Retirement Planning

Your Financial Preparedness Checklist

Retirement is about so much more than leaving a career behind. Its about making the most of the opportunities that lie ahead. Here are six tips to help you get ready:

1. Make a financial forecast

Review your pension and investment assets—such as your savings accounts, your nonregistered investment accounts and your RRSPs—with your advisor to forecast how much income they're likely to generate for you in retirement.

2. Look into additional income sources

Find out whether you fit the eligibility requirements for other sources of retirement income, such as the Canada/Quebec Pension Plan, Old Age Security or the Guaranteed Income Supplement. Calculate what income you can expect from these sources and when.

3. Check that you're on target

Draft a budget of your estimate retirement expenses, keeping in mind that you should adjust for inflation. Compare this figure against your forecasted totals from the above first two steps in case you need to adjust you desired lifestyle expectations.

4. Review your asset allocation

Does the composition of your investment portfolio reflect your changing needs? Does it help meet your retirement income goals? Check with an advisor to see that your portfolio is still designed to help you meet your retirement income goals.

5. Mark your 71st birthday

Make sure your convert your RRSPs to RRIFs or annuities by the end of the year you turn 71 or you might face a tax bill that swallows almost half the value of your RRSPs.

6. Ensure you won't outlive your retirement savings

Consider supplementing any government or employer pensions.
Call me (780) 425-4058 so that I can help you to address these challenges !

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