1. Personal and Career - What are your career goals: Expected annual income At what age will you begin work? For how many years do you expect to work? 2. Retirement: - How old will you be when you retire - What will you be your monthly/annual budget (expenses) in retirement Include five retirement goals - activities, life events, dreams. Break into age categories - What is your expected income in retirement: CPP/OAS Part time work? RRSP/TFSA savings - To what age do you expect to live? 3. Financial requirements: - Calculate how much you will need to save by retirement age to meet your financial goals Factors: - CPP and OAS income - Remainder drawn from RRSP (what balance saved at retirement) - Need to consider investment returns, annual expenditures (do not forget inflation), expected years in retirement and taxes. How much do you need to save per year to meet your savings goals: - consider number of years working - fluctuations of income and expenses over your working career - Expected investment return Include and state all of your assumptions, referencing them with notes and annotations 4. Report: - Report in Word summarizing your findings and calculations. - Excel spreadsheets should be included to support figures. 1. Personal and Career - What are your career goals: Expected annual income At what age will you begin work? For how many years do you expect to work? 2. Retirement: - How old will you be when you retire - What will you be your monthly/annual budget (expenses) in retirement Include five retirement goals - activities, life events, dreams. Break into age categories - What is your expected income in retirement: CPP/OAS Part time work? RRSP/TFSA savings - To what age do you expect to live? 3. Financial requirements: - Calculate how much you will need to save by retirement age to meet your financial goals Factors: - CPP and OAS income - Remainder drawn from RRSP (what balance saved at retirement) - Need to consider investment returns, annual expenditures (do not forget inflation), expected years in retirement and taxes. How much do you need to save per year to meet your savings goals: - consider number of years working - fluctuations of income and expenses over your working career - Expected investment return Include and state all of your assumptions, referencing them with notes and annotations 4. Report: - Report in Word summarizing your findings and calculations. - Excel spreadsheets should be included to support figures