Tricks to managing your pre-retirement assets

Your retirement savings plan doesn’t have to be complicated.

Sarah Twomey | Desjardins Group

If you're like most Canadians these days, your internal monologue goes something like this: Retirement is still years away, I've got lots of time to think about it. Perhaps you do when it's more than 10 years away. Besides, there are other priorities to worry about like the house, the kids' education, your parents' can create a plan later. 

Our retirement savings experts suggest that a retirement savings plan doesn't have to be complicated. And starting early will allow you to take advantage of compound interest and long-term growth.  

Just follow these four basic steps:
1. Define your retirement objectives and determine what you have to do financially to achieve them 
2. Identify your sources of retirement income and how much you'll need to supplement them 
3. Identify your investor profile and choose the types of investments that match your objectives and your level of risk tolerance 
4. Review the elements of your strategy once a year and adjust accordingly

With your plan in place, start saving right away with automatic transfers to your savings account that you can set up with your financial institution or employer. 

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