Winnipeg Retirement Planning
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Retirement planning can be confusing. It's our job to help you. Let's talk about it...No cost or obligation. |
Ready To Retire?When you think about retiring...do you ask yourself these questions?
Don't worry...you're not alone. These are all common questions and we can help! |
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Everyone's finances are unique, so the answers to these questions are different for everyone.
You can try doing research online or reading books, but the information can be confusing and overwhelming.
The best way to get the financial advise you need is by actually having a conversation with an experienced, Certified Financial Planner.
So let's chat!
No obligation, no cost, no selling...just a conversation about you!
Fill out the contact form below and we'll be in touch to schedule a time to answer all your questions and address any concerns you may have.
You can try doing research online or reading books, but the information can be confusing and overwhelming.
The best way to get the financial advise you need is by actually having a conversation with an experienced, Certified Financial Planner.
So let's chat!
No obligation, no cost, no selling...just a conversation about you!
Fill out the contact form below and we'll be in touch to schedule a time to answer all your questions and address any concerns you may have.
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Retirement Planning WinnipegMost people dream of the day they can retire…spending their days doing whatever they want to do!
However, whether your plans are lavish or low-key, retiring is only possible if you are in the financial position to do so. The planning process can be tricky because there are many factors that need to be taken into consideration when creating a plan that’s right for you. The first step is to determine your current financial situation. Then, we work together to figure out what your ideal life looks like once you've stopped working. Finally, we create a detailed plan to get you there. |
Sounds simple right??
Well, it would be if everything in life was guaranteed to stay the same, but that isn’t always the case.
Most people aren’t able to save up enough cash to support them in their retired years, so they rely on investments to grow their money. But investments fluctuate with the market so it’s important to find the right balance of growth and risk within your portfolio in order to grow your money to where it needs to be.
Obviously, income is necessary in order to accumulate the required funds…but income can be interrupted by injury or illness so it’s important to plan for this by reviewing your insurance coverages and potentially adding to it to ensure you’re protected.
Taxes are one of life’s guarantees. The more income you earn, generally, the more taxes you pay. Therefore, tax planning needs to be included in your plan.
Family obligations can change. If your family expands or someone needs financial help, how will this affect your retirement? You need to plan for this.
As you can see, the financial planning process is simple in theory, but there are a lot of details that need to be considered.
That is why it’s important to work with a Registered Retirement Consultant who is also a Certified Financial Planner.
We have the knowledge, experience, and tools to make the process easy for you to achieve the lifestyle you dream of in your retired years.
Contact us today to get started!
Well, it would be if everything in life was guaranteed to stay the same, but that isn’t always the case.
Most people aren’t able to save up enough cash to support them in their retired years, so they rely on investments to grow their money. But investments fluctuate with the market so it’s important to find the right balance of growth and risk within your portfolio in order to grow your money to where it needs to be.
Obviously, income is necessary in order to accumulate the required funds…but income can be interrupted by injury or illness so it’s important to plan for this by reviewing your insurance coverages and potentially adding to it to ensure you’re protected.
Taxes are one of life’s guarantees. The more income you earn, generally, the more taxes you pay. Therefore, tax planning needs to be included in your plan.
Family obligations can change. If your family expands or someone needs financial help, how will this affect your retirement? You need to plan for this.
As you can see, the financial planning process is simple in theory, but there are a lot of details that need to be considered.
That is why it’s important to work with a Registered Retirement Consultant who is also a Certified Financial Planner.
We have the knowledge, experience, and tools to make the process easy for you to achieve the lifestyle you dream of in your retired years.
Contact us today to get started!
The 3 Main Areas of Retirement Planning
Financial PlanningFrom a financial aspect, your retirement plan includes 3 main areas:
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Investment PlanningInvestment Planning involves choosing the right investment products to achieve your goals.
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Insurance PlanningInsurance Planning is necessary to manage risk.
Unexpected hardships can happen at any time and throw your retirement plans off course if you're not prepared. |
Common Retirement Planning QuestionsHow Much Does It Cost To Work With A Retirement PlannerThere are no out-of-pocket costs to working with us!
We get paid a commission by the company that offers the investment product that, together, we determine is the best for your specific needs. There are other planning services that charge fees for service which is usually calculated as a percentage of the amount of money you have invested with them. |
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How much money do I need saved before I can retire? Can I afford it?
