Being strategic about saving for retirement means thinking about the saving and spending rules of retirement while you plan. First off, individuals should think about retirement in a flexible manner and start saving as early as possible. Remember, saving a little early versus saving a lot later can help you adjust your saving strategy over time.

One important thing to remember when thinking about retirement is to set a goal of how much you will need to retire, then build a savings plan based on that goal. But how does one know how much money they will need to survive 20 years down the road? Some experts estimate that your savings goal should amount to 10 to 12 times your current income. This goal also depends on how long you intend to spend being retired as well as where you intend to retire. Financial advisers state that most people now need at least 100 percent of their preretirement income each year for at least the first 10 years after they stop working as spending really doesn’t slow down in early retirement. If this number seems exorbitant, consider setting your goal at 80% of your pre-retirement income after you finish working.

With a goal in mind, you can commence saving. You don’t have to wait until you have a lump sum of disposable income to deposit in your savings account before you start saving. Our great grandparents and grandparents saved a penny at a time until they reached their goal- one drop at a time can still fill a bucket. Think about ways to curtail spending to double up on saving so that small amounts can grow into larger contributions over time.

Keep in mind that the goal is to do what you can, to be strategic, and to push your savings rate as high as is comfortable. When in doubt, contact your relationship officer at the Bank for more information and advice.

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