Retirement may not be as far as you think. For sure, you want to be prepared when the time comes and have enough income to get the lifestyle you’ve been dreaming off and deserve. At Retirement Path Canada, we offer retirement planning services to secure your financial future.
We specialize in guaranteed income for life through our different types of investment strategies. We will help you achieve your retirement goals whatever they may be. Here are six tips that will help you get ready for retirement:
Make a Financial Forecast
Review your pension plans and investment assets with one of our advisors to forecast how much income they’re likely to generate for you in retirement.
Look Into Additional Income Sources
Find out whether you fit the eligibility requirements for other sources of retirement income, such as the Canada/Quebec Pension Plan, Old Age Security, or the Guaranteed Income Supplement.
Check That You’re on Target
Draft a budget of your estimated retirement expenses while keeping in mind that you should adjust for inflation. Compare this figure with your forecasted totals in case you need to adjust your desired lifestyle expectations.
Review Your Asset Allocation
Does the composition of your investment portfolio reflect your changing needs? Does it help you meet your retirement income goals? Check with one of our advisors to see if your portfolio is still designed to help you meet your retirement income goals.
Mark Your 71st Birthday
Make sure you convert your registered retirement savings plans (RRSPs) to
registered retirement income fund (RRIFs) or annuities by the end of the year you turn 71. If not, you might face a tax bill that swallows almost half the value of your RRSPs.
Ensure You Won’t Outlive Your Retirement Savings
Consider supplementing any government or employer pensions with investment solutions that can provide a guaranteed income stream for life.
*The retirement tips and video on this page are provided by Manulife Financial.