The most crucial step to combat your anxieties around the future: developing a comprehensive Wealth Plan with a Wealth Advisor you can trust.
Feel anxious about how your income will look once you move into retirement?
The years leading up to retirement can be fraught with anxiety if you don't have the ability to understand and plan your income in retirement. A comprehensive financial plan covers every area of your financial life, from government and work pensions to savings management, real estate and your estate. Having a plan helps reduce the uneasiness of using your life savings to provide your income while you are retired and will help you better understand your income, reduce the risk of paying more than your fair share of taxes and generally help you make more informed financial decisions.
Where does my income come from in retirement?
Your income in retirement will come from various sources. Work pensions, government pensions and retirement savings, all of which contribute to your retirement income, will be well understood through the creation of a holistic financial plan. An effective retirement income strategy provides you with an understanding of an achievable level of income in retirement. Any risks in achieving your goals are identified and not left as unpleasant future surprises.
Turning your savings into retirement income.
RSPs, RIFs, LIRAs, and LIFs . . . how do I pivot from saving for retirement to generating income from my savings in retirement? With a well structured financial plan you will have an understanding of when and where to pull from your savings to generate the income you want in retirement. Optimizing the withdrawals from your various savings vehicles throughout your lifetime allows for the minimization of lifetime taxes.
Understanding your estate
If you are looking to ensure your loved ones are the largest beneficiary of your estate, it is important to understand how the various investments you have are taxed upon your death. Your home, cottage, or rental property and your RSPs are all handled very differently in an estate. Having a strategic approach to managing the assets you have accumulated through your lifetime will help ensure you make the correct choices through retirement.
At iA Private Wealth we have Certified Financial Planner® professionals who will take your full financial picture into account, guiding you on how a decision about one aspect of your finances may affect other key areas. Your financial planner can take many seemingly conflicting priorities into account and help guide you toward the right decision. The choices that will help you reach your financial and life goals, both today and in the future will be guided by your financial plan.