What is a Retirement Plan?
A retirement plan means planning out which accounts you will draw from and when, in retirement, and how you will do it in the most tax efficient and sustainable way.
There are many factors to consider when planning out a retirement income strategy. The plan will depend on your age, how much you have saved, your life expectancy and many other factors.
The best time to start this plan is about 5 - 10 years prior to retirement. This is because if there are any pre-retirement strategies, like a spousal RRSP to help balance income in retirement, or a TFSA to grow retirement savings tax-free, we can put those in place today, setting you up for a more successful retirement.
A retirement plan can answer common questions like:
- How long will my retirement savings last?
- Will I be able to leave a legacy to my loved ones or charity?
- How should my investments change in retirement?
- When should I take CPP?
- What should my estate plan include?
A retirement plan will provide you with the opportunity to see first hand what your retirement could look like, so that you can take action today to ensure it’s exactly what you want it to be.