Strategies To A Secure Retirement Future
Are You Ready?
Understanding Your Current Financial Situation
The best way to ensure you'll have the income in place for the retirement lifestyle you deserve is to start planning today. An effective plan begins with a thorough understanding of your current situation and what you want your retirement to look like, as well as the factors that may affect your retirement goals.
Through a series of discussions with us, you will have a better understanding of your retirement goals and priorities. By identifying and documenting your goals, we can better help you achieve the retirement you want.
Identify Your Retirement Income Requirements
The factors that may impact your retirement income needs are unique and based on your discussion with your CIBC Wood Gundy Investment Advisor. Potential issues may be identified and resolved, allowing you to determine the amount of retirement income you require for a successful retirement.
This process includes considering:
• Estimate of your anticipated expenses in retirement
• Income sources for your essential expenses
• Coverage for your discretionary expenses
• Your health and family history
• Your time horizon and risk tolerance
By working with you, we can identify all the sources of income available to you. This includes government pension plans such as Old Age Security and the Canada Pension Plan, employer pension plans, employment income and business income, and individual retirement plans such as Registered Retirement Savings Plans and Tax-Free Savings Accounts.
The Value of Retirement Planning
To achieve the retirement you want, it is important to have a thorough understanding of your retirement goals and transition process. A successful plan can offer you the peace of mind that comes from knowing you have not only given thought to your future, but have begun to build a path towards it.
Many people begin retirement planning by asking questions about what their future has in store for them.
This process may include identifying the answers to the following questions:
• Will I be able to retire, and maintain my standard of living?
• How do I maximize my retirement income?
• Do I want to continue to work on a part-time or consulting basis?
• What tax implications may I have to deal with?
• What is my family's health history and how might that affect me?
• How can I ensure my family is looked after in case of the unexpected?
Canada's 3 Pillar Pension System Learn More
