And plan to retire confidently
Whether you’re close to retiring or still years away, planning for retirement is important for everyone. From a financial standpoint, nearly anything you do (or don’t do) can impact whether you’ll have the retirement you want.
Expenses in retirement
Our Plan Your Retirement Income video helps you understand what you need to consider when it comes to your retirement income and the importance of working with an advisor. Some expenses to account for in your retirement plan:
- Mortgage, rent, home maintenance, property taxes
- Utilities, phone, internet, cable, satellite
- Health care, medical supplies, home renovations for accessibility
- Insurance (life, health, home, vehicle)
- Groceries, dining out
- Travel, leisure, entertainment, transportation
Having identified what you’ll be spending your money on in retirement, think about where the money will come from to cover your expenses. Common sources include:
- Retirement savings plans (RSP) and retirement income funds (RIF)
- Canada (or Quebec) Pension Plan, Old Age Security, Guaranteed Income Supplement
- Company pension plan
- Personal savings and investments, tax-free savings account (TFSA)
- Income from rental properties or renting part of your home
- Inheritance
As your financial advisor, I can help you take control of your finances and build a strong retirement plan. When you get the right advice on understanding what you’ll be spending in retirement and where that money will come from, it will help reduce worry and guesswork.
Watch our video to learn the considerations: Plan Your Retirement Income video
Contact our office today to discuss your personalized retirement plan.