If you’re a Canadian under 50 years of age, you’re probably pretty busy.  These are your peak personal productivity years, when building a career and raising a family really keep you on the go – and with so many of life’s daily tasks and pressures to occupy your waking hours, you probably haven’t devoted much time to creating a ‘vision’ of your retirement years.

You’re not alone:  According to a recent national survey* only about half of working Canadians under 50 have given any thought to retirement.  And that could cause problems down the road because people who do not have a clear picture of their desired retirement lifestyle are less likely to have accumulated savings or to have calculated how much income they’ll need to retire.  The survey also revealed that nearly 40% of non-retired Canadians without a retirement plan are very or extremely concerned about running out of money during their retirement years.  And those who don’t have a retirement lifestyle vision are also less likely to feel they have control over their retirement date.

Surveyed retirees who had to work part-time reported they were less happy with retirement.  Many retired Canadians say they should have taken more steps to enhance their retirement, by saving earlier, saving more and seeking early professional advice among the most important.

On the other hand, retirees who reported that they enjoyed their new lifestyle are more likely to have substantial savings, a substantial employer-sponsored pension income, and spend time engaged in volunteer work and hobbies.

The conclusion is clear:  A successful, happy retirement means having the finances to be able to do what you want when you want to do it.   And, while your retirement will be as personal as your fingerprint, there’s no doubt that when you clearly visualize your picture-perfect retirement, you are much more likely to achieve it.

Here are a few tips for bringing your personal retirement vision into focus:

1.       Recognize that retirement will be a very different life stage.  Consider all of the new opportunities it presents to build the kind of life you want, to set your sights on new accomplishment … to do whatever you want once you have all the time in the world.

2.       Imagine what you’d like your retirement to be – then establish a realistic financial framework that will keep you on the path to making your dreams a reality.  Your retirement vision may change as you move through various life stages.  But when you have a comprehensive retirement vision in place and attach it to a financial plan that meshes with all your other life goals, you’re much more likely to have a successful retirement on your own terms.

3.       Plan to look after yourself.  Canada’s aging population and accompanying changes in services and financial support mean you should not count on the government to look after you in retirement.  Your retirement plan should include income well beyond government assistance.

4.       Start early.  The sooner you start saving and investing, the more you will likely have accumulated by the time you choose to retire.

5.       Boost your Registered Retirement Savings Plan (RRSP).  Get the most in tax-deferred growth from your RRSP by making your maximum allowable contributions each year and quickly catching up on contribution shortfalls from previous years.

It’s never too early to plan a picture-perfect retirement and take the right steps to get there.  A professional financial advisor can help make sure your investments, including those in your RRSP, will provide the money you need for the retirement you want.

*Decima televox national telephone survey, September 2003, sponsored by Investors Group

This column, written and published by Investors Group Financial Services Inc., is presented as a general source of information only and is not intended as a solicitation to buy or sell investments, nor is it intended to provide professional advice including, without limitation, investment, financial, legal, accounting or tax advice. For more information on this topic or on any other investment or financial matters, please contact your Investors Group Consultant.