you do not want to be one of those people!

   Here’s a Step-by-Step Guide to Retirement Planning by Age

   www.kiplinger.com/retirement/retirement-planning-step-by-step-guide-by-age

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   Is it too early to start saving for retirement?

   • It's never too early to start saving for retirement. This may make saving and planning for retirement easier than starting to save later in your career. Saving early means: Suppose you plan to retire in 20 years. You want to save $100,000 for your retirement. You're earning an annual interest rate of 5% compounded on your savings.

   Planning and saving for retirement - Canada.ca

   www.canada.ca/en/financial-consumer-agency/services/retirement-planning/start-saving-retirement.html

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   How do you plan for retirement?

   • There are a few steps to planning for retirement, starting with how much money you'll need and your own priorities, then moving on to what kind of account you want, where to open it, and which investments to choose. When can you retire?

   Retirement Planning: A 5-Step Guide for 2024 - NerdWallet

   www.nerdwallet.com/article/investing/retirement-planning-an-introduction

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   When can I retire?

   • When you can retire comes down to when you want to retire and when you'll have enough money saved to replace the income you receive from working. Social Security Administration. Retirement Age and Benefit Reduction. Accessed Jun 20, 2024. However, by filing early, you'll sacrifice a portion of your benefits.

   Retirement Planning: A 5-Step Guide for 2024 - NerdWallet

   www.nerdwallet.com/article/investing/retirement-planning-an-introduction

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   Should you be prepared for your retirement?

   • Your retirement may not always go according to plan, but being prepared financially can help you still get the most out of it. The sooner you start having honest discussions with your family and advisor about what you want, the easier it will be to help ensure you can make your retirement dreams your reality.

   How to properly prepare for your retirement - Canada Life

   www.canadalife.com/investing-saving/retirement/preparing-for-retirement.html

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2. www.canadalife.com › investing-saving › retirementHow to properly prepare for your retirement - Canada Life

   www.canadalife.com › investing-saving › retirement

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   Feb 7, 2024 · Preparing for retirement should begin as soon as you start working. Learn about how you can properly plan for your retirement.

3. www.canada.ca › en › servicesYour retirement checklist - Canada.ca

   www.canada.ca › en › services

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   You can start taking your CPP pension between age 60 and age 70. You can apply as early as age 59, no matter what age you want to start taking your pension. You should apply when you are confident about when you want to start. The CPP lets you choose when to start your retirement pension, and each month you delay increases your monthly amount.

4. Videos

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     Retirement Planning | How to Plan & Invest for Your Retirement | ETMONEY

     Apr 28, 2021

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     Retirement Planning: A 5-Step Guide for 2024 - NerdWallet

     Sep 23, 2022

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     Key Retirement Planning Steps: Beginner’s Guide | DSP Mutual Fund

     Aug 27, 2020

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5. www.nerdwallet.com › article › investingRetirement Planning: A 5-Step Guide for 2024 - NerdWallet

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   • Video Duration: 7 min

   • Know when to start retirement planning. When should you start retirement planning? That's up to you, but the earlier you start planning, the more time your money has to grow.
   • Figure out how much money you need to retire. The amount of money you need to retire is a function of your current income and expenses, and how you think those expenses will change in retirement, and how they won’t.
   • Prioritize your financial goals. Retirement is probably not your only savings goal. Lots of people have financial goals they feel are more pressing, such as paying down credit card or student loan debt or building up an emergency fund.
   • Choose the best retirement plan for you. A cornerstone of retirement planning is determining not only how much to save, but also where to save it. If you have a 401(k) or other employer retirement plan with matching dollars, consider starting there.

6. www.kiplinger.com › retirement › retirement-planningHere’s a Step-by-Step Guide to Retirement Planning by Age

   www.kiplinger.com › retirement › retirement-planning

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   Jan 17, 2024 · Applying these best practices of retirement planning to each phase of your life can help put you on track for the retirement of your dreams.

7. www.canadalife.com › investing-saving › retirementWhat to do 3, 5, or 10 years before retirement - Canada Life

   www.canadalife.com › investing-saving › retirement

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   May 2, 2023 · Key takeaways. Accurately estimating your retirement spending is an important part of retirement planning. Aim to be debt free in retirement. As you get closer to retirement, you should gradually adjust your investment portfolio to take on less risk and protect what you have.

8. www.scotiabank.com › ca › enWhen should I start planning for retirement? | Posts

   www.scotiabank.com › ca › en

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   Dec 30, 2021 · Want to figure out when to start planning for retirement and how much you'll have when you retire based on how much you contribute? Ferreira recommends Scotia's Retirement Savings Calculator as a good tool to start plotting out your future net worth.

9. www.canada.ca › start-saving-retirementPlanning and saving for retirement - Canada.ca

   www.canada.ca › start-saving-retirement

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   Determining how much you need for retirement, when and how to start saving and how inflation may affect your retirement.