Whether your retirement is 20 years away or tomorrow, we want to help you make it great. One way we can help is to answer questions you may have. Below are people at different stages of their financial journey. Explore their questions and find the answers you’re looking for.
Your plan matters
With children in school and a mortgage, we still have a fair amount of debt. We’re focused on our children and work. As a result, we may not be spending enough time planning for the future.
I’m not sure what my retirement will look like. What do I do?
When you meet with your advisor, 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.
One of the best and most straightforward approaches to achieving your meaningful financial goals is to “pay yourself first”. You can do this by setting up an automated transfer between your bank and your investment accounts.
We like to keep a close eye on our investments. While we know a fair amount about the stock market and the fundamentals of saving and investing, we want to improve our financial situation by examining our retirement readiness.
How can 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 the discovery process with your advisor may help you understand and confirm your goals, as well as put your plan into action.
Being financially prepared for retirement is only part of the equation. 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.
What will you do to stay happy and engaged in retirement? It’s a crucial question to consider and your answer may have an impact on your finances as well.
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 $75,910, your benefit will be “clawed back” (reduced).
You may have other sources of income such as RRSPs, TFSAs, non-registered investments, and more. Your advisor can help to identify the sources and develop a strategy that fits your retirement lifestyle.
How can we arrange our investments to help minimize taxable income and address short-term market risk?
There are ways that may generate tax-efficient income, like investing in securities that provide capital gains or Canadian dividends.
Investing in lower volatility mutual funds 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.
Your advisor will help you decide the best approach to managing these key concerns.
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