Being in my 30's feels like I'm living life in the hot seat. Seeking retirement planning help feels like it should be a long off. There's so much to deal with now, that my future feels light-years away.
Life in this decade is fraught with changes and responsibilities, each of them tied to my well-being-emotionally, physically, and financially; babies, homeownership, marriage, career, and sometimes beginning to care for our parents. Like many women, I also decided to step away from my career path to pursue entrepreneurship in an effort to create more flexibility in my life while raising children.
Are You Planning For Retirement?
As I near the end of my 30's, I've started to realize that retirement isn't that far away but I worry-Is it out of reach? Other than the pension accumulated from my career, I've been so focused on dealing with the here and now that I haven't made my future finances a priority.
I reached out to a few of my contributors to ask how they felt about retirement. It turns out I'm not alone in my worries.
“I think I will retire from my day job, but hopefully not from the creative stuff. It's something that seems so far away and intangible, especially as a struggling 30-something with a one-income family. I know it's something I should give more thought to, but I'm too much in survival mode to do it now.” –Judith
“I feel like retirement is totally out of reach. I do put away a small amount of money per month into my RRSP but I have no clue if it's even enough. I know since hitting my 30s, I should be more concerned about this but between a full-time job, a farm, and two preschoolers, I haven't made it a priority.” –Holly
“I am looking forward to retirement, so I can do whatever I like when I wake up! However, I think I need to work my time first. And save up for it. It's a bit of a daunting prospect.” –Hannah
Even with the ups and downs of being focused on the present, there is a lot we can do in our pre-retirement years-the 15 years before we retire.
Living Well In Retirement
Whatever I choose to do for my retirement, I want to be able to live in the moment and enjoy my time. I know I don't want to spend those years living with stress, looking back with regret at what I didn't do to set myself up for living well in retirement. I'll need to be financially prepared to do so.
One helpful way to get motivated to begin retirement planning is to envision how life will be in retirement. Do I want to live at a cottage? Travel? Babysit my children's children just like my mom did for me? Or perhaps I'll be like Emma and never fully retire…
“I don't know if I will ever fully retire. I come from a line of work forever people. Ideally, it will be not because I have to but because I want to. Retirement to me means spending my time the way I want to, with lots of time for family and hobbies and meaningful work. But retirement is a long way off for me so who knows! I'm still financially planning for whatever happens, though.”–Emma
Make Retirement Planning a Priority
Once I've taken some time to consider my preferred retirement lifestyle, the next step to prepare is to book an appointment for a free TD goals-based assessment. This is a chance to meet with an expert who will look at my retirement goals, rather than just focus on the numbers.
Amongst the myriad of lessons I've learned in my thirties, two stand out:
My concerns are far more stressful when left in my head than when I put a plan in place to deal with them. And that I don't need to bear my worries alone, there are experts who can help me get on track and feel better about my present and future.
What are your retirement plans?
Disclosure: This post is part of the YummyMummyClub.ca and TD and the #RetireReady sponsored program. I received compensation as a thank you for my participation. This post reflects my personal opinion about the information provided by the sponsors.