Retirement Income Planning
Retirement Income Planning is a module designed to guide you through the process of assessing your current position relating to your retirement, setting sensible goals, identifying gaps that exist and building, implementing and monitoring a plan to drive you to a successful retirement. This module follows the seven core steps of the Wealth Stewards Strategic Direction:
Benefits
Planning for a financially secure retirement is one of the most important challenges facing Canadians today. The importance of taking responsibility for funding your own retirement and relying less on the government funding has never been greater. By completing Foundations of Retirement Planning, you will have the peace of mind of having a retirement plan in place and being prepared for your retirement years.
Core Concepts of Retirement Income Planning
Retirement planning gives you the peace of mind that you will have enough money to enjoy yourself through your retirement. A comprehensive retirement plan encompasses more than simply your portfolio. Variables such as inflation and time horizon must also be considered for your plan to be successful. With this idea in mind, let’s take a look at some of the tough questions you need to be aware of during the retirement planning process.
- When will you retire?
- What is your life expectancy?
- What will the rate of return on your investments realistically be?
- What will the inflation rate be?
These but a few of the tough questions you must face in order to plan a successful retirement, but they are a good start.
Topics Covered in this Module:
- RRSPs/RRIFs
- Different Sources of Income
- Employer Sponsored Plans
- Personal Investments
- Government Programs
- Capital Requirements – Standards of Living
- Minimizing Taxes
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