Please ensure you are using the most current version of Internet Explorer.

Beginning January 12, 2016, outdated versions of Internet Explorer will no longer be supported and your browsing security may be compromised. For more information click here

Search:       Go
    Advanced Fund Search

Home About Us Legal Contact Us CI Financial   Site Map Français

Client access
Advisor access
Prices & Performance
Fund Codes
Portfolio Management
Tools and Calculators
Learning Centre
Investment Basics
Tax Centre
RESP Centre


    Related Businesses
CI Institutional Asset Management

Investment Basics

Planning for Retirement

If your plan is to build a house, your need a blueprint and materials. The same is true for your financial plan.

Building your financial plan - Your financial plan is unique to you, your dreams and your needs for the future. There are certain elements that hold true for every plan.

Start now - Determine where you are now financially. Develop a snapshot of your assets and sources of income, along with your liabilities and obligations. Calculate your net worth and then develop a budget to better understand your monthly spending and expenses.

Establish goals - Determine where you want to be financially. It's important that you establish some realistic short-term and long-term goals to evaluate your progress and the need for changes or modifications.

Plan and execute - Develop a series of action steps to help you achieve your goals. This could include any number of the following:

  • Pay yourself first - Plan to maximize your RRSP contribution and set aside an additional 10 per cent to save for large purchases, special occasions, annual vacations, an emergency fund and to build a cash float. A line of credit can also help handle emergency cash needs.
  • Be consistent - It's a lot easier to achieve financial independence by setting some realistic expectations and then meeting small incremental savings goals rather than waiting for large milestones to creep up on you.
  • Get rid of debt - Pay off higher interest rate debt first, then move to lower interest rate debt before you make large contributions to investments.
Although sometimes difficult, projecting into the future is stimulating. Visualise your goals if you want to reach them then work with your financial advisor to develop a plan to help you reach those goals.

back »



  Privacy & Security | Legal   Funds mentioned on this website are available to Canadian residents only. © 2019 CI Financial Corp.