RETIREMENT PLANNING

A comprehensive approach to dealing with the many issues that face retiring individuals and couples. Health care, housing, estate planning, and lifestyle issues must be considered.

OBJECTIVES OF RETIREMENT PLANNING

The fundamental objective of retirement planning is to prepare for all aspects of life after work. The planning process should identify and plan for diverse considerations including:

  • Income — ensure investment assets and pension plans are positioned appropriately for retirement and generating necessary income
  • Continued work — instead of completely retiring, if an individual chooses to continue working part-time or start a business, tax planning may be necessary. Some social benefits such as Old Age Security may be impacted
  • Geographic location — if a move to another province or country is contemplated, availability and eligibility requirements of various services as well as costs of living, transportation, taxation, and health care facilities must be researched
  • Activities — for example, out-of-country travel may require additional insurance
  • Housing — current housing may not be appropriate from a physical, ergonomic, or financial perspective
  • Insurance needs — critical illness, long-term care, extended health and travel insurance needs may change in retirement
  • Estate planning —ensure personal directives and enduring powers of attorney are in place and minimize ultimate estate distribution costs and taxes (see Estate Planning)

THE RETIREMENT PLANNING PROCESS

The retirement planning process involves looking at options, making decisions, and setting in place a plan to deal with all aspects of retirement life. Our approach to retirement planning is to help you to:

  • Identify realistic retirement goals and choices
  • Review your investment assets to ensure they are positioned appropriately to meet your retirement objectives and to convert capital to income in the most tax efficient manner
  • Review company-sponsored pension plans to help you choose the most appropriate option for your retirement needs — consider the integration of income from government benefits and your investment portfolio, and ensure survivorship benefits are adequate for your surviving spouse. Making the right choice is critical because that choice cannot be changed at a later date
  • Create a plan to achieve your retirement goals and facilitate the choices you make
  • Implement the plan
  • Review the plan from time to time and make adjustments to meet your changing needs

Watch The Financial Planning Process video.

Watch The Advantages of Professional Advice video.

THE ROLE OF YOUR BLACKBURN DAVIS FINANCIAL ADVISOR

We are a team of independent financial planning professionals with the experience and accreditation to handle any situation. We strongly believe that by being independent and not tied to any one financial institution, we have the ability to search the marketplace for products and services that suit you best. We develop recommendations in concert with your legal and tax advisors, and consult other professionals such as actuaries in order to ensure a comprehensive, coordinated plan. Once your plan is developed, we advocate on your behalf to ensure your Portfolio Manager and investment results are consistent with the rate of return required in your plan.

 

PLAN. COORDINATE. COMMUNICATE.