Retirement Planning Services

Are You Wondering When You Should Retire?

You’ve worked hard your whole life to get to where you are today. For so long, you were saving thinking of future years and what you might do in retirement. Or you’re a workaholic and the idea of “retiring” was never truly appetizing, but you wanted to keep saving on the off chance that one day you’d be forced to stop working (whether for health reasons or because your spouse desperately wants you to join them in their retirement adventures).

Whatever the situation, deciding when to pull the retirement trigger and how to do so can be difficult.

I help you with strategic financial planning to ensure you are able to maintain your desired lifestyle in retirement (be that volunteering, lounging at the cottage, or globetrotting) and not worry about outliving your savings.

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Retirement Planning Services - What I Offer

Retirement can look a little different today than it did a few years ago. Not to mention it can last 30 years or more, so ensuring you have a solid financial plan is critical to meet your changing needs throughout retirement.
My financial planning for retirement includes:

Analysis, optimization and management of your investments, including Ontario pensions (LIRAs and LIFs), RRSPs, RRIFs, TFSAs, annuities, etc.
Pension option analysis (to commute or not to commute? That is indeed the question!)
Creation and maintenance of a retirement withdrawal strategy for tax efficient retirement income
Cash flow and debt management
Estate planning and asset transfer strategies
Regular reviews and monitoring of your plan and investments
And more!

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Testimonials

“I was at a point in my life where retirement was not too far in the future, so I decided to get a professional’s assistance. I did not think the bank that “managed” my RRSPs was looking out as much for my benefit as their own.
My principal concern was both protection of the funds in the RRSPs and their growth. I am very pleased that my financial advisor has been able to manage my funds in a manner that protects them and allows them to develop.
I have been able to see my funds securely growing and watch them as they transition to a more retirement ready source of capital. Thank you, Tara!”
-John

"I wanted you to know how much I have appreciated all your hard work in exploring my finances. You have gone above and beyond my expectations! I wanted you to know how much I have enjoyed our visits and how much I appreciate your help. I finally feel comfortable with my plan to move into a senior’s home – and knowing that I won’t outlive my money!"

-D.G.

Who Can Benefit From a Retirement Plan

It's never too early or too late to start planning. I help seniors, young professionals, and more.

Seniors

Are you looking to start the discussion of financial planning for retirement? I'm here to help!

Professionals

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As a professional, it is essential to have a retirement plan that meets your growing needs as your career evolves.

Young Couples

It's never too early to start planning for retirement. Let's chat today!

Self-Employed Individuals

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If you are self-employed, retirement planning can look a little different. Let's talk about what that means for you.

Business Owners

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As a business owner and entrepreneur, your needs may shift over time, but one thing is certain: retirement. We'll discuss things like taxes, succession planning and incorporating those into a plan that fits your lifestyle.

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Retirement Planning FAQs

How much money do you need to save for retirement?

There is no exact answer for this as it all depends on the type of lifestyle you would like to have in retirement and the income sources you may have to sustain you at that time. Eg. CPP and OAS, pension from work, etc. Once you have an idea of what type of retirement lifestyle you would enjoy, you can reach out to a financial planner who will help you determine how much money you will need to save to meet that goal.

Is it better to get CPP at 60 or 65?

There is no right age for everyone. You can begin receiving Canada Pension Plan payments at any age between 60 and 70, but the standard age to start is 65. For more information on how CPP works, feel free to reach out to me – or take a look at the Canada website!

Is it better to take a lump sum or monthly pension?

The answer to this depends on a few factors, including your investment experience and tolerance for risk, as well as additional features that your pension may offer if you left it with them and took a monthly income as opposed to commuting the lump sum (such as cost of living indexes and spousal guarantees). It is best to run this question by a financial planner who can help you determine which solution makes the most sense for your individual situation.

Is it better to put money in an RRSP or TFSA?

When it comes to choosing between an RRSP and TFSA, it's important to consider your goals, contribution limits, and your marginal tax rate. An RRSP is a great way to save on taxes now and enjoy more money in retirement; however, when you withdraw money from your RRSP, you are taxed on it at your current tax rate. On the other hand, a TFSA uses your after-tax dollars as the source of investment, so there are no additional tax implications upon withdrawal. Both account types offer tax-advantaged growth while the funds stay in the respective account. It alls comes down to your individual situation as to which one is better or more appropriate than the other.

How can I reduce my taxes in retirement?

Reducing taxes in retirement is best accomplished through a carefully planned approach with a certified financial planner. This professional can assist in determining the most appropriate options that suit your situation, and consider such things as RRSPs, tax credits, tax deductions, and more.