Retirement Analysis

Keys to Retirement Success

“Plan your work and work your plan.” Napoleon Hill

Work with an Advisor

Why do you need an Advisor?

Consider these points…

Do you have the time to attend to your personal financial affairs?
Are you confused about conflicting financial advice from several sources?
Do you feel you are paying too much tax?
Are you confused about where to invest your money?
Do you feel that you can’t make ends meet?
Do you feel that you can’t save any money?
Has there been a recent change in your life that could affect your financial future, such as retirement, job loss, an inheritance, an addition to your family, or loss of your spouse?

A proficient advisor helps you clarify your present situation by collecting and assessing all relevant financial data – assets and liabilities, tax returns, records of securities transactions, insurance policies, wills and pension plans.

Helps you to identify financial and personal goals and objectives, and also to clarify your financial and personal values and attitudes.
Helps you to identify financial problems that can create barriers to your financial independence.
Provides you with written recommendations and alternative solutions. These should be structured to meet your needs without undue emphasis on purchasing specific investment products.
Assists you to implement the right strategy to ensure that you reach your goals and objectives.
Provides a review and revision of your strategy to ensure that you achieve your goals.

Determine Retirement Needs

Retirement Planning is a primary financial goal for most Canadians. Whether you have a savings program in place, or are interested in one now, the first step is to determine how much will be available to you at your retirement.

For most Canadians, retirement is a major financial goal that requires considerable financial commitment. 49% of Canadians hope to retire before the age of 60.* Whether you have already established a Retirement Savings Plan or are just beginning, it is never too late to begin saving.

It doesn’t take a lot of money to build a nest egg if you start early enough and let time work for you. Make your first contribution as early as possible in your working career to benefit from compound interest.

Taking a slow and steady approach to building your RRSP/TFSA, setting aside small amounts regularly is the best way to ensure your success.

Make a point to contribute your maximum RRSP/TFSA amount whenever possible. Make sure to determine whether an RRSP, TFSA or both are best to help build your nest-egg.

Asset Allocation

Diversification is the financial equivalent of not putting all your eggs in one basket. You spread your risk by investing in several different investments, therefore reducing the impact of one poor performer in our portfolio. Experts agree that the asset mix of your investments – safety, income and growth, account for more than 80% of your portfolio’s return.

Retirement planning involves setting aside enough money during one’s working years to provide income during retirement. A simple concept, but a complicated activity once investment choices and taxes are taken into account.

We all start to prepare for our retirement years at different stages in our lives. The most effective strategy is to begin in your 20s or 30s with the purchase of your first Registered Retirement Savings Plan (RRSP) or or Tax Free Savings Account (TFSA).

A good strategy will carry you right through retirement – confident in the knowledge that your finances will last you for a lifetime. Regardless of your age, the key to a financially secure retirement is to start now!

While it’s impossible to estimate exactly how much you’ll need for retirement 30 or 40 years from now, it’s important to start saving for it today. By contributing to a RRSP/TFSA while you’re young, you put time on your side and watch your savings grow tax-free over the long term.