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Why You Should Envision Your Retirement

Envision Your Retirement

Are you planning to retire at some point in the future, near or far? If so, congratulations. Your future looks bright. 

You can start planning for retirement at basically any age. If you’re 16 years old and working your first job at a grocery store in Scarborough, putting aside as little as $20 every month adds up. It might not seem like a lot of money now, but it will accrue over time and, if you handle your savings wisely, it might even outpace inflation. Plus, the sooner you get into the habit of saving for retirement, the better off you’ll be when you do end up retiring—and the better you’ll be with your finances in general. 

Retirement is Not a Mirage

Unfortunately, a lot of Torontonians tend to think that retirement is too far down the line to plan for, or, even worse, that it’s a dream too good to come true, a sort of mirage. If you’re one of the many people who think they’ll probably work until they physically or mentally can’t, consider changing your perspective. You might never be able to save a ton of money, given how expensive Toronto is, but every penny you put away truly does count. Saving for retirement should be a priority, even if at this point in your life it feels abstract. 

Envision Your Future

What do you want your retirement to look like? Do you picture yourself living with a spouse in a condo on Queen Street; at an age-in-one place retirement residence in Ottawa, a much cheaper city than Toronto; on a beach in the Bahamas; or way up north in the Yukon, where the sun never sets in the summer? Perhaps you picture yourself living with children or grandchildren. That’s not as common in Canada as it is in other countries, but some people do it, and it can be a healthy and enjoyable way to live once you no longer need to work. 

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Weigh the Pros and Cons

Each option has its pros and cons. On the one hand, if you retire in the Yukon, the sun will never set in the summer. On the other hand, the sun will never rise in the winter. 

If you live with a spouse in a condo on Queen Street, you may have a lot of control over your life and a lot of things to do in the city, but life may get lonely and limited the older you get, especially if your mobility becomes reduced. 

If you choose to live in one of the better modern retirement homes in the nation’s capital, which many consider a great place to retire, you may miss the hustle and bustle of Ontario’s capital, but you’ll get to be a member of a retirement community in a more affordable city, and there’s no underestimating the value of having a social life and savings in your older years.

The Bottom Line 

The future is always uncertain. It will never turn out exactly as you picture it. But keeping a particular image of your future in mind will help you work toward achieving that future.

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