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In general there are four (4) areas that need attention to create a successful retirement plan. Those areas are:

  1. The volume and consistency of contributions during the “Accumulation Phase”
  2. Impact of tax on contributions and on future retirement income
  3. Sources of retirement income and
  4. Other factors that will impact the quantity of your retirement income including:
  • Retirement age and Life expectancy
  • Part time employment income during retirement
  • Inheritance and/or access of market value of your principal residence, real estate or business
  • Income tax rates and effective use of all tax concessions such as pension income splitting, age and pension credits and other deductions.
  • Mix of registered vs. non-registered investments
  • Tax efficiency of non-registered investments
  • Value and commencement of Government Benefits
  • Choices involved with Pension Benefits
  • Inflation, market volatility and performance
  • Magnitude of withdrawals compared to long term capacity of your Assets

The process we use to help our clients through the maze of issues is through our own program called “Your Retirement Map”™. It is a very effective retirement income planning system that will convert all of the above factors into a projected after tax retirement income value in today’s dollars.

Clients can then compare this value to their actual budget to determine the volume of their surplus or deficit. If this step is done adjustments can be made to either your retirement budget, investment account design or other areas to maximize your lifestyle goals.

Sometimes tough choices need to be made if you are in a deficit position to ensure the sustainability of your retirement capital. A reduction may be required to your expenses; rebalancing may be required to meet your current goals or reduce volatility; Equity in your residence or vacation property may need to be altered.

Other people may find that they are in a surplus situation. In this case different planning strategies can be investigated such as charitable donations, generational wealth transfer, use of lower risk/guaranteed income products such as annuities; estate planning and effective use of trusts and insurance, and many, many more.

One of the major benefits of going through this process is you have the ability to make changes now to create a positive impact on your future financial security. Talk to us. We are experts in retirement income planning!

Extensive fact finding is required in order for this service to be a success for you. Learn more about Your Retirement Map™”

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