Show Transcript

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* A comfortable retirement is a big life goal for many people. But as you get closer to retiring, you might wonder if you really are financially ready to take that step. Nicole Ewing, Director of Tax and Estate Planning with TD Wealth, joins me now to answer a common question we're hearing around this topic. Here it is. "I want to retire in the next few years. What can I do to ensure I can the way I want?" Nicole?

* Well, firstly, we can't plan until we have a goal, until we know what we're trying to achieve. And so we really want to look at what we want our retirement to be. What does that mean to you?

* Then we can assess whether or not we have the assets that will allow us to have that retirement. So looking at our personal investments and savings, our Registered Retirement Savings Plans, our Tax-Free Savings Account, perhaps some non-registered investments would go into that.

* Additionally, we want to consider the non-personal savings that we have. Perhaps we have access to Canada Pension Plan, Old Age Security, or even an employer pension. So taking that all into consideration, then we can assess how we're doing.

* Now, say you've looked at your financial situation, and you realize you're not where you want to be. What are some realistic and proactive steps you can take as you get closer to retirement?

* Well, a key will be looking at your cash flow. What are you spending? So we want to look at our discretionary and our non-discretionary expenses and see where we might be able to make some tweaks and really making budgeting a focus. If we don't yet-- if we're not yet saving as much as we want to be saving or need to be saving to get the retirement that we're looking for, now's the time to make those extra contributions. So putting a little bit extra away each month, making that a habit, is really going to help you realize your financial goals.

* And finally, who can you speak with to help you reach your financial goal for retirement?

* Oh, gosh. Well, work with a-- book an appointment with an advisor who can help you work towards your personal financial goals and help you get there.

* Nicole, thanks for joining us.

* Oh, my pleasure.

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Ask MoneyTalk: What can I do to ensure I’m able to retire the way I want?

Financial security is a big part of a happy retirement. So what can you do to ensure you're able to step into this phase of life with confidence? Nicole Ewing, Director, Tax and Estate Planning, TD Wealth, joins Anthony Okolie to answer that question.

Have any questions?

Book an appointment with a TD Personal Banker

Or call 1-844-352-1748 to speak with a Mutual Fund Representative

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