Kick-Start Your Golden Years At 50

Retirement at 50

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Kick-Start Your Golden Years At 50

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Retiring in your early 50’s can seem like a pipe dream for many. However, with the FIRE movement (Financial Independence, Retire Early) gaining ground, more people are exploring retirement strategies that would enable them to have financial freedom from an earlier age.

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This comes at a time when life expectancy is increasing. Those born in 2016 will on average live seven years longer than those born 25 years ago. For those looking to retire early, careful planning will be required, working alongside your Portfolio Manager to tailor your savings strategy to your specific retirement goals.

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1. Envision your retirement lifestyle

[/vc_column_text][vc_empty_space height=”30px”][vc_column_text]Before developing a retirement strategy, take time to consider what “retirement” looks like for you. What kind of post-work life do you want to have? Do you want to maintain your current lifestyle, or are you planning to downsize in this new stage of life? Will you work part-time or immediately begin withdrawing income from your TFSAs, RRSPs and investments? This will determine how much you should be saving and what kind of investment plan is best for you.[/vc_column_text][vc_empty_space height=”30px”][vc_column_text]

2. Invest your nest egg early

[/vc_column_text][vc_empty_space height=”30px”][vc_column_text]With compounded interest, the earlier you start investing, the more time your nest egg will have to grow. Saving in your 20s and 30s can be challenging, as this time in life often coincides with other expenses, such as mortgages and childcare, however, it’s good to start saving for retirement as soon as you’re able to do so.

While everyone’s retirement plan is tailored to their personal situation, we can universally agree that when it comes to retirement savings, earlier is better than later and more is better than less.[/vc_column_text][vc_empty_space height=”30px”][vc_column_text]

3. Make consistent returns the goal

[/vc_column_text][vc_empty_space height=”30px”][vc_column_text]Financial returns are a key consideration when developing an investment strategy. However, as you approach retirement, we recommend that you focus on consistent returns over the highest returns, as by nature, the highest returns often come with greater risks. If you feel you aren’t going to achieve your retirement goal, you may be tempted to take more risks as you get close to the finish line – but risk and reward are a balancing act, and we recommend prioritizing consistency as retirement nears.[/vc_column_text][vc_empty_space height=”80px”][/vc_column][vc_column width=”1/4″][vc_empty_space height=”30px”][vc_widget_sidebar sidebar_id=”Making Good Cents”][/vc_column][/vc_row]

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Client impact

“Graduating from a big bank to Genus was one of the best financial steps we've ever taken. Genus has delivered reliable asset growth despite our moderate risk tolerance. As our financial security has grown, we've also been the beneficiaries of a great client experience. The company's communications have been consistently transparent and informative, including educational webinars and a well-designed web portal where we can track investments daily. Most importantly to us, our portfolio manager has always responded swiftly and thoroughly to our questions and requests. ”
Martin T.
"Having relatively diverse financial goals and needs, along with a slight reticence regarding the stock market, Genus skillfully addressed all of our concerns, and put together a truly exceptional plan: Fossil free funds and a diversified investment portfolio, check; An effective Impact investment portfolio that coincides with our hopes and dreams for a better world, check; Professional advice and assistance to create a donor advised charitable fund with immediate charitable receipts for tax purposes, check. Returns? Way beyond our expectations! We even had some fun along the way and certainly enjoyed an incredible two-year start to what will be a satisfying long-term relationship with Genus."
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Chris H.
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Bob Q.
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Douglas H.
“Genus is a very innovative firm. I am pleased to invest in their Fossil Free and Impact strategies that help me invest in line with my values.”
Marnie C.
“Great team of professionals. Excellent website and reporting. Responds to inquiries promptly. Very pleased with the process of changing from another company to Genus as well. Kudos.”
David L.
“Genus consistently provides a good, clearly explained, comprehensive picture of the general economic and financial situation, along with an excellent account of the investment decisions made in relation to this. Genus’ equally strong concern with clients’ questions and requests for further information is also a very important part of the service it provides.”
Allan S.
“Back in 1992 when I found myself at fifty with a substantial amount of money to invest, I knew just one thing — that I didn’t want to contribute to tobacco companies, arms manufacturers, or oil. But over the ensuing years the options for socially responsible investing have become far more sophisticated and I’m very happy that this is a big part of the Genus approach. I also very much appreciate the long-term relationship with my portfolio manager, Mary Lou.”
Ann P.

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