Give Yourself
the Best Gift:
Retire in Comfort
Are you on the right track to a healthy retirement?
Effective retirement planning is not as simple as contributing to your workplace pension or saving in an RRSP rigorously for decades. Everlife Wealth Management provides a comprehensive strategy to maximize your position for retirement.
Retirement Planning
It’s well known that the sooner you start, the healthier your financial future will be so that you can live your best years now and well into your retirement. If you are in retirement, you want to make certain the money you have accumulated continues to work for you.
However, what happens if you are not in a healthy position? As the proportion of our population is nearing retirement increases dramatically, there are growing concerns over the ability to finance effectively in the future. This impacts you and how you plan your future.
Effective retirement planning is achieved by:
- Taking into consideration all three pillars of retirement
- Aranging your business affairs to take advantage of tax efficiency
- Setting up company pension plan that works for you
- Leverage using loans
- Incorporaing appropriate investment strategies
- Tax planning strategies for the long term
Do you relate to these statistics for Canadians?
Statistics for Canadians over the last decade shows that:
- Most people retire between the ages of 60-64
- More people are retiring earlier than before
- People who have worked 20 years or more retire 2.6 years sooner
- Self-employed retire 4 years later than the overall average
- Most people retire in June
- Retirees in the summer months are younger
- Women retire 1.7 years earlier than men
- People with higher education retire sooner
- Public sector occupations have the lowest retirement age
- Newfoundland and Labrador have the lowest median retirement age at 58.0 years
The Three Pillars of Retirement
Personal Retirement Savings
Personal savings is still the primary source of retirement income. This includes any investments and assets. RRSP is a well-known investment vehicle used to save for retirement. It takes advantage of tax breaks and is a crucial component when planning for your golden years.
Government
There are various government programs for retirement. However, they provide little support and, as a result, cannot be the only source to rely on. Given this, we cannot ignore them as a part of a well-balanced retirement plan.
Pensions
Not many Canadians have an employer-sponsored pension plan. The ones that do, the vast majority of plans are inadequate and underfunded. In 2018, only 37.5% of paid workers had pension coverage. It’s essential to understand how pensions play into your overall retirement plan.