STAGES OF LIFE AND RETIREMENT PLANNING

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, you still have a fair amount of debt. You’re focused on your children and work. As a result, you may not be spending enough time planning for the future. 

a family of 4 hiking through the woods

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 where you’ll uncover your true goals and how your financial situation impacts your outlook on life.

How to Save for Your Future Self: Engage Your Emotional Brain

How to Save for Your Future Self: Interact with the Future You

How to Save for Your Future Self: Confront the Demons Under the Bed

How much income will I need in retirement and how much should I be saving to meet our needs?

The amount of money you will need depends on your living expenses and your ability to generate the cash needed to pay for them. 

Retirement Planning: Just starting out

Retirement Planning: Building toward retirement

How can I save for the future?

One of the best and most straightforward approaches to achieving your meaningful financial goals is to “pay yourself first” by setting up an automated transfer between your bank and investment accounts.

It’s an effective, hassle-free way to save. 

How to save for retirement

Benefits of a Regular Investment Plan

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Articles and expert tipsabout retirement planning.

Where emotions and money meet

You like to keep a close eye on our investments. While you know a fair amount about the stock market and fundamentals of saving and investing, you want to improve your financial situation by examining your retirement preparation. 

a couple with a map walking through a ranch

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 achieve each goal.

Going through the discovery process with your advisor may help you to understand and confirm your goals and put your plan into action. 

Will You Be Ready to Retire?

Am I emotionally ready to retire?

Being financially prepared for retirement is only part of the equation. Paying attention to your emotions and keeping an open line of communication with those you trust the 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. 

Will You Be Among the Many Who Choose Not to Retire?

Retirement Planning: Less Than 5 Years Out

What are my potential sources of income?

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 Registered Retirement Savings Plans (RRSPs), Tax-Free Savings Accounts (TFSAs), non-registered investments, and more. Your advisor can help to identify the sources and develop a strategy that fits your retirement lifestyle. 

Pension or Lump Sum: How to choose when faced with this decision

Slash Credit-Card Debt Before You Retire

Planning Beyond Retirement

The Great Divide: Income splitting strategies can lower your family’s taxes (PDF, 85 KB)

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Articles and expert tipsabout retirement planning.

Planning continues into your retirement

Your children are in university. After years of financial diligence, you’re comfortably retired. Still, you monitor your spending and want to minimize tax wherever possible.

a couple relaxing in camping chairs in the woods

How do I financially support my grown children?

Few parents imagined their children would be living at home when they turn 30. But it happens. With rising rents, growing student loans and broadening job insecurity, spending a few years at home to gain control over debt may be a good financial move for children.

  • 66% of parents are supporting their grown children1
  • 42% of young adults (aged 20 to 29) live at home

Are You Caught Between Your Children's and Your Parents' Financial Needs?

Lending Money to Your Children

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.

Diversify Your Portfolio to Protect Against Market Volatility

How do I convert my RRSP into a RRIF? 

For most investors, it is simply a matter of converting to a Registered Retirement Income Fund (RRIF) by the end of the year you turn 71, and then taking your minimum withdrawal amount the following year.

If you need more income than you’ve planned for, you can increase the amount you withdraw from your RRIF. 

A Key Ingredient for Retirement Success? Good Planning

Retirement Income Options

Get the Most from Your RRIF

How do I draw down my investments once I’m retired?

If you can draw money from your RRIF, TFSA or other potential sources of income (such as a holding company), you can remain nimble, which is highly important when you’re on a fixed income.

Things to consider:

  • Your anticipated tax rate in the current year and in future years
  • The type of income you will receive
  • How using these sources of income will impact your overall financial situation 

Blinded by the Refund (PDF, 895 KB)

How do I plan to pass my estate to my family?

Thinking about your estate can be challenging because estate issues often bring up many difficult emotions.

Your advisor can help you create a robust estate plan that includes gifting to relatives and charities, and asking if your Will and Powers of Attorney are up to date. 

Estate Plan Essentials

The Estate Plans of Effective People

Where There's a Will, There's a Way

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Articles and expert tipsabout retirement planning.