Intro to Retirement Planning

Posted 06 Jun 2014 by Rick Irwin, CFP, CLU


Retirement is something we all look forward to, if not exactly something all of us plan in great detail. As a result, retirement planning is one of the most important and talked about elements of the financial planning process. When you combine longer life expectancies, a desire for earlier retirement and enhanced quality-of life expectations in retirement with reduced savings rates and decreased reliance on public and private pensions, it is understandable that one of the most important concerns for Canadians is whether or not they will have enough money to retire comfortably on.

As financial planners, here are some of the ways that we can assist with the retirement planning process:

  • Determining the amount of money that will be required to fund your retirement, given current and expected levels of savings, anticipated retirement date and desired retirement lifestyle
  • Integrating private and public pensions with your own retirement savings for a consolidated approach
  • Providing an investment plan that takes into account retirement objectives, risk tolerance, tax minimization strategies and available resources
  • Examining income splitting strategies such as spousal RRSPs, pension income splitting and joint accounts
  • Examining the various savings options available such as a comparison between RRSPs and Tax Free Savings Accounts
  • Establishing a regular retirement savings program
  • Reviewing and updating your retirement plan as circumstances change