{"id":407516,"date":"2022-02-18T17:20:31","date_gmt":"2022-02-18T14:20:31","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/is-it-time-to-rethink-your-retirement-plan\/"},"modified":"2022-02-18T17:20:31","modified_gmt":"2022-02-18T14:20:31","slug":"is-it-time-to-rethink-your-retirement-plan","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/is-it-time-to-rethink-your-retirement-plan\/","title":{"rendered":"#\u200b\u200bIs it time to rethink your retirement plan?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a41ee76bdac2\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a41ee76bdac2\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/is-it-time-to-rethink-your-retirement-plan\/#Career_changejob_loss\" >Career change\/job loss<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/is-it-time-to-rethink-your-retirement-plan\/#Starting_a_family\" >Starting a family<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/is-it-time-to-rethink-your-retirement-plan\/#Increased_savings\" >Increased savings<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#\u200b\u200bIs it time to rethink your retirement plan?<\/strong>&#8221;<\/p>\n<div>\n                            Here are a few life-changing scenarios that call for reassessing your retirement plan.\n                        <\/div>\n<div>\n                                                                        <strong>Created for <\/strong><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/sr.studiostack.com\/c\/link?l=781896&amp;s=781890\"><img decoding=\"async\" data-sizes=\"auto\" style=\"display: inline-block; width: 95px;\" src=\"https:\/\/www.macleans.ca\/wp-content\/uploads\/2022\/02\/fidelity-corporate-logo-grey-002.jpg\" alt=\"fidelity logo\"\/><\/a><\/p>\n<p>From <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social<\/a> engagements to vacations, the COVID-19 pandemic has changed many of our plans over the past two years. Retirement is no exception, a new survey shows.<\/p>\n<p>Forty-three per cent of working Canadians say COVID-19 has changed the way they expect to live after retirement, and 32 per cent say the pandemic has shifted their anticipated retirement age, the 2021 Fidelity Retirement Report revealed.<\/p>\n<p>And it\u2019s no wonder. A significant number of Canadians have seen changes to their earnings and spending habits over the past two years, the report also found. This, in turn, affects one\u2019s financial path to retirement.<\/p>\n<p>\u201cA retirement plan is about understanding where you are today financially, where you want to be in the future, and how you\u2019ll get there,\u201d says Michelle Munro, director of tax and retirement research at Fidelity Investments Canada. It\u2019s an important tool for achieving retirement goals and for reducing some of the stress of life changes, whether routine or influenced by COVID-19.<\/p>\n<p>\u201cOur data show that people who have a written retirement plan feel better financially prepared,\u201d says Munro. \u201cWe\u2019re also seeing that they feel better emotionally, socially and even physically.\u201d<\/p>\n<p>While that\u2019s good <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> for those with a plan, Fidelity\u2019s research shows 75 per cent of Canadians don\u2019t have (or don\u2019t know if they have) a written retirement plan. The most important first step is simply getting started, Munro says. \u201cStart with a financial snapshot. What are your assets? What are your liabilities? What\u2019s your goal for this time next year?\u201d<\/p>\n<p>Once you have a plan, you can adjust it when life throws major changes your way.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Career_changejob_loss\"><\/span>Career change\/job loss<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>What to consider: Losing a job or changing careers can have both short- and long-term financial impacts. And a sudden change in earnings can be even more stressful when you\u2019re already dealing with the emotional effects of job loss.<\/p>\n<p>What to do next: Severance, making do without a salary temporarily, the earning potential of your next job \u2013 job changes affect both your current financial situation and your path to retirement.<\/p>\n<p>\u201cThe priority in this situation would be your immediate needs,\u201d Munro says. It\u2019s also important not to let a change in employment derail your long-term goals. \u201cA financial advisor can help create a plan that addresses both. During times of stress, people aren\u2019t always capable of making the best decisions. A professional can take the emotion out of it and help you figure out the best plan with informed advice.\u201d<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Starting_a_family\"><\/span>Starting a family<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>What to consider: From diapers to education, raising kids costs money. And there are other financial implications too: housing and the impact on your career and earnings.<\/p>\n<p>What to do next: \u201cYou need to adjust your immediate plan,\u201d says Munro. \u201cIf you\u2019re a two-income family, will you need to go down to one income for a time? If so, how long will that last, and how will you adjust? If you\u2019re going back to work, how will you cover the cost of daycare? You also don\u2019t want to lose track of your longer-term goals toward retirement.\u201d<\/p>\n<p>The good news? \u201cWith a new baby, you have nine months to plan. So you have more time to incorporate changes into your retirement goals,\u201d says Munro.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Increased_savings\"><\/span>Increased savings<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>What to consider: Spending less on things like <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">travel<\/a> and dining out has been a pandemic silver lining for some Canadians. The question is, what to do with those funds for greatest benefit in retirement.<\/p>\n<p>What to do next: Like other financial scenarios, the best advice for someone who saved a lot of money during COVID-19 will depend on their individual circumstances. \u201cAre we talking about someone who is younger or who is closer to retirement age?\u201d Munro says.<\/p>\n<p>If you\u2019re nearing retirement, extra savings are a good prompt to take a closer look at your total savings to ensure your nest egg can meet your needs. If retirement is years away, consider all your financial goals, such as home ownership. \u201cLook at your finances holistically,\u201d Munro says. \u201cOur research shows that people who have a home feel more positive about retirement. Those who are mortgage-free feel even more positive.\u201d<\/p>\n<p>Whatever the circumstances, Munro says the bottom line is this: Retirement plans are fluid \u2013 and they\u2019re meant to adapt as your life changes. \u201cAn advisor can help you build something that follows you through your whole life.\u201d<\/p>\n<p>To read the Fidelity Retirement Report, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/sr.studiostack.com\/c\/link?l=781896&amp;s=781890\">click here<\/a>.<br \/>\n<span class=\"ctx-article-root\"><!-- --><\/span><\/p><\/div>\n<p><script async defer crossorigin=\"anonymous\" src=\"https:\/\/connect.facebook.net\/en_US\/sdk.js\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/www.macleans.ca\/sponsored\/is-it-time-to-rethink-your-retirement-plan\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#\u200b\u200bIs it time to rethink your retirement plan?&#8221; Here are a few life-changing scenarios that call for reassessing your retirement plan. Created for From social engagements to vacations, the COVID-19 pandemic has changed many of our plans over the past two years. Retirement is no exception, a new survey shows. Forty-three per cent of working&#8230;<\/p>\n","protected":false},"author":1,"featured_media":407517,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/www.macleans.ca\/wp-content\/uploads\/2022\/02\/Cover-shot_GettyImages-1177095901_Fin-766x431.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[125909],"class_list":["post-407516","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-retirement-guide"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/407516","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=407516"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/407516\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/407517"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=407516"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=407516"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=407516"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}