Q. How can I best get started to plan for my retirement?
A.
From time to time during your working career, you’ve dreamed about retirement. If you’re like most people, you envision spending more time with loved ones, increasing your physical activity and sharpening your mind by taking courses or visiting exotic places.
As Canadians, we enjoy having a stable government, equal access to health care and social benefits that are second to none. We also have equal access to investment and retirement opportunities. So why is it that some people never achieve their ultimate retirement dreams?
What makes a difference is a structured process that is used to develop a simple document called a Retirement Plan. Fortunately, more and more individuals are starting to create retirement plans but many still are not. Many people think about creating one, but they procrastinate and end up frustrated.
In order to create a meaningful retirement, you must plan for your future now. It doesn’t have to be complicated. All you have to do is start with six simple investment steps that I call the SAFETY Principle Process™
The SAFETY Principle Process ™
Simplify ~ be clear and precise
Don’t complicate your life, especially when investing. There are thousands of investment strategies and concepts that you could learn about and follow, many of which don’t work. So keep things simple.
Allocate ~ time and resources
When we talk about “allocation” the first definition of this term that might come to mind is “asset allocation” – the art and science of placing your assets in different types of investment classes. However, I’m referring to allocating both time and financial resources to accomplish your goals. You should spend time on the things that matter to you.
Focus ~ time-line
Most people fail to focus on the why of their retirement – they don’t have clearly defined targets and goals. A retirement plan will help you get focused and stay focused.
Execute ~ start and chart
A plan never implemented isn’t really a plan; at best, it’s an idea or a wish. With a clearly defined vision you will be motivated to get things started.
Transparency ~ accept or reject
If you implement your plan with the help of a financial consultant, I recommend that you first understand the fees associated with doing so. Find out how the planner will work with you to follow up and revise your financial plan as time passes or events change.
Why ~ what and how
The why addresses the most important question of all: Why do you want what you want? Answering the why begins a process of developing a deep understanding of your retirement goals which will motivate you to reach them. I have always been interested in the what of retirement planning. I’ve spoke with many people who have what appear to be solid and realistic retirement dreams. They were excited about their dreams, as was I. Outlining the how of financial planning is often the easiest step in the process, and the good news is that a competent financial planner can solve the how for you.
That’s how simple the SAFETY Principle Process™ is. Let’s just say that it’s so simple that in less than five minutes, you’ll be well on your way to achieving your retirement dreams. The SAFETY Principle Process™ is an excerpt taken from my book: On time retirement™. For more tools to help you achieve your retirement goals, refer to my website: www.ontimeretirement.com
I wish you success as you embark on this important journey, and I sincerely hope you’ll use this information to help you enjoy a wonderful retirement.
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