The Next Step
Their RBC advisor has been very helpful in advising the couple on some things to think about as they make the shift to their new life. Some of the planning issues that Doug and Ellen have addressed are:
- How their pension plans are structured and what benefits are available to them in retirement
- What kind of household budget would be reasonable now that they are not working and what kinds of issues might arise that would change their budget
- At what point would they anticipate selling their home, particularly now that all of their children have left home
- What changes should they make to their current insurance coverage and should they contemplate additional kinds of insurance that their company benefit plan might not provide
Their advisor had also suggested that they keep track of their expenses in the first two years of their retirement to get an even better handle on the cost of their retirement lifestyle. She advised Jack and Ellen that the clearer their understanding of how their normal monthly expenses balanced with the income that they received, the less they have to worry about extraordinary expenses that might arise.
As part of their retirement plan, Jack and Ellen reviewed their current insurance coverage and identified the gaps that existed. Their RBC advisor also helped them set up a savings strategy to direct some of the income that they receive from their pensions to provide for needs later in life. This plan included putting some money away to cover emergency expenses and to set up a conservative investment strategy.
Achieve your Retirement Goals
One of the most important times in your retirement planning occurs when you are finally ready to make the shift from work to retirement. Working with an RBC advisor, you can get professional advice to help you better determine where you are today, the issues that you should think about as you make the transition and what strategies will help you realize your retirement goals in the future.
The material contained in this website is provided for the general information of our clients and is not intended to provide specific financial, investment, tax, legal, accounting or other professional advice and should not be relied on in that regard. The individual circumstances described in this publication are for illustrative purposes only and do not represent actual individuals. Readers should consult a professional advisor when planning to implement a strategy to ensure that individual circumstances have been considered properly and is based on the latest available information. Financial planning services and investment advice are provided by Royal Mutual Funds Inc. Royal Mutual Funds Inc., RBC Asset Management Inc., Royal Bank of Canada, Royal Trust Corporation of Canada and The Royal Trust Company are separate corporate entities which are affiliated. Royal Mutual Funds Inc. is licensed as a financial services firm in the province of Quebec.
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