PRE-RETIREES / RETIREES

Are you a Pre-Retiree or Retiree?

Towards your later years, you may want to cut back on your expenses. Your kids may have left your home to carve out their own careers and you may be on the brink of retirement if you have not done so already.

It may make a huge difference to your peace of mind knowing you have saved enough to continue with the same lifestyle without too many compromises. Retirement can last for much longer than your think. In health emergencies, you should be able to fund and fend for yourself.

It is necessary to take steps long before you reach this phase to make sure your wealth lasts even when your health gives way.

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LIFE INSURANCE

CRITICAL ILLNESS INS.

RESP

KEY CONSIDERATIONS

Plan for your retirement income

Concern:

Most Canadians feel unsettled about retirement. They worry that they may not be able to enjoy the lifestyle they lead today, later after retirement.

A study says that as many as 56% non retired Canadians feel uncertain about their retirement savings holding out til the very end. The Canadian Labour Congress has gone a step further claiming that 73% Canadians have concerns about their retirement savings.

Retirement investment can be affected in ways you least expect:

You can outlive your savings
Rising cost of living
Global unrest
Market fluctuations
Emergencies creating a dent in savings

Solution:

Saving for retirement comes with several challenges. To plan better, it helps to invest in diverse ways rather than depend on one sole product.

Products to consider:

Annuity

Life Income Funds

RRIF

Plan for your estate

Concern:

Estate planning is crucial to wealth management. If your will doesn’t have prior arrangements, the government will have their say on your property distribution.

Solution:

Estate planning does not necessarily involve home and real estate. Good estate planning should involve everything you possess such as your vehicle, jewellery and other valuables, finances, life insurance, personal possessions and furniture. When structured well, estate planning will help reduce your taxes, legal fees, court costs and speed up the transfer of property to your near and dear ones so they are protected.

Estate planning should be reviewed and updated with changing times. It helps to include the following:

Disability care before your death
Appointing a guardian and inheritance manager for minor children
Care for family members with special needs over and above government benefits
Care of relatives under debt, divorced or disabled
General care for your family in the event of your death or health emergencies
Provisions from smooth business transfer after your retirement, disability or death
Instructions for passing your values (religions, education, moral, work ethics) and valuables to your children.
Minimize legal fees, taxes and court procedures
Update and review your plans periodically as financial situations and laws change over time.

Products to consider:

Power of attorney

Will

Protect yourself

Concern:

Retirement need not put a full stop to your indulgences. Nothing should restrict you to spend more hours on your golf, travel, grand-children or on yourself.

However, you may have other responsibilities that could quickly deplete your life’s savings. You may have dependents or disabled adults to look after. You may have mortgage requirements still. Or you may have surviving dependents after you to look out for and medical emergencies to be prepared for. You may have estate, probate, capital gain and income taxes on investment properties, registered and non registered investments. Your death may involve funeral expenses to cover.

Solution:

It helps to integrate life insurance with estate planning. Life insurance transfers are tax-free and give you several advantages:

Covers debt payment
Covers death-related taxes
Covers funeral costs and legal fees
Sources an income for dependents
Helps in estate planning for beneficiaries
Arranges smooth business transfer

Products to consider:

Life Insurance

Long Term Care Insurance

Get Professional Help

Professional financial advisors have years of training, tools, and experience working with many different clients and situations. Because of their broad experience, professional advisors can quickly assess your needs and offer advice that reflects the best practices of the financial industry and is appropriate for your particular needs. In addition, and probably most importantly, a financial advisor can help you avoid mistakes. Mistakes can be incredibly destructive to your financial health. Not having a long-term investment strategy, not having adequate insurance protection, paying too much in fees or taxes unnecessarily, having the wrong beneficiary on retirement accounts, failure to set up a will; the list goes on and on. What they all have in common is that they are all very costly and all very avoidable. A professional advisor will look for gaps in your financial strategy and help you correct them. Professional advice helps you plot a financial course with the confidence that you are using your resources wisely while avoiding the common pitfalls that so many fall prey to.
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