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Are You On the Right PATH To Retirement?

Are You On the Right PATH To Retirement?

If you’re planning for retirement, there is quite a few things you need to put in place before taking the plunge. Pattie Lovett-Reid of CTV News offers advice to follow the acronym PATH to help you prepare. Here is what this acronym means;

P – Picture Yourself

What exactly do you plan on doing in retirement? Picture this next chapter of your life and how your time will be filled

A – Arm Yourself

Ensure that you are prepared to not outlive your retirement funds. Ensure that you know where the money is coming from and how much you can realistically withdraw. Understand the tax implications of retirement along with ensuring that your insurance needs are covered. Make sure that you can actually afford the retirement you are envisioning.

T – Transition

How are you actually going to transition into retirement – both financially and socially. Your days that were probably previously structured are now going to potentially be unstructured. How will you now fill them? As well, you now need to transition your focus on your finances from wealth accumulation to wealth preservation.

H – Happiness In Retirement As Defined By You

How will you fill your days in retirement with meaning and balance? What will make you happy? How will you manage your finances to allow you to do these things?

Pattie speaks more about this approach in the following video;

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