Enjoying Retirement

Age 65+
You made it! But instead of thinking of retirement as crossing a finish line, think of it as another transition point. If you have planned well, you are in good shape. If you have failed to plan, you probably aren’t. The focus is on how to preserve the lifestyle you have worked hard to create and planning for the inevitable. Even in the later years of life, you need to choose investments wisely, watch out for debt and manage your finances.

Things to Consider
  • How much income do you need to retire comfortably? How does this compare to your financial resources? A careful comparison will tell you if your plans can be realized and if adjustments are necessary.
  • Think about what happens when you are gone. Is your surviving spouse well looked after or will it result in financial hardship?
  • Unexpected health expenses can devastate your savings so be sure to protect yourself. If you are a snowbird, be sure to have medical insurance.
  • If you have acquired significant assets and are planning to share your success with charities or your favourite cause, make plans now.
Common sense actions you can take
  • If you are still carrying debts, do whatever you can to eliminate them. Pay bills promptly, avoid credit cards and manage your finances.
  • If you expect a shortfall between your income and expenses when you retire, consider reducing your costs: sell a large home and purchase a smaller one with lower maintenance costs, get rid of unused property and possessions. If you own a cottage, sell it to your children and rent some time back from them.
  • If you don’t have a Will get one. You can incur significant estate taxes and legal fees if you die without a will, not to mention the family strife that can ensue when estates are being divided. Don’t leave that decision to the courts.
  • If you don’t have a Living Will, get one. You should decide what should happen in case of severe disability or illness and not leave the burden of that decision to your children or family members.
How can we help you?
  • You need a financial plan that carries you through the retirement years and spells out clearly what you need to do to maintain your lifestyle.
  • Investment Planning Counsel works with lawyers, accountants and other estate planning professionals to a craft a plan what meets the plans you have your estate.
  • We can suggest methods to reduce investment exposure risk and retain capital so your money will last as long as you do.
What financial products should you consider at this point?
  • Retirement Income Funds are a structured in such a way as to provide you with income and still offer flexibility in the way you invest your money.
  • Annuities & GICs offer guaranteed returns and are always part of a well-balanced portfolio for retired investors.
  • Non-registered savings plans may be a primary source of your retirement income. Consider systematic withdrawal plans (SWP’s) that can structure the way to convert these assets into a regular income stream.
  • Insurance plans in which charitable groups are the beneficiary offer a means to share your wealth with these organizations even after you are gone

Securing your Family's Future

Following the advice of a trusted advisor is shown to be a significant factor in building wealth and achieving investment success. Our team can provide sound advice and a Personal Wealth Management Strategy™ to guide & assist you & your family at any stage of life.