Retirees need to plan early

Baby boomers need to plan earlyIt is important to any person to start to think about retirement as early as possible, especially as baby boomers start to turn 65, according to the Calgary Herald.

"When you're raising kids and working full time, you don't think much about down the road," Darlene Thompson, told the news source. "It wasn't until the kids were kind of grown and in university that we said we have to look at what we've got."

The 62-year-old explained that she didn't start thinking about retirement living until 10 years ago, and now she is first tackling any debt her and her husband have, which is one of the most important things to rid of before the golden years, according to the news provider.

"Baby Boomers typically are redefining their retirement - often it's a matter of slowing down or looking at other opportunities where they can apply their expertise and talents," Sterling Rempel, certified financial planner, told the media outlet. "And that could very well generate income for them."

The retirement age has been growing older in the United States but this is not the same in Canada. According to the Montreal Gazette, in 2006, the average age of retirement was 62 in Quebec.