retirement planning

Don't Bet Your Retirement on a Simple Approach

You have probably heard about the old 70 percent rule that suggests retirees will need the equivalent of about 70 percent of their current income level to maintain their lifestyle in retirement. This assumes that retirement living costs will be 30 percent less during working years. While it may have been applied appropriately for retirees two or three decades ago, it is fraught with significant risk and potential disaster for today's retirees.

Are you a Retirement Savings Late Starter?

Harry and Sally both earned high incomes and liked to live the good life. They leased higher end European cars, took two-week exotic vacations almost every year, and lived in a house much larger than they truly needed. To accomplish this lifestyle, they put off retirement savings. Now in their forties, Harry and Sally are realizing they have some catching up to do. Six things to consider are:

Delay no more - Procrastination or bad breaks may have derailed a savings plan. Now is the time to make savings a priority.

The Magic Number!

The conversation with clients about retirement income planning is much different from those conversations that occur over the years while they are building retirement assets using vehicles such as pensions, RRSPs, LIRA's, TFSAs and so on. Often, their focus is on being “conservative” because their understanding from public sources suggest that this is the appropriate approach to managing their money during retirement.

Government Pensions and Retirement Planning

Government Pensions and Retirement Planning

Canadian couples rely upon Government pensions, CPP and Old Age Security (OAS) for a significant portion of their total retirement income planning, which can equal 20% to 50% or more, of their actual or projected total retirement incomes. Corporate and personal pensions (such as RRSPs and TFSAs and other savings) are other sources of retirement income from a planning perspective.

Long-Term Care Solutions

Long-Term Care Solutions

There is a common misconception that, if left unaddressed, can having a devastating effect an individual’s long-term financial well-being. It is the belief that long-term care costs are fully covered by provincial health care plans if you or a loved one ever need this special type of care.

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Unfortunately, this is simply not the case. While programs do exist to cover some needs like these, most of the burden of long-term care costs usually fall to the individual or their family members.

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