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Retirement Planning

Retirement Planning Advisor in Mississauga

For most Canadians, retirement is a major financial goal that requires considerable financial commitment. 49% of Canadians hope to retire before the age of 60.* Whether you have already established a Retirement Savings Plan or are just beginning, it is never too late to begin saving.

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Retirement Planning: Seven KEYS to Success

1. Determine Your Retirement Income Needs

Retirement Planning is a primary financial goal for most Canadians. Whether you have a savings program in place, or are interested in one now, the first step is to determine how much will be available to you at your retirement.

Contact our office for DETAILED ANALYSIS of your retirement income needs and opportunities.

2. Remember THE Three "S"s

Save now, Start now and Stay invested. Begin by investing what you can and try to increase this amount every few months. Using a pre-authorized deposit plan allows you to make regular contributions to your retirement savings plan. Remember, small amounts can accumulate significantly over time. No matter when you start investing, the key is to stay invested as long as you can. The longer you hold your investments, the more they will benefit from compound growth.

3. The Importance of Diversification

Diversification is the financial equivalent of not putting all your eggs in one basket. You spread your risk by investing in several different investments, therefore reducing the impact of one poor performer in our portfolio. Experts agree that the asset mix of your investments - safety, income and growth, account for more than 80% of your portfolio's return.

Retirement planning involves setting aside enough money during one's working years to provide income during retirement. A simple concept, but a complicated activity once investment choices and taxes are taken into account.

We all start to prepare for our retirement years at different stages in our lives. The most effective strategy is to begin in your 20s or 30s with the purchase of your first Registered Retirement Savings Plan (RRSP) or Tax Free Savings Account (TFSA).

A good strategy will carry you right through retirement - confident in the knowledge that your finances will last you for a lifetime. Regardless of your age, the key to a financially secure retirement is to start now!

While it's impossible to estimate exactly how much you'll need for retirement 30 or 40 years from now, it's important to start saving for it today. By contributing to a RRSP/TFSA while you're young, you put time on your side and watch your savings grow tax-free over the long term.

4. Start Early

It doesn't take a lot of money to build a nest egg if you start early enough and let time work for you. Make your first contribution as early as possible in your working career to benefit from compound interest.

5. Contribute Regularly

Taking a slow and steady approach to building your RRSP/TFSA, setting aside small amounts regularly is the best way to ensure your success.

Freeing up a large sum of money at year-end is often difficult and is the most common reason people fail to maximize or sometimes even make their annual RRSP/TFSA contribution.

6. Contribute THE Maximum

Make a point to contribute your maximum RRSP/TFSA amount whenever possible. Make sure to determine whether an RRSP, TFSA or both are best to help build your nest-egg.

7. Consider Your RRSP/TFSA Untouchable

While it can be a valuable safety net in times of financial crisis, don't tap into your RRSP/TFSA unless you absolutely have to, unless it is part your planned strategy. Funds you withdraw today will not be there when you need them at retirement.

Contact our office in Mississauga if you have any questions about Retirement Planning.

* Statistics Canada, Summer 2016 Perspectives and Labour Force Survey.

This publication and website are intended for Ontario residents only and the information contained is subject to change without notice. Mutual Funds are offered and regulated through Global Maxfin Investments Inc. (GMII). Insurance products (including Segregated Funds) and Income Tax Preparation is provided under the name of Ausim Mobeen. GMII does not supervise these activities and will not be accountable, responsible or liable for such activities. This publication contains opinions of the writer and may not reflect opinions of GMII. The information contained herein was obtained from sources believed to reliable, but no representation, or warranty, express or implied, is made by the writer or GMII or any other person as to its accuracy, completeness or correctness. This publication is not an offer to sell or a solicitation of an offer to buy any of the securities. The securities discussed in this publication may not be eligible for sale in some jurisdictions. If you are not a Canadian resident, this report should not have been delivered to you. This publication is not meant to provide legal or account advice. As each situation is different you should consult your own professional advisors for advice based on your specific circumstances.