Retirement is a major event, that many people do not adequately plan for.
Planning for retirement will assist in ensuring that they are carefree as possible.
A retirement plan is more than maximizing your financial resources and guessing about your economic needs. It is to plan your lifestyle, what interests you want to pursue and how you can achieve this within the economic resources available to you.
A proper retirement plan requires realistic goals about lifestyles, economic resources and your plans. The earlier one develops a retirement plan the better. The earlier you start saving and investing the better able you are to achieve your plan.
When you develop a retirement plan there are many decisions and adjustments to plans that have to be made. There must be objective assessments of economic resources and lifestyle decisions. As people get closer to retirement there are several decisions they have to make and the implications of various decisions need to be well understood.
This two-day course helps to understand some of the implications of various retirement options and to consider the adjustments one will have to make in retirement. This will assist an individual in developing a realistic and effective retirement plan or be able to discuss this with their investment advisors.
The areas covered will include:
Ø Are you thinking of retiring early or late – what are the financial implications of this. How does it affect:
o CPP
o Superannuation
Ø Taxation issues
o RRSP’s, RRIF’s and TFSA
o Canada Pension and your Retirement
o Spouses and Common Law Partners
o Income splitting
Ø Retirement Decisions
o Early or late
o Activities when retired
o Lifestyle when retired
Ø The Planning Process
o Assess your financial situation
o Assess what you can save
§ Your current net income and the cost out your current expenses
o What do you need to save to fund your retirement decisions?
o Assess shortfall or excess
o Plans to achieve your goal
Ø Documenting your Plan
Ø Funding your retirement
o Sources of retirement income
o Assumptions in preparing projects
o Sale of capital property after retirement
o Annuities