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Financial Library

Financial Action Plan for Newlyweds

John and Jane had spent many months planning for their special day. They had also budgeted and spent many thousands of dollars to celebrate their wedding. Now what?

Since John and Jane have made a for richer or poorer commitment to each other, it's time to do something about it; and they need to start right away. Following is a list of the primary areas that will need their immediate attention:

Don't Bet Your Retirement on a Simple Approach

You have probably heard about the old 70 percent rule that suggests retirees will need the equivalent of about 70 percent of your current income level to maintain their lifestyle in retirement. This assumes that your retirement living costs will be 30 percent less than during your working years. While it may have been applied appropriately for retirees two or three decades ago, it is fraught with significant risk and potential disaster for today’s retirees.

It Doesn't Pay to Procrastinate

Many people have no idea. Some people have a vague idea. A few people, a very few, have it all worked out. When it comes to retirement planning, many people don't take action until forced to by a mid-life event (career change, death of loved one) or by hearing about seniors running out of money. It's strange that people find it so difficult to plan for their retirement. As all the basic financial books say, you start by recording your expenses, see where you can cut back, and then determine how much you need to save to achieve your retirement income goals. Yet, far too few Canadians take these presumably simple steps for their own financial success.

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