6 July, 2018

Retirement Income Planning 2018


It’s time to make a plan – your retirement income is to important to leave to chance.


If asked how to best prepare for their financial needs in their retirement years, some Canadians would insist that it simply entails putting away as much money as possible—saving. What their answer is missing, is that retirement income planning takes, well, planning. It’s an undertaking that demands a personalized approach, based on an understanding of each retiree’s unique circumstances, along with the expertise, advice, and guidance of a skilled financial planner to ensure it will provide the desired end results.


The most common concern of those squirrelling their money away is: “How much will I need?”  As your financial advisor, I would explain that you need to answer a few other questions before you can answer that one, because you have to consider different factors affecting how much you’ll need:

  • Target retirement age

  • Income sources

  • Retirement lifestyle

  • Inheritance planning

  • Access to financial advice

  • Health


You also need to design a plan on how you will use your many income sources:

  • Private pension


  • RRIFs

  • TFSAs

  • Non-registered savings

  • Home equity

  • Inheritance


A study has shown that financial advice can have a positive and significant impact on the growth of an individual’s financial assets¹: