David Garnier is the Vice President of CIBC (Canadian Imperial Bank of Commerce) Wood Gundy in Dartmouth, Nova Scotia. He is also a Portfolio Manager. As a Portfolio Manager, David Garnier often helps his Dartmouth, Nova Scotia, clients manage their retirement plans, savings and investments. When managing a retirement plan, professionals like Garnier often help their clients steer clear of common mistakes such as those below:
Not Starting Now – If you assume that you can start planning for retirement “later,” you’re sabotaging your future self. The ideal time to start saving for retirement is in your 20s, but many put it off until they are in their 40s. The sooner you begin, the more time your savings will have to earn compound interest and the more money you’ll have when you’re ready. This is because it isn’t just money that builds your retirement savings, it’s money increased by interest.
Procrastination is the biggest retirement killer and there will never be a “best” time to start. The time to start planning and saving for retirement is now. This is true regardless of when “now” is.
Relying on Social Security or Pension Plans – Many people assume that social security and pension plans will handle retirement savings for them, meaning that they do nothing. Relying on outside sources to handle your retirement is setting yourself up for failure.
Instead, work with a professional to make a retirement plan that takes social security or pension plans into account without relying on them. This will help you benefit from what is provided without damaging your retired life.
If you haven’t enlisted the help of a professional like Dartmouth, Nova Scotia’s David Garnier Nova Scotiato manage your retirement portfolio, there’s no better time to get started than now.