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Your Road to Retirement: What are Your Savings Goals for 2017?

January 16, 2017 By Lena 19 Comments

I had it all planned out.
beachYears ago, while working my corporate job, I set aside the same amount each month to put away into my retirement fund. It was a small, manageable sum for a single gal in her 20’s, but it gave me a sense of accomplishment and responsibility.

I was adulting, dammit.

Later, when I became a mom-turned-entrepreneur, I no longer had a monthly RRSP contribution – rather, every January, I deposited a sizable contribution (often maximizing my deduction limit) to be applied towards the previous year. I’ll admit it; watching my savings grow, knowing that I was looking out for my future… well, it was kind of a rush. I settled into a pattern, smug with the certainty that I was on track to meet my retirement goals. 

Ah, retirement. I envisioned a small condo in the suburbs, close to the kids and grandkids. I thought about purchasing a second property in south Florida, giving me a reason to get away from the cold each winter. I daydreamed about travel and leisure, boating and exploring the countryside.

Then, last year, we purchased a new home. And just like that, my pattern – my plan to save, save, save – was suddenly replaced with the need for money, NOW.
13736855_156579048112946_259628879_nWe needed money for a down payment. We’ll need money for lawyer, land transfer and moving costs. We’ll have a brand-spanking new mortgage, one that will dictate how we manage our household finances and spending priorities.

Suddenly, for the first time in years, I’m no longer a smug saver. I’m facing a very real financial dilemma: can I afford to save for my future while faced with current, pressing monetary obligations?

Truth is, I can’t answer that. And if you’re in the same boat, stick with me. This season, I’m pleased to partner with Scotiabank, who is committed to working with their customers to develop the right financial plan together, providing advice on the products and services to make sound personal investment choices.

We know that everyone has different plans and goals for retirement. With expert advice, financial planning tools and award winning investment options, a Scotiabank advisor can help you (and me!) craft a customized plan that will bring our dreams to life.

With the RSP deadline coming up March 1, I’ll be talking to a Scotiabank advisor about a customized plan that can help me meet my retirement savings goals. This year, more than ever, I need to understand how I can find balance; I know RRSP contributions are essential (even if it’s once again a small, manageable amount) – I just need advice on how to do it without feeling the present-day pinch.

Are you in a similar situation? Maybe you have another large expense coming up this year (new car, child’s schooling or orthodontics, etc) that is making it hard to keep your savings on track. Stay tuned as I share insights from my meeting with a Scotiabank advisor. In the meantime, for more information on financial planning tools and range of investment options to choose from, visit www.scotiabank.com/future.

This post is sponsored by Scotiabank. The opinions on this blog, as always, are my own.

Filed Under: Lifestyle Tagged With: personal finance, retirement savings, scotiabank

Previous Post: « Let’s Talk About Money: Staying on Budget in 2017
Next Post: New Year, New Home: Top Five Factors When Selecting Hardwood Flooring »

Reader Interactions

Comments

  1. Julie Hartwig

    January 16, 2017 at 10:08 am

    This weighs heavily on me. We do put money away for our future but I am not sure if it’s enough. Sounds like I should talk to a prefessional about it. I look forward to reading more in future posts.

    Reply
  2. Leslie C

    January 16, 2017 at 6:05 pm

    Nevermind saving..I am happy if I can make ends meet!

    Reply
  3. Debbie Bashford

    January 17, 2017 at 7:43 am

    I retired in 2001, my retirement income easily covered everything, now my budget is so tight, at 61 I am thinking I may have to go back to work so I can stay in my home

    Reply
  4. Stephanie LaPlante

    January 17, 2017 at 11:05 am

    This is something everyone should think of as early as possible.

    Reply
  5. Donna Wilson

    January 18, 2017 at 7:39 am

    I have been saving for retirement with RRSPs since my first job.

    Reply
  6. Darlene Schuller

    January 18, 2017 at 9:03 am

    No saving possible here. I’m pending disability, the hubby isn’t a citizen so he’s not employable… we do have plans to move to the States where he can work. Health is not permitting that right now. I’m on treatment for another 18 months.

    Reply
  7. Judy Cowan

    January 18, 2017 at 11:53 am

    I wish we had retirement savings but so far it hasn’t worked for us due to health issues, a divorce my husband went through, doing IVF and a ton of other expensive life challenges. Luckily Hubby does have a good pension plan so that will help some. Hoping in a few years we can finally start doing some saving.

    Reply
  8. Susan T.

    January 18, 2017 at 1:58 pm

    There are so many things that can derail saving for retirement. It’s great to have a good plan!

    Reply
  9. kathy downey

    January 19, 2017 at 11:58 am

    We are struggling with retirement savings

    Reply
  10. LisaM

    January 19, 2017 at 7:29 pm

    We decided that the best thing for our child is private school and we’re just in the process of figuring out how it’ll all work out. Kinda struggling, Kinda just nervous, Kinda fine.

    Reply
  11. Alayne Langford

    January 22, 2017 at 12:31 pm

    We are at the age now where we take retirement savings very seriously. We always welcome new RRSP’s in the new year ☺️

    Reply
  12. Debbie Bashford

    January 23, 2017 at 7:10 am

    with Scotia I use the debit roundup along with every month a set amount goes into a savings acount

    Reply
  13. Emily Mitton

    January 23, 2017 at 10:51 am

    Great reminder to save!!

    Reply
  14. Stephanie

    January 23, 2017 at 11:55 am

    Yes, I’m in the same boat! University costs are scary!

    Reply
  15. Lynda Cook

    January 24, 2017 at 11:48 am

    Lately I can’t even save for a cup of coffee, with hubby off work while dealing with this cancer and having no insurance or drug benefits, it’s pretty tight around here, right now I’m more concerned about paying bills right now!!

    Reply
  16. nicolthepickle

    January 27, 2017 at 7:17 am

    I think with our economy and rather socialistic government right now. We have to invest so wisely in the future. Because it’s scary.

    Reply
  17. Lana Hood

    January 27, 2017 at 7:46 pm

    Hard to save for retirement but definitely a must.

    Reply
  18. John Bennett

    January 30, 2017 at 10:24 am

    currently hard to make ends meet, let alone save for the future

    Reply
  19. Debbie Bashford

    February 5, 2017 at 6:44 am

    I retired in 2001 the funds don’t stretch nearly as far as they used to

    Reply

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Lena Almeida

Toronto Blogger, Social Media Strategist for Listen to Lena Inc. Television & Radio Personality, Columnist and Speaker. Family Travel Expert. Star Wars Fanatic. Perfecting the Art of Conversuasion. Read More…

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