The concept of retirement is not what it used to be. In the past, retirement was simple and viewed as a time to stop working and collect a company pension; for most people this no longer is the case. With decreasing pension benefits, ever increasing life expectancy, historically low interest rates and market volatility, retirement planning Vancouver has become more complex than ever before.
In order to get started on retirement planning in Vancouver, the following needs to be addressed:
1) Establish where you are now:
We must take a detailed look at your current financial situation. Are there any debts that need to paid off? Do you expect to collect a company pension? At the rate you are going, will you be eligible for the maximum CPP & OAS benefits? What are your current assets and liabilities? How much of your income can you save each month to prepare for your retirement? These are the sorts of questions that we will ask you to gauge your current financial picture:
2) Determine how and when you will retire:
Unlike in the past, many people these days do not simply clock out and hang up their boots. Retirement may occur in phases. Also, people are living much longer and enjoying an active lifestyle in retirement – all of which costs money. When considering your retirement planning in Vancouver, we will ask you how you envision living out your golden years and come up with a realistic goal as to what this will cost.
3) Prepare a plan:
Retirement planning in Vancouver dictates that we determine how much money you will need to live the lifestyle you deserve. We will work backwards from your savings by determining how much money you will need to live out your days. We will consider government pensions, private pensions and private savings (RRSPs/TFSAs etc.) in this equation. We will also ensure that your plan is as tax-efficient as possible and take steps to mitigate market volatility and the very real threat of outliving your savings.
4) Conduct periodic reviews:
We are committed to annual reviews of your plan and investment performance. Market changes, new developments and life necessitate it. Retirement planning in Vancouver is not static but rather, has goal posts that are moving.