Whether your retirement is 30 years away or tomorrow, we want to help you make it great.
One way we can help is to look at where you are in your financial journey and discuss your goals and retirement dreams.
Do you have children in school and a mortgage; are you empty nesters with only a few years away from Retirement? These are important questions and more often than not we are focused on today and as a result we may not be spending enough time planning for the future.
What will my retirement will look like. What do I do?
When you meet with us, we will discuss the emotional side of saving, investing and retirement. It’s here you’ll uncover your true goals and learn how your financial situation impacts your outlook on life.
How much income will I need in retirement and how much should I be saving to meet our needs?
The amount of money you’ll need depends on your life style, and your ability to generate the cash required.
How can I save for the future?
One of the best and most straightforward ways to achieving your financial goals is to “pay yourself first”.
There are many different ways to save for your retirement. Registered Retirement Savings Plan (RRSP), Non-registered investments and Tax-Free Savings Accounts (TFSAs) all offer opportunities to help you save and create a Retirement Income.
But you’re not alone…..we will advise you on what the best direction is given your personal situation. Things like Company Pensions, CPP and OAS all need to be taken into account.
How do I prepare for a seamless transition into retirement?
The key is creating a comprehensive plan that accounts for all your goals across the important areas of your life, with clear steps to accomplish each goal.
Going through our “Fit For Life” discovery process will help you identify, understand and confirm your goals, as well as provide direction.
Am I emotionally ready to retire?
Being financially prepared for retirement is only part of the journey. Paying attention to your emotions and maintaining an open line of communication with the people you trust most — your family, close friends and professional advisors — is the other part.
Ask yourself this one questions to start:
What will you do to stay happy and engaged in retirement?
What are my potential sources of income?
As we mentioned there are several sources that make up your retirement income and knowing how they fit together will help mitigate the taxes you pay.
The Canada Pension Plan (CPP) and Quebec Pension Plan (QPP) are pension payments available to all working Canadians, funded by mandatory contributions from employers, employees, and self-employed Canadians.
Old Age Security (OAS) is generally based on Canadian citizenship or legal residence, as well as the period of Canadian residence. If you have an income over the threshold ($75,910 in 2018), your benefit will be “clawed back” (reduced).
You may have other sources of income such as RRSPs, TFSAs, non-registered investments, and more.
We will help to identify the sources and develop a tax efficient strategy that fits your retirement lifestyle.
How do we arrange our investments to help minimize taxable income and address short-term market risk?
There are ways that you can generate tax-efficient income. The first is to structure your investments in the appropriate accounts (RRSP, Non-Registered, TFSA , Whole Life) and then look at securities that provide capital gains or Canadian dividends.
Investing in lower volatility investments and having a broad diversification strategy for your portfolio may be good ways to reduce short-term market risks, but it’s always a good idea to keep the long-term in mind — even though you’re nearing retirement.
We will help you decide the best approach to managing these key concerns.
You made it! Travel, Beaches, Golf, what you always dreamed of, but did you know that it doesn’t stop there? Planning continues into your retirement.
Here are a few things that you will need to know.
How do I convert my RRSP into a RRIF?
For most, it is simply a matter of converting to a RRIF by the end of the calendar year that you turn 71, and then taking your minimum withdrawal amount the following year.
If you require more income than you had planned for, you can increase the amount you withdraw from your RRIF.
How do I draw down on my investments once I’m retired?
Things to consider:
How do I plan to pass my estate to my family?
Thinking about your estate can be challenging because estate issues often bring up many difficult emotions.
We can help you create an estate plan that includes gifting to relatives and charities, and asking if your Will and Powers of Attorney are up to date.