If you are a person looking to plan for your retirement soon, our team of professional retirement planning specialists have provided all the benefits of hiring a retirement planner before you retire, whether if you are a Canadian resident looking for a retirement planning expert in Toronto or Vancouver, or you are just interested to learn more about the details of planning for your retirement ahead of time.
What is Retirement Planning?
Retirement planning is the process of aligning one's short- and long-term financial goals for after they retire. A concrete retirement plan focuses on identifying future financial objectives based on the clients' current income. It also takes the future expenses into account. The ultimate aim of retirement planning would be to ensure your financial stability after you retire, by effectively managing your assets and allocating your wealth into a wise basket of investments.
Planning early for your retirement will determine the quality of life that you will lead post-retirement. Planning for the future requires strict discipline, which is the trait that most people ignore easily. This is the primary reason, why Canada residents need to consult with a retirement planning expert in order to learn how they could start saving, while they are young.
Why Should We Plan for Our Retirement?
In the early days of life, most Canadian residents think about going to college, taking holidays, and starting a family. Retirement planning is usually the last topic discussed at social gatherings. Unfortunately, the more you postpone planning your retirement, the more difficult it becomes to enjoy your life after retirement. For Canadian citizens, retirement planning is essential. Studies have demonstrated that retirement is becoming more expensive by the day. Moreover, the growing trend of cutting employees' pension coverages in Canada could be quite disturbing for retirees. Today, when it comes to retirement planning, future Canadian retirees would have many details to know.
How to Avoid Complicating the Retirement Planning Process
Planning for your retirement alone can become overwhelming. Fortunately, you don't have to go through it solo. When you hire a retirement planner, they break down complex numbers in order to help you meet your retirement planning goals without complicating the process. Below are a few things that you should know before your start planning for your retirement strategy:
Inflation is an inevitable concern for future retirees, as it directly affects your purchasing power. In Canada, the inflation rate has been on the lower side in the recent past. However, even low inflation can add to future retirees' worries, because seniors mostly spend their money on things that invariably experience price hikes. One of the most common expenses as you age is healthcare costs. If you are worried about the cost of healthcare after you retire, it would be wise to schedule a consultation with one of our retirement planning specialist.
2. Canadian Pension Plan (CPP)
In Canada, CPP takes responsibility to provide a partial replacement of earnings post-retirement as well as in case of disability or death. While this is a good for some Canadians, the CPP tax rates and the income thresholds are far lower than the US Social Security System. CPP also renders lesser benefits. Thus, the CPP may prove helpful, but subscribing only to CPP is not wise.
3. Changing Family Structure
The family structure within the country is changing. In 2017, single households accounted for 28.2 percent of the total population. Families are breaking up and might become increasingly uncommon in the near future. Thus, it is vital to plan your retirement so that you are not dependent on anyone else.
Why Hire a Retirement Planner?
While most Canadians perceive financial planning services as an unnecessary expense, retirement just like any other stage of your life, whether it is planning for college, choosing a professional career, or starting a family, needs diligent preparation and accurate planning. As professional financial consultants, we recommend that people start planning for retirement in their 20s and 30s. If you are wondering how to start saving for your retirement, this article could be your ultimate retirement planning beginners' guide; keep reading!
How to Plan for Retirement?
There are many aspects of retirement that need careful evaluation and are commonly overlooked. For instance, when it comes to the question of where you want to live after retirement, some folks respond that they prefer to live outside a major city. If you would want to relocate after retirement, then you have to know where you want to go and how much you would have to pay. A financial advisor can guide you on the process that whether you should sell your current home to buy that property you want in the countryside, or whether you have another practical strategy in place. If you have uncertainties answering such questions, one of our financial advisors in Toronto or Vancouver is pleased to help you.
What Happens After Retirement?
Many people are unaware of the benefits of hiring a retirement planner. Unfortunately, many people don't know how to plan for retirement, and as a result, would not have a clear picture of what to expect during their retirement. You need to know that once you are retired, your lifestyle is bound to change in a number of ways:
- First, if you are salaried, the money stops coming in.
- Second, at the same time, unpaid debts must get paid on time.
- Third, if you have children or grandchildren, they may need assistance to cover basic costs, including saving for college, etc.
Thus, you must make sure that your financial obligations are met after you retire and this concerns could be facilitated by meeting a trusted retirement planning financial advisor. Unquestionably, you wouldn't even like to jeopardize your finances shortly after retiring with an improper financial strategies.
Commonly Asked Questions about Retirement Planning
Have you ever asked yourself, what is the best age to plan for your retirement? Be it in your 20s, 30s, 40s, 50s, or 60s, a retirement planner's job is to help you answer that question no matter your age. Some of the most common questions we answer as retirement planning specialists include:
- How much do I need to retire?
- How to create a retirement budget plan?
- Best retirement plans to consider?
- How to plan for retirement in Vancouver?
- How to find a free retirement planning calculator?
- How to find the best retirement specialist?
- Do I need a financial advisor for retirement?
- How to plan for retirement in Toronto?
Our team of retirement planners specialize in advising people, who want to plan for their retirement ahead of time. We can help you whether you need services for retirement planning, with a pension or without a pension, and much more.
Retirement Planning Goals for Canadians
Recent statistics have shown that nearly 20% of Canadians grapple with paying their mortgages. Our simple response is that this situation can be avoided. To make the matters worse, we need to know that some retirees tend to still have credit card debts. Learn how to avoid credit card debts before your retire by reading this article. Such expenses could make your life miserable, and lead you to make poor financial decisions that will only contribute to your problems. Thus, why go through all these issues alone, when you can get your finances on track before you retire, by consulting with an experienced retirement planner.
Professional Retirement Planning Experts
While working, you expect a paycheck each month. But once you retire, the only money you are likely to receive is your pension, and the profits from your existing investments. Your income is likely to slow down and you will have to learn how to live within your means.
When you have already hired a retirement planner before you retire, you will enjoy a peace of mind, once you are retired. Knowing that you have sorted out your financial future allows you to focus on the important aspects of life after retirement, such as your family, travel, vacations, hobbies, etc.
Resolving Retirement Planning Tax Issues
Paying taxes before and after everyone's retirement is of a critical importance. You might understand taxation, if you have a background in finance; nonetheless, if you are not a tax professional, it would be wise to meet with a financial advisor in Toronto or Vancouver.
At ABC Financial Advisor, we have a team of professionals that have extensive knowledge on finding the best retirement tax benefits for each of our clients. Understanding the financial tax implications of your retirement is extremely important. For this reason, working with a trusted retirement planning consultant in Vancouver or Toronto can make the transition process much easier.
Financial Independence After Retirement
Without understanding your current financial situation, you might unfortunately find yourself working late into your retirement. This is probably not what most people envision after they retire. Fortunately, hiring a retirement planner in Vancouver or Toronto can make all the difference. The main objective of hiring a retirement planner is to make certain that you live comfortably long after you retire