Planning for retirement

The best thing seniors can do to make their retirement savings last is to have a plan, says a local financial adviser.

Timothy Warkentin, of Edward Jones Investments, said knowing how much you have, where it’s being spent and what you want to do with your money are all part of the 10 principles of living in retirement he was teaching Tuesday afternoon at the 55 Plus Centre.

"Money is just a tool to help you get through life so you can do the things you want to do," Warkentin said. "Sit down make a plan work out a budget because investing is actually quite easy, it’s figuring out what the purpose of the money is for…it’s never how much money you have that’s important it’s what you spend that’s important and how you spend it."

Warkentin, who has been teaching financial planning workshops for four years, said knowing what your expenses are not only brings peace of mind and clarity but can help people decide what they want to do during their retirement years.

Once a budget is in place, Warkentin said people will be in a better financial position when the unexpected happens.

"Life throws you curves," said Warkentin. "You can’t plan for it but expect it."

Reviewing the plan annually, not reaching for the highest returning investments and defining an estate plan are also important steps to a healthy financial retirement Warkentin said.
People can easily forget how important saving and planning for the future is he added.

"We do like to live for the day but it’s important to plan for the future too," Warkentin said.