The answer here is going to be different for everyone because it depends on a few things:
These are just some of the factors that need to be taken into consideration when creating your financial plan.
With us as your Financial Planners, we can make sure you've thought of everything so that you can enjoy your retirement knowing that all your bases are covered.
- The age at which you plan to retire
- The number of years you'll need money for. The longer you live, the more money you'll need.
- Your financial situation when you retire...outstanding debts, support payments, charitable donations, etc.
- Your desired lifestyle during your retired years. Do you picture a minimalist or a lavish lifestyle?
- Do you plan to leave money to loved ones in your will?
These are just some of the factors that need to be taken into consideration when creating your financial plan.
With us as your Financial Planners, we can make sure you've thought of everything so that you can enjoy your retirement knowing that all your bases are covered.
At what age should I start planning for retirement?
The sooner the better!
When you're in your younger years, you might not know exactly what you want your life-after-work to look like, but you can safely assume that you're going to need money!
When you invest money, time is your best friend.
Sure, investments can fluctuate, but they generally move in an upward direction over time.
If you were to invest just a little bit from each paycheck starting when you're 25 years old, compared to investing the same amount from each paycheck starting at age 40, by the time you're ready to retire you'll have a significantly larger amount of money by starting at age 25. This isn't just because you've been saving for an extra 15 years, but the money has grown significantly due to the power of compounding.
Compounding is when an investment increases in value, due to interest or capital gains, and that extra money is re-invested to increase your earnings even more. Compounding grows your money much quicker than just making deposits into a bank account so the sooner you start investing, the larger your money will grow.
You don't need to invest a large portion of your income. Even a small amount from each paycheck invested will net huge results over time.
Any investments we recommend are actively managed and regularly monitored to make sure they are performing the way they need to in order for you to achieve your investment goals.
When you're in your younger years, you might not know exactly what you want your life-after-work to look like, but you can safely assume that you're going to need money!
When you invest money, time is your best friend.
Sure, investments can fluctuate, but they generally move in an upward direction over time.
If you were to invest just a little bit from each paycheck starting when you're 25 years old, compared to investing the same amount from each paycheck starting at age 40, by the time you're ready to retire you'll have a significantly larger amount of money by starting at age 25. This isn't just because you've been saving for an extra 15 years, but the money has grown significantly due to the power of compounding.
Compounding is when an investment increases in value, due to interest or capital gains, and that extra money is re-invested to increase your earnings even more. Compounding grows your money much quicker than just making deposits into a bank account so the sooner you start investing, the larger your money will grow.
You don't need to invest a large portion of your income. Even a small amount from each paycheck invested will net huge results over time.
Any investments we recommend are actively managed and regularly monitored to make sure they are performing the way they need to in order for you to achieve your investment goals.
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How do I know if my work pension will be enough for me in retirement?We can help you understand what your employer has set up for you and then plug that information into the plan we've created together to determine if extra savings or investments are necessary for you to live your dream retirement.
It's also important to understand what you need to do when you officially retire. You need to make decisions on what to do with your pension money...and we can help you with that. We can explain all the different options available to you and how those options would affect your retirement. |
Where my income come from once I retire?
This will be different for everyone and depend on the source(s) of your income (work pension, Canada Pension Plan, Old Age Security, personal investments, etc.)
We can map this all out for you so that you have a clear picture of what to expect.
We can map this all out for you so that you have a clear picture of what to expect.
Does the government help me financially when I retire?
Yes, there are numerous Government retirement programs such as Canada Pension Plan, Old Age Security, Canada Pension Plan Disability Benefits, and the Guaranteed Income Supplement are just a few of the most common programs. There are other programs that may apply to your situation.
The programs you qualify for will depend on things such as your age, your income level, and possibly your physical ability.
Don't worry, we can help you figure this out.
The programs you qualify for will depend on things such as your age, your income level, and possibly your physical ability.
Don't worry, we can help you figure this out.
Will I still need to pay income taxes when I'm retired?You will always be required to file your income taxes each year with CRA, however, depending on your specific situation, you may or may not have to pay any income tax.
The answer will depend on where your retirement income is coming from and how much income you are receiving in retirement. How will my family be affected once I retire?Your family's lifestyle may need to change depending on your income level is once you've stopped working.
Also, depending on your employer (prior to retiring), you may or may not have health benefits once you retire so you'll want to find that out and plan accordingly. We can help you with that! |
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