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Commercial Banking > Business Succession > Planning Your Retirement

Planning Your Retirement

It’s helpful to think of your personal retirement plan as part of your overall business succession plan.

Some Questions To Consider

  • How will you achieve your goals and dreams and feel fulfilled?
  • Is your spouse or partner also changing their work plans to coincide with your changes?
  • Do you think you might live in different locations during the different phases of your retirement?
  • Have you considered personal and family health in your retirement decisions?
 

Your Personal Financial Future

Financial planning is essential to a comfortable retirement and your RBC account manager will be more than happy to put you in touch with a financial advisor to assist you with your personal wealth management.

But what about the other aspects of your life in retirement? An RBC financial advisor can take you through our unique discovery and planning process called Your Future By Design.

It all starts by asking you a few unexpected questions that get right to the heart of what really matters to you when you retire. This special method asks questions about everything from your health and lifestyle to your family relationships and the legacy you hope to leave them. We even touch upon working and setting up a new business during retirement. It’s a holistic approach to retirement planning.

 

Leaving a Business: Myths & Misconceptions

Statement True False
1. There is very little beyond business ownership that will challenge me emotionally or intellectually.
2. Business owners are highly skilled in managing their business finances and they readily apply this skill to their personal finances.
3. In about a decade, Canada’s population will have more people at an age where they can leave the labour force than at an age when they can begin working.
4. Business owners wait too long to retire and enjoy this next stage of life.
 
 

Continuing Role

45% of business owners planning their succession intend to have a continuing role in the business(1).

 

1) Quantitative Study of the Business Succession Market in Canada (March 20)
2) Statistics Canada, The Daily, July 17, 2007, 2006 Census, Age & Sex