Special Goal Planning
In our society, there is often a narrative that prioritizes saving for retirement over enjoying the present. We are told to work tirelessly until retirement, hoping to achieve the elusive "freedom" we have been longing for. However, it is crucial to strike a balance between saving for the future and living in the present. Focusing solely on retirement may cause us to miss out on opportunities for a fulfilling life now.
We understand that you may have aspirations, such as going back to school or even riding a motorcycle from coast to coast. Together, we can create a comprehensive plan that balances your current lifestyle with your long-term goals, making those dreams a reality. Together, we will collaborate to:
- Assess your current financial situation.
- Consider the best time to make this decision
- Determine the impacts of your plan
- Create a savings plan.
- Work with you to stay on track
- Watch your dreams become reality
We all have priorities, aspirations and ideas that cannot wait until we're retired. So, it is important to strike a balance between saving for the long term and the achieving our shorter term goals. With proper planning, you can live a fulfilling life now while still planning for a secure financial future. Don't let the fear of the unknown hold you back from living your best life. Book a meeting today and let's get started!
Retirement planning
According to a report by Statistics Canada, life expectancy in Canada has increased by almost 30 years since 1921, and this trend is expected to continue. Given the increasing life expectancy, retirement planning has become more critical than ever. Furthermore, individuals are now becoming more responsible than ever for managing their own retirement savings. Yet, many lack the time or expertise required to ensure they're on track. We work closely with clients to create a comprehensive retirement plan that takes into account their unique situation and goals, ensuring they have the financial security they need for a comfortable retirement. Together, we will work with to:
- Review your current pension documents such as defined benefit pension plans, group retirement plans, or other employer-sponsored plans to understand the details of these plans, such as retirement age, pension amount, and vesting schedule.
- Assess your eligibility for government benefits such as the Canada Pension Plan (CPP) and Old Age Security (OAS) that can provide a source of income during retirement.
- Review other sources income. Many clients enjoy what they do and do not want to fully stop working entirely. Others have different income sources such as rental properties, or royalties. We will consider these options to see how they can best be integrated into your plan.
- Identify your personal needs and retirement goals by estimating living expenses during retirement, such as housing, food, and healthcare, and considering any personal goals such as travel or hobbies.
- Develop a tailored, comprehensive retirement plan that includes considerations for multiple possibilities, considering several stages of retirement, and coming to an agreement to the best option.
- Regularly review and adjust course to ensure that your plan remains aligned with your personal goals and financial situation.
By allowing us to guide you through these steps and completing a thorough retirement plan, you can spend your time dreaming about the retirement you always imagined, and let us handle the rest. Get started today.
Post Retirement (Withdrawal) planning
Retirement planning continues to be crucial even after you have stopped working. Many clients who have never properly planned for retirement but were strong "savers", can deprive themselves of a more comfortable lifestyle because they are not sure if they will outlive their assets. We can build a post retirement withdrawal plan that ensures that you do not outlive your assets and have the retirement that you deserve. In order to achieve this, we will work together to consider the following:
- Personal Pensions: Understand the details of your personal pensions, including how much and when payments will be received.
- Government Pensions: Understand the eligibility requirements and the amount that will be received from CPP and OAS, and to ensure that you are obtaining the most efficient benefit.
- Investments: Consider your RRSPs, Locked in Accounts, TFSA's and RRIFs, and implement withdrawal strategies to reduce your taxes and minimize the risk of outliving assets.
- Tax Minimization: Create a tax-efficient retirement plan with you, by using strategies such as income splitting and investing in tax-free or tax-deferred accounts, as well as utilizing tax advantaged investments, where possible.
- Reduce Sequence of Return Risks: The timing and order of investment returns have a much more significant impact on your assets in retirement, than they do when in the accumulation stage. We will review your entire portfolio in order to determine if changes need to be made to address these risks.
- Long-Term Care Needs: Consider the costs of long-term care and how to cover these expenses, should the need arise.
By considering all of these factors, retirees can enjoy a financially secure retirement. Working with us can help ensure that your plan meets your unique needs and goals. Contact us to get started!
