Retirement income planning

Do you have a specific written action plan for making your retirement income as effective and efficient as possible, not just today but for the rest of your life?

Contact us, and we will help; it costs nothing to explore.

Here is an overview of the process and a few tips:

1. Retirement Goal Setting: Looking down the road
   Together, we can help clarify your retirement goals and objectives. Consider your desired lifestyle, travel plans, healthcare needs, and any other specific financial goals.


2. Assessment of Current a Financial Health Check
   We will evaluate your current financial status, including your savings, investments, assets, and debts. You will gain a comprehensive understanding of your financial resources and how they can support your needs.


3. Budget and Expense Analysis, too often overlooked
   If you haven’t already done so, we will work with you to create a detailed spending plan for your retirement years, considering both essential and discretionary needs. We will factor in inflation and potential healthcare costs so you can have a clearer picture of what the future might look like.


4. Government Benefits Optimization
   Our Financial Modeling process will help you determine the optimal timing for claiming government benefits like the Canada Pension Plan (CPP) and Old Age Security (OAS). We can help you consider whether delaying benefits that could lead to higher payouts is the right choice for you.


5. Investment Portfolio Review and Adjustment
   We can assess your investment portfolio to ensure it aligns with your risk tolerance and retirement goals. We may make recommendations for adjustments to your investments if necessary. We can provide a relevant benchmarking and point out relevant risks. This tends to give clients an understanding of how much they need to retire.


6. Tax-Efficient Strategies
   We are well-versed in tax planning as it relates to retirement income planning. We may help you devise strategies to minimize your LIFETIME tax liability, so your money has an easier time supporting your needs.


7. Income Stream Diversification
   A we can advise you on how to diversify your income sources to reduce risk. This may include optimizing pension payouts, managing withdrawals from retirement accounts, and exploring other income options like annuities or part-time work.


8. Stress Testing your Plans
   If applicable, we can model the impact of emergencies, timing of returns, the risks associated with living too long or passing too soon. This tends to provide greater clarity for our clients.


9. Ongoing Monitoring and Adjustments
   We can provide ongoing support, regularly reviewing your financial situation and adjusting as needed to help ensure your retirement plan stays on track. Having an idea of how much you need to set aside and where best to put it is a critical step.


10. Education and Empowerment
    Throughout the planning process, We strive to educate and empower you to make informed financial decisions, helping you feel confident and in control of your retirement.