The answer is going to be different for everyone, depending on what your goals and priorities are at retirement.
Once you have an idea of the retirement lifestyle you want, we would take a look at what sources of retirement income you will have, such as pensions, investments, proceeds from downsizing your home, etc. This determines what your retirement paycheque would look like, while factoring in tax, inflation and the rate of return on your investments.
I would also suggest reviewing your cash flow to see where you have the opportunity to enhance your current savings plans. Getting started today on your retirement plan is the best way to ensure you have the money you need to live out the retirement lifestyle you want.
Please feel free to contact me and I will be happy to provide the advice that is right for you.
Denise M. Levine, CFP, FCSI, RRC
Financial Planner, Investment & Retirement Planning
Royal Bank of Canada
3740 Moncton Street, Richmond BC V7E 3A4