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- Retirement planning advisor: Introduction
- Retirement planning advisor: When you planned for retirement, how long did you plan for?
- Retirement planning advisor: Do you know how much money you would need to retire?
- Retirement planning advisor: How much money will you get in government pensions?
- Retirement planning advisor: Have you planned for the unexpected?
- Retirement planning advisor: How to get rid of a troublesome debt load
Retirement planning advisor: Introduction
We’ve written many blogs about Canadians who haven’t saved for their retirement and now find their golden years less than golden. You, on the other hand have been saving, perhaps with the help of a retirement planning advisor. So your retirement should be relaxing and fun filled. Unfortunately that’s not necessarily the case. You may not have given enough thought to your retirement plan.
Retirement planning advisor: When you planned for retirement, how long did you plan for?
Canadians are living much longer than past generations. In fact the fastest growing age group is centenarians (Statistics Canada). And now, new census data reveals that for the first time in history the percentage of seniors (16.9%) now exceeds the number of children (16.6%).
Have you planned for what could be a 30-year retirement? The Government of Canada is recommending just that.
Retirement planning advisor: Do you know how much money you would need to retire?
According to a 2015 BlackRock survey:
- 40% of Canadians said they only had a general sense of how much money they’d need to retire
- 33% said they had no idea what-so-ever how much money they’d need to retire
Retirement planning advisor: How much money will you get in government pensions?
Most Canadians depend on Old Age Security (OAS), Canada Pension Plan (CPP) and Guaranteed Income Supplement (GIS) for the all or most of their retirement income. Do you have any idea how much money this amounts to? This federal government calculator will give you a rough estimate of how much income to expect from CPP and Old Age Security once you retire.
Retirement planning advisor: Have you planned for the unexpected?
You may plan to work well into your 60s, 70s or beyond; but what will you do if you have to retire early because:
- Your health won’t permit you to continue working
- You have to assume the role of a caregiver for a loved one
- You or a loved one require additional care
Even though you’ve been saving, it doesn’t mean you’ll have a well funded retirement. When making your retirement plan, take all of the things we’ve discussed in this blog into consideration.
Retirement planning advisor: How to get rid of a troublesome debt load
If you’re still carrying a troublesome debt load, you need more than just a retirement planning advisor. Now is the time to call a professional trustee. The earlier you can out debt behind you, the more you can save. Give the Ira Smith Team a call today and Starting Over, Starting Now your golden years will look a lot more golden.
