Hi guys, don't know why but all of the sudden I woke up this morning and laid in bed for a while thinking about retirement and if I will have enough money. I'm still fairly young so I got a long way to go working, but don't want to waste time and have regrets down the line that I didn't do something I should have. My current individual retirement savings are comprised of the following:
$113k LIRA from my days with a government agency
$65k RRSP with RBC
$11k RRSP with RBC through employer (they only match up to $2k per year)
$20k RRSP GIC with Simplii (opened when market was diving in December, wasn't sure if I wanted to keep my funds in the market)
I do have my TFSA maxed out but I don't see it as retirement savings at the moment so I don't really count it.
Anyways, majority of my funds are with RBC for the last 3 years or so ever since I switched jobs and they had their RRSP setup with RBC, so I moved most of my funds there. It's some managed accounts with low and medium risk investments (LIRA is low, 65k RRSP is medium risk). I pay some management fee and leave it alone. The RRSP GIC at Simplii is at 3.5% for the next couple of years, and the work RRSP is some kind of medium risk investment as well. I am 36 and plan on working for as long as I can, no desire for early retirement, at least not at the moment. My wife and I travel a ton and spend 20-25k per year travelling, and we have no kids. The mortgage is paid off. We are able to save about $5-6k per month combined doing whatever we want, but in general we aren't really big spenders. We have no mortgage anymore and no other debt.
If things remain as is, I think i can max out my RRSP contributions going forward. My wife's RRSP contributions are pretty small and we don't really count it towards retirement, so let's assume everything I am doing is what is going to carry us through retirement. Wife is now in school and isn't working much so her income doesn't really matter at the moment as well. I take care of most every expense in the house and I like it this way, so presume this will continue forward as well.
My question is, should I be doing something more? Should I be taking bigger risk investments while I am young to try to maximize growth? I feel like I just don't care about these things and I definitely don't want to self manage anything, but at the same time if I have to, I will. I just want to make sure I am not making any mistakes that I will regret when I am older while I still have a good 25-30 years of work left ahead of me (I hope). Should I be seeking professional advise? I have an advisor at RBC....who I haven't heard from for a couple of years now, seemed to go silent once he got me to move all my money, so I don't really want to deal with him. Is a banker really the best person to talk to? I feel like they all have their own interests in mind. Any and all input is appreciated.