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Planning for retirement can feel like trying to solve a giant puzzle with moving pieces. In this new series, we’re here to help simplify the process, delivering actionable insights to help you confidently manage your financial future.Though it may be difficult to watch retirement savings dwindle in volatile markets, experts suggest that your investment strategy shouldn’t be moved by the market, but rather adjusted based on changing personal goals and financial needs.
At the same time, experts also warn against placing risky bets on trending stocks or marketplace rumours, especially with their retirement savings, which tends to happen in stronger market conditions. According to the Fidelity survey, 95 per cent of retirees and 78 per cent of those nearing retirement with a defined retirement plan felt financially prepared, compared with 72 per cent of retirees and 41 per cent of pre-retirees without one.
Alnsour adds that retirement planning should also include other financial instruments that most don’t consider part of their investing strategies. To better weather those short-term market changes, experts recommend taking advantage of the financial instruments Canadians have at their disposal, such as RRSP, TFSA, and other tax-free savings accounts, as well as any employer-sponsored savings programs they can access.
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