How to Plan for Retirement

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Plan for retirement by creating a goal, understanding risk tolerance for investments, building an emergency fund first and keeping monthly budgets in mind. Expand retirement plans as salary increases with advice from a registered financial consultant in this free video on money management.

Part of the Video Series: Money Management & Personal Finance
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Video Transcript

This is financial adviser, Patrick Munro, talking about how to plan for retirement. The earlier one plans for retirement, the better off they will be. And it's important that you plan with an end result in mind. Individuals should know what they wish to achieve, where they want to live. And, of course, their risk tolerance is very, very important because if you don't like a high degree of risk where you could lose the money that you are investing due to market risk, then you will not have a quality of life along the way towards retirement. Make sure you build an emergency fund first, that's always important. Make sure you keep your budgets in mind as well, so that you will know that you have X amount of dollars available on a monthly basis, and also X amount of dollars that you can put away for your future, again based on your risk tolerance. And as you get more dollars into your life, and receive pay raises at work, etcetera, you can expand your retirement plans, and therefore accelerate even faster towards your goal for a successful retirement. This is financial adviser, Patrick Munro, talking about how to plan for retirement.

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