For most Canadians, retirement is a major financial goal that requires considerable financial commitment. 49% of Canadians hope to retire before the age of 60. Whether you have already established a Retirement Savings Plan or are just beginning, it's never too late to begin saving.
Retirement Planning is a primary financial goal for most Canadians. Whether you have a savings program in place, or are interested in one now, the first step is to determine how much will be available to you at your retirement.
Contact the office for detailed analysis of your retirement income needs and opportunities.
Save now, Start now and Stay invested. Begin by investing what you can and try to increase this amount every few months. Using a pre-authorized deposit plan allows you to make regular contributions to your retirement savings plan. Remember, small amounts can accumulate significantly over time. No matter when you start investing, the key is to stay invested as long as you can. The longer you hold your investments, the more they will benefit from compound growth.
Diversification is the financial equivalent of not putting all your eggs in one basket. You spread your risk by investing in several different investments, therefore reducing the impact of one poor performer in our portfolio. Experts agree that the asset mix of your investments - safety, income and growth, account for more than 80% of your portfolio's return.
Retirement planning involves setting aside enough money during one's working years to provide income during retirement. A simple concept, but a complicated activity once investment choices and taxes are taken into account.
We all start to prepare for our retirement years at different stages in our lives. The most effective strategy is to begin in your 20s or 30s with the purchase of your first Registered Retirement Savings Plan (RRSP) or or Tax Free Savings Account (TFSA).
A good strategy will carry you right through retirement - confident in the knowledge that your finances will last you for a lifetime. Regardless of your age, the key to a financially secure retirement is to start now!
While it's impossible to estimate exactly how much you'll need for retirement 30 or 40 years from now, it's important to start saving for it today. By contributing to a RRSP/TFSA while you're young, you put time on your side and watch your savings grow tax-free over the long term..
It doesn't take a lot of money to build a nest egg if you start early enough and let time work for you. Make your first contribution as early as possible in your working career to benefit from compound interest.
Taking a slow and steady approach to building your RRSP/TFSA, setting aside small amounts regularly is the best way to ensure your success.
Freeing up a large sum of money at year-end is often difficult and is the most common reason people fail to maximize or sometimes even make their annual RRSP/TFSA contribution.
Make a point to contribute your maximum RRSP/TFSA amount whenever possible. Make sure to determine whether an RRSP, TFSA or both are best to help build your nest-egg
While it can be a valuable safety net in times of financial crisis, don't tap into your RRSP/TFSA unless you absolutely have to, unless it is part your planned strategy. Funds you withdraw today will not be there when you need them at retirement.
I don't charge any fees to provide a retirement plan. I work hard to ensure that I can maintain a fee-free operation.
It's my hope that if you trust the plan and decide to move forward with it, that you will allow me to manage the investment accounts and insurance portion of a retirement plan. However, there is no obligation to do so.
Instead of charging fees, I'm paid trailer commissions from mutual fund and insurance companies based on the business I do through them.
The earlier you plan, the easier it will be to set aside enough funds to have an enjoyable retirement.
When I help people plan for retirement, we try to envision what it'd be like to do everything you want to do without having to worry about if you have enough money to take that trip, or book the expensive hotel, or get the nice wine at dinner.
In retirement you don't want to be pinching pennies. There is nothing worse than failing to plan and being forced to live purely off of Canada Pension Plan and Old Age Security. You can't have a good retirement when you rely only on government pension plans.
In retirement, you may find it very surprising what it actually costs to keep up the standard of living you enjoyed while working. Your pension plan may not provide as much as you thought, or your savings may not last as long as you wanted, or you may run into medical issues, etc.
It's best to sit down with someone qualified who knows what they're doing to guide you and show you what it will take to get the type of income you need to enjoy your retirement.