Know your financial moves for your 50's

Your 50’s can be a time of transition – your kids may be starting university or moving out, your earning power has increased, your mortgage may be paid off and you are beginning to think about retirement more than ever.

Carefully planning the financial aspects of your retirement can increase the chances that you will have the resources to sustain yourself during your retirement years. Any good financial plan should take into account both your anticipated income and your expected expenses.

Assess your goals for your retirement pursuits. Seek the assistance of counselors if you need help clarifying your values and interests. Depending on how you plan to spend your retirement years, the cost of these activities can raise the amount of money you need to have saved for retirement significantly.

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It is also essential when you think about retiring that you have interests and hobbies you’d like to pursue. When you stop working, you obtain significant amounts of time back. For example, a friend who is a successful business owner with many employees looks forward to his retirement when he will have more time to bake bread, practice photography, read, watch silly YouTube videos and target shoot.

Track your current living expenses. Get a realistic picture of what you'll need in retirement by monitoring what you spend today. Factor in any decreases in expenses you will experience such as the costs of commuting, your work wardrobe, and any other job-related expenses.

At the same time, don’t become cost foolish. You will want to plan for additional expenses for travel, eating out, hobbies, athletic activities and other retirement interests and pursuits as well as any healthcare coverage.

Go for tax efficiency. Try to maximize your registered retirement savings plan, tax-free savings account and (if available) voluntary contributions to a workplace pension plan. Also remember that earning dividends and capital gains in non-registered plans will keep more money in your pocket than interest income.

Adjust your portfolio. As you near retirement, consider allocating more of your assets towards investments that provide safety and capital preservation, while maintaining some growth-oriented investments to help meet your long-term #financial goals. Your advisor will help you find the right mix for you.

Assess your insurance needs. From disability and critical insurance to business and life insurance, think about protecting what’s valuable to you and your family. What coverage do you need? How much? Also start thinking about future long-term care and how you’ll fund it.