Margaret: I've always dreamed of spending my retirement years in a condominium in the southern U.S. Now that I'm almost ready to retire, I'm really looking forward to taking the next steps. What do I need to do now to make sure I'll have the income I need during my retirement years and for my dream condo?"
Margaret's CIBC advisor has been helping Margaret plan for this event and now it's time for them to work together on updating Margaret's retirement plan. Since she's about five years away from retiring, they work together to build an understanding of how much money she will need to support her desired retirement lifestyle. They use the CIBC "Preparing for the retirement you want" worksheet to review her retirement needs and determine the income available to her from her RRSP savings, government and employee pensions, and other income sources.
Margaret's CIBC advisor suggests Margaret consider making changes to her plan, now that her dream-retirement date is close to becoming reality:
Moving to a more conservative investment portfolio
With her retirement just five years away, Margaret needs a mix of investments that meets her current and future needs for income, capital preservation, and growth. Specifically, her advisor suggests that she focus more on income-oriented investments with modest growth potential. Her customized portfolio of savings, income and growth investments may include Savings Accounts, GICs, and Mutual Funds. For example, Margaret can benefit from an investment such as a CIBC Bonus Rate GIC, which offers bonus interest on selected terms and guarantees her principal. She can also consider staggering the maturity dates of her GIC portfolio, using CIBC Bonus Rate GICs and CIBC Escalating Rate GICs™.
Consolidating her investments
Margaret has several accounts at different financial institutions, which can make it difficult to see the "big picture" and ensure she has the right mix of investments. By consolidating her investments at CIBC, she'll be able to see her investments on her CIBC statements. In addition, she can simplify her investments with CIBC Managed Portfolio Services®, which offers a portfolio of CIBC Mutual Funds* managed and continuously monitored and rebalanced by professional investment managers.
Thanks to her review, Margaret feels confident she'll have the retirement income she needs to support her lifestyle. Now she's ready to start looking for the beach condo of her dreams. When she finds it, she knows her CIBC advisor will be there to help her.