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• Get ride of your debt. 
• Don't enter into a car loan before entering into retirement. Pay cash for cars.
• Evaluate your insurance. Maybe you don't your life insurance, etc.
• Determine how you are going to pay for healthcare. Most Canadians pay these extra expenses out of pocket.
• Update your estate plan (will, power of attorney, document your digital assets(logins, etc).
• Determine your retirement age.  (Will need to line up with your retirement plan!)

Tax Rates

https://www.taxtips.ca/taxrates/on.htm

In Ontario, the portion of your income that is not taxed comes from the basic personal amount (BPA), which applies at both the federal and provincial levels.

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If you made $50k, you would pay tax on 50k-15k=35K at a rate of 20% = 7k???

Retirement Budget

Figure out how much you need monthly once you retired.

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• Have money you will take out in the year could should be in safe investments.

Laddered Income Strategy

You can spend more in your early stages of retirement.

Retirement Traps

• Don't assume investment returns will continue. Assume 5% return.
• Paying 2-3% for investment advice.
• Not planning for a long life.
• Listening to that "investment expert"!
• Holding on to money for too long! Don't hoard your money. See "Laddered Income Strategy".
• Getting divorced.

Psychological Phases of Retirement

The four phases website: https://thefourphases.com/

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Retirement Regrets

• Did not spend enough money early. Could have enjoyed their money more when they were younger.
• Wished you had retired earlier.
• Wished you had travelled more.
• Wished you had found a new hobby, etc.. You should retire to something!
• Not taking care of your health.

References

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