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www.insideHALTON.com | OAKVILLE BEAVER | Thursday, February 25, 2016 | 32 H Advice from retirees to younger generation -- start saving early Dollars & Sense Guest Contributor ow much money will you need every year to support your future retirement? That is the "million-dollar" question. Many nd it dif cult to make ends meet and to budget their spending while they have a regular paycheck. Once their income stops, planning becomes much more dif cult. Last week, an Ipsos poll conducted for Sun Life Financial was released. Retirees living in Ontario spend 60 per cent of the salary they earned just prior to retirement. The Ontario number is very close to the Ca- Peter Watson nadian average, which is 62 per cent. Our observation is that the retirement question is being asked by people at the beginning or middle stage of their career. For many, nancial planning has become NOTICE OF ROAD CLOSURE Forsythe Street at the intersection with Rebecca Street for trunk wastewater main installation Town of Oakville very dif cult. Employment opportunities are not as strong as they were for the previous generation. The cost of housing has gone through the roof. Personal consumption has soared partly because of the very enticing low interest rates. This is our new reality. Those in their 30s and 40s look ahead and wonder what kind of retirement lifestyle they can expect. There are lots of current expenses like paying off debt and maintaining a lifestyle. Everyone knows that ultimately, they will retire and for many that is a very large unknown. Some consider this when choosing an employer who will offer a pension. Some seek professional advice. For most this is bene cial. Sixty-two per cent of retirees who have a nancial adviser say they have saved enough for retirement. Of those who do not have an adviser, only 38 per cent say they are ready for retirement. The most interesting part of the survey was asking retirees what words of wisdom they would pass on to the younger generation. Their best advice is to start saving and investing early. Two other important suggestions are to take care of your health and live within your means. These three suggestions were given by the majority 85-88 per cent of the time. There were 18 separate pieces of advice retirees would pass to those still working. You might be interested to hear the leastrecommended advice. Only 26 per cent suggested to work as long as you can. Some younger Canadians that know of the dif culty that can come with retirement often think their solution is to continue the number of years they continued to work. The survey is useful because it provides advice from those who have already retired. Knowing that others who have gone before you spend 60 per cent of their salary during retirement is a starting point. We recommend projecting your own personal cash ow during retirement, to see what level of retirement spending is required to sustain your preferred lifestyle. Retirement can last for decades. Invest the time now to ensure you are ready to enjoy your life after work ends. We echo the advice of retirees. Start saving and investing at an early age. -- Submitted by Peter Watson, MBA, CFP , R.F .P ., CIM, FCSI., Certi ed Financial Planner For more news, visit insidehalton.com/oakville-on. COME ON, DIVE IN! Retirement feels better in our heated saltwater pool Experience how refreshing Retirement Living can be! Closure start date: February 16, 2016 Closure end date: June 30, 2016 Please follow detour route. Local access will be maintained at all times. Project Number: Project Manager: PR-2869 Mark Bajor, C.E.T. 905-825-6000 ext. 7617 mark.bajor@halton.ca 250216 All-Inclusive Retirement Rentals · Concierge Services · Full Service Dining · All Day Bistro · Exercise Studio · Billiards Lounge · Beauty Salon · Weekly Housekeeping · Scheduled Transportation · Indoor Salt Water Pool limite d suites availa ble EXPERIENCE VIBRANT SENIORS LIVING Call Candise or Jelena at 905.527.9300 18 Plains Road West, Burlington | www.LaSalleParkRetirement.com