Retirement Planning Stages – which stage are you in?
Retirement is a long way off
You are able to save, but you’re not sure where to save it to give you maximum benefit. What type of tax shelter(s) should you be utilizing?
No two people are exactly the same. A “cookie-cutter” approach is not your best option. A customized solution built specifically for you by an experienced financial planner can grow your savings at an accelerated rate, whether these savings are for your retirement or a major purchase in the next few years.
An effective Financial Plan will do more than simply help you accumulate savings — it will also protect your income and your savings to ensure that you reach your financial goals. Tax strategies put into place now can have significant benefits later in life.
Retirement is getting closer
With five to ten years left before you plan to retire, an experienced and skilled financial planner can make a substantial improvement to what you would otherwise have available.
Effective planning today, including establishing tax shelters now for use at, or after, retirement can dramatically increase what is available to you in retirement, in part by reducing the taxes you pay every year.
How much do you need to save to give you the income in retirement that you would like? A customized financial plan will give you the answers that you’re looking for. Retirement should not be a DYI project — a spreadsheet can only tell you so much.
I am Retired
Congratulations! You worked hard to get here and you want to utilize your retirement savings as effectively as possible. An experienced financial planner can help.
What is the most tax-efficient method to access your retirement savings? Every situation is unique and requires a customized approach in order to minimize losses due to income tax.
Hint: for most people, waiting until age 71 to access your RRSP is the least effective method.
A customized Retirement Tax Optimization plan (RTO plan) can bring you the clarity you’re looking for while potentially saving you hundreds of thousands of dollars in taxes over the course of your retirement.
