Retirement is a major milestone in your life; you need to retire in a way that works for your goals.

It does not matter where you are on your retirement journey, we meet you where you are at because it is never too early or too late to have a plan.

The key is to have a plan.

Where are you on your retirement planning journey?

Choose where you are at in life to learn more!

I am
working
and saving
I am
preparing
to retire
I am retired
and living
my dream
I am working and saving

Start understanding retirement now – your future self will thank you.

Your goals and aspirations change and so does your income. Your retirement plan starts with projections of your current situation and how much you need to live your desired lifestyle. Even though retirement could be far into the future, it is important to start planning early.

The best way to prepare for retirement is to educate yourself now. Gaining knowledge and resources today will empower you to plan the retirement you desire. Retirement is a complex, long-term phase of life; understanding the unknowns early will help you save more money in the future.

How do I save for retirement?

Your FSW Advisor will help you build the foundation of your retirement plan by exploring the right investment strategies and savings goals that fit your current financial picture. Saving money while working is the optimal strategy, but what if you are unsure how to do this or where to find the extra funds needed for contributions?

The value of the advice you receive now from an FSW Advisor will “ pay it forward” in your retirement. We answer this question and more when we start discussing what you will need to live the life you desire.

Tip: Your advisor can work with you to set up a regular automatic savings plan to keep you on target with your long-term savings goals. Even a small amount adds up!

The value of professional financial advice

Research shows that Canadians who work with advisors tend to have more retirement savings compared to those who save without professional guidance. Studies also show that professional financial advice has the potential to help you double—or even triple—your net worth – even after fees. (source: Ipsos Reid Financial Monitor, JD Power)

Top 5 things to know:

  • Sources of income during retirement
  • The amount of money you need to retire
  • Taxes – how to minimize and what is taxed
  • Planning for unexpected health changes
  • What am I going to do when I retire?
Ensure you have a good understanding of the basics of retirement. It is time to relax and start your retirement journey. Your plan is already in place – live your dreams.

Knowing the right time to retire is not easy. It is a difficult decision that involves more than just your paycheque. Money, age and health are the three main factors most Canadians consider when choosing to retire. The age of 65 has typically been the benchmark, but we are now living longer, and time has changed when and what retirement looks like for many.

What does my retirement paycheque look like?

Income streams for retirement generally come from these sources:

  • OAS/CPP/QPP
  • RRSPs/RRIFs
  • Work pension plans
  • Assets/investments/savings
You may also consider a part-time job. Your FSW Advisor will coach you through the impact these types of income streams can have on your OAS and potential claw-back.
Your FSW Advisor will guide you through all the pension plan options available to you once you have made the decision to retire. However, understanding your pension plan before you retire is important. Take the time to connect with your HR professional or pension plan provider to ensure you understand:
  • The type of plan – Defined Benefit (DB) or a Defined Contribution (DC) plan
  • The amount of pension income you can expect
  • If there is an option to purchase more pension credits before retirement to increase your income during retirement
  • If your pension is indexed to keep up with the cost of living
  • If there are survivor benefits? Are they reduced in any way
  • If your pension income will affect any government benefits What happens to your pension upon your death

Converting your RRSP to a RRIF

Timing is everything when it comes to converting your RRSP (Registered Retirement Savings Plan) to a RRIF (Registered Retirement Income Fund).

Your RRSP allowed you to save for retirement, a RRIF turns those savings into accessible income.

You can convert your RRSP to a RRIF at any time, but you must do it by December 31 of the year you turn 71. There may be an advantage to starting this process before the age of 71, depending on your personal situation.
We work with you through this process to maximize your benefits and keep your taxes minimal.

What does retirement mean to you?

Retirement is like a snowflake—each one is unique. Just as no two snowflakes are alike, no two retirement plans are the same.

Your retirement should be tailored to your individual needs, goals, and circumstances. You are the only one who can define what your dreams are as you embark on this journey. Here are some things to consider:

  • Are you emotionally and financially ready to leave the work force?
  • What does your social network look like? Do you have hobbies, activities or volunteerism planned?
  • Do you want to work on a part-time basis to have more money and maintain a social connection?
  • Do you want to stay in your current home or downsize?
  • How does retirement affect your family? Do you want to provide for your grandchildren, or do you need to provide care or support for your children/parents?
  • Has your health or the health of your spouse/partner changed? Are you prepared for these types of changes?
I am retired and living my dream

Now is the time to reap all the benefits of the years you worked and saved. Your retirement journey can last many years, so we want to ensure you enjoy all that hard-earned money living the life you deserve.

Making your RRIF go further

Now that you are dipping into your RRIF, it is important to focus on the tax implications of income and withdrawals. Your FSW Advisor will work with you to implement the best tax savings strategies to ensure you keep more money.

From maximizing your RRSP contributions before you turn 71 to spousal and investment strategies, our knowledge and expertise will help you make the most of your retirement.

Invest in your health

The idea of needing care or a decline in your health is not always the top priority when it comes to retirement planning, but it is crucial.

Consider having a Health Directive in place

Most people think that if they are ever in a medical situation where they cannot make decisions on their own health, a spouse or family member can step in. This is not accurate.

Having a Health Directive in place ensures your wishes are fulfilled by someone you trust.

How long can you stay in your home if you are not downsizing?

Aging in place means having access to services and the health and social supports you need to live safely and independently in your home or your community for as long as you wish or can.

Do you have the financial resources to make changes to your home or acquire daily home care services if needed?

Government and provincial provided home care services are limited in what they can offer

If you decide to move to a retirement residence or care home, you need to have a financial plan in place as these are large expenses.

Having the appropriate insurance in place, such as Critical Illness, Long Term Care and Home Care Assistance will provide you with options and peace of mind.