Planning for Retirement
The concept of “retirement” has changed over the years. If you asked what that word meant to someone 50 years ago, their answer would differ drastically than if you posed the same question today. Back then, you worked until you were 65 (or older), and then retired and tried to decide what to do with your remaining years. Nowadays, people want to retire as soon as possible, yet are living longer than ever. Retirement is now viewed as a stage in life to experience new and exciting things.
Are you retiring to something or from something?
We believe this is an important question to ask clients when they are nearing retirement. Too many people just want to stop working without knowing what they will do with their extra time. We’ll help you afford the retirement you want - you’ll just need to figure out what you want that retirement to look like.
Work Optional
What is “work optional” and how is it different than retirement?
As the times are changing, the idea of “retirement” is changing as well. Many people are retiring from their full-time jobs but continuing to work part-time to supplement their income. There are also many people leaving their regular full-time jobs to pursue self-employed careers in a field that they enjoy.
We prefer to use the term “work optional” over retirement as it better defines this stage in your life. We’re talking about the stage where you’ve accumulated enough that you can retire from your day job, but perhaps want to supplement your income with part-time work in something you enjoy to be able to afford that extra annual vacation.
Whatever work optional means to you.
Here are some of the questions we will help you answer…
At what age can I retire?
How can I reach my required level of retirement income?
Do I have enough saved? How much should I save?
Will I outlive my savings?
Which types of savings plans should I be contributing to?
What will happen if I need to move to a long-term care facility?
What do I do about healthcare insurance in retirement?
What types of government programs are available?
At what age should I start taking Canada Pension Plan (CPP)?
Which investment accounts should I draw an income from first?
Are there improvements I can make to my current financial situation?
What type of inheritance will I be able to leave to my heirs?
Want to find out how much you could save in RRSPs by the time you’re ready to retire?
Did you know that every year past age 65 that you delay taking a pension from Canada Pension Plan (CPP), your monthly benefit is increased by 8.4%? That doesn’t sound like much, but after 5 years your pension benefit would be 42% higher.
Talk to us to find out if it makes sense for you to delay your Canada Pension Plan (CPP) and Old Age Security (OAS) benefits.
Retirement Resources
Canada Pension Plan (CPP) Retirement Pension
Eligibility criteria, deciding when to take your pension, how to apply online and amounts.
Old Age Security (OAS) Pension
A pension you can receive if you are 65 years of age or older and have lived in Canada for at least 10 years - even if you have never worked.
Resources for Seniors
Websites and tools on issues of particular concern to older adults and seniors.