{"id":951,"date":"2021-03-31T07:30:00","date_gmt":"2021-03-31T13:30:00","guid":{"rendered":"https:\/\/www.bellvest.ca\/ryan-carrier\/resources\/when-should-you-start-planning-for-retirement\/"},"modified":"2025-09-24T13:36:51","modified_gmt":"2025-09-24T19:36:51","slug":"when-should-you-start-planning-for-retirement","status":"publish","type":"resources","link":"https:\/\/www.bellvest.ca\/ryan-carrier\/resources\/when-should-you-start-planning-for-retirement\/","title":{"rendered":"When Should You Start Planning for Retirement?"},"content":{"rendered":"

When it comes to personal financial goals, saving enough money to live comfortably during retirement is one of the most critical, yet many Canadians don\u2019t believe they\u2019re saving enough. According to a 2020 Scotiabank Retirement Survey,\u00a068 percent are saving for retirement<\/a>, but 70 percent are worried that they’re not on track.<\/p>\n

The earlier you start preparing, the easier it is to reach your saving goal. Let\u2019s look at when you should start planning for retirement and what you can do if you haven’t begun already.
<\/p>\n

At what age should you start planning for retirement?<\/h3>\n

There\u2019s no such thing as too early. A lot of people are focused on other financial goals in their 20s and 30s, and even in their 40s. When you\u2019re paying off student debts, saving up to buy your first home, or starting a family, it\u2019s easy to overlook retirement planning. However, this is the best time to start.<\/p>\n

The reason is, the more time you give your retirement savings to grow, the more you can benefit from compound interest. As a basic example, when you deposit money in an interest-bearing account, you earn interest on your principal, but you also earn interest on interest. This creates a snowball effect where your initial savings keeps growing on its own at a faster rate.<\/p>\n

The same concept applies to other saving and investment tools such as stocks and bonds. Keep in mind, risk is part of the equation as well. The value of your equity investments can decrease, so you won\u2019t always earn more. However, historically, stock market values tend to increase, especially if you\u2019re using a sound\u00a0investment approach<\/a>.<\/p>\n

What happens when you start early?<\/h3>\n

To\u00a0illustrate this point<\/a>, consider two individuals who invest $5K every year until they retire at 58. The first starts at age 28 and invests $150K over 30 years. The second starts at age 18 and invests a total of $200K over 40 years. Assuming a 7% annual return on their investment, the person who started at 18 will have $1,142,811 when they retire. The one who began at age 28 will have $580,741. That\u2019s a difference of over $600K!<\/p>\n

What if you don\u2019t have a retirement plan yet?<\/h3>\n

If you didn\u2019t start planning for retirement as a teenager, or even in your 20s, 30s, or 40s, don\u2019t worry. Remember, your financial journey is yours. And, you always have opportunities ahead of you.<\/p>\n

To support your future, the best thing you can do is to start now.\u00a0Use our\u00a0retirement calculator<\/a>\u00a0to see if you\u2019re ready. Create a plan that reflects your current situation, your goals, and your risk tolerance. Our experienced team of advisors can help you develop a plan that works for you, no matter how many years you have left before you retire.<\/p>\n

Ready to get started?\u00a0Let\u2019s talk<\/a>.<\/p>\n\n\n

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