How to be financially ready for retirement

(NC) Retirement may seem far away, but having a plan can help ensure your finances are secure when the time comes.

Here are some important points for you to consider:

Talk to your financial advisor about your financial needs in retirement and what steps you need to take now to help you achieve your savings goals, being mindful of your comfort with risk.

- Be sure to pay off any debts as soon as possible so that you can focus on meeting your goals.

- Take advantage of registered savings plans, such as Registered Retirement Savings Plans (RRSPS) or Tax-free Savings Accounts (TFSAS). Their tax advantages could help you reach your goals sooner.

- Review your investment portfolio regularly once per year or when your financial circumstances change.

- The longer you live, the more money you will need. Research the options and costs of long-term care facilities long before you need to consider moving to one.

- Keep in mind that health costs could greatly increase during your later years.

- Set up a power of attorney for property - someone you trust to handle your affairs in the event that you are unable to do so yourself.

A financial advisor can help you achieve your goals so you have peace of mind and are well prepared for your later years.

Find more information online at: investorcentre.ific.ca.