PREPARE for Retirement

 

Are you ready for Retirement?

 

Here is how to prepare;

 

1.    Establish your retirement objectives

2.    Evaluate your current financial situation

3.    Identify your various sources of retirement income

4.    Identify risks you may face

5.    Set up a savings plan

6.    Acquire retirement income products

RETIREMENT Facts

Government plans alone cannot sufficiently meet your needs during retirement. It is generally accepted that, in order to maintain your standard of living at retirement, you will need at least 70% of your pre-retirement income. Consider the following;

 

You no longer have work-related expenses

You have a lower tax rate

Reduced family obligations

Preferred retirement age

 

The average life expectancy after age 65 is 83 for men and 86 for women; consider that 50% of the population lives even longer than that. It is possible that pensioners spend as much time in retirement as they spent in the workforce.

 

What is your plan? Let us help.

 

 

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FACTORS that affect my Income

I don’t want to outlive my savings!

 

Your retirement strategy depends on two criteria;

1.    Your financial situation

2.    Your lifestyle choices

 

Other factors to consider are;

Inflation risks

Longevity

Increased risk of illness

Asset allocation

Liquidity of savings

       Market Risk
 

SAVINGS Strategies

If you realize your savings will not be sufficient or if you would like to have more set aside for retirement; you may need to wait a little longer to retire or scale back on your goals. Given the limited amount of years you have left before retirement, take advantage of all the vehicles available to you, consider the following;

 

Prepare and follow a budget – see where you can cut back

Repay all personal debts as quickly as possible – mortgage, car etc.

Maximize your RRSP contribution

Implement Income Splitting strategies

Open a TFSA Account

Non-Registered Investments

Guaranteed Income Products