Owning Your Retirement
If you are thinking about your future retirement...
It is worthwhile to shift your focus from the amount of retirement assets that you have available to what you would like your life to look like in the future. That is best accomplished by considering all aspects of your life as well as the people that will be part of your future.
Some of the things that you should consider as you build a plan for your retirement are:
- Start by considering the question "What does retirement mean to me?"
- Have a clear understanding of why you are leaving your present work situation and whether there are other kinds of work that you might like to do.
Once you are clear on what you are retiring to, you should then consider all of those areas of your retirement life that might require some additional planning. Some of these areas are:
- The lifestyle that you would like to lead
- Increasing emphasis on your health and wellness
- The impact of parents and/or children on your retirement plans
Your financial strategy for retirement then becomes a fabric that covers the basic structure that you have created. Most of the life areas that you might consider to be important in retirement will have a financial implication connected with them. Some of your considerations might be:
- How your financial resources would be impacted by the various life changes that might occur over the years. You can talk to your RBC advisor about how to layer income through your retirement years to handle the changes.
- The various financial resources that you have to fund your retirement, including pensions, RRSPs, real estate and other savings.
- The value of consolidating your investment and savings holdings with your RBC advisor to simplify your life and to make it easier to build an income strategy in retirement. Consolidating your resources at RBC can help you visualize your overall investment situation and will also help your RBC advisor consider all of your assets in helping you make a tax-efficient plan.
- Maximizing your contributions to your RRSP as you near retirement and taking advantage of "top-up" opportunities. RBC can help you with top-up loans and your RBC advisor can work with you to help ensure that your money is working as effectively as possible within your RRSP.
- If you are still contributing to the education of a child or grandchild as you move into your retirement years, an education savings program such as an RESP might make sense.
- Reviewing your current plans to protect your family and your lifestyle should anything happen to affect your income. There are various insurance strategies that you can use to ensure that those relying on you are protected if health issues arise.
Your RBC advisor can help you work through that process. Remember that one of the most important roles that your retirement assets can play is to help you ease through the many life changes that will present themselves throughout your life as you plan for your retirement. From insurance protection to managing your nest egg efficiently, your financial strategy can make your retirement life a lot easier if it covers all the bases.
 |
|
Talk to an RBC Advisor
Together with an RBC advisor, you can begin to build a retirement plan that will help you to achieve your future, your way.
|
 |
Call now-
1-800-463-3863 |
 |
Visit an RBC Branch |
 |
Find an
Advisor |
|
|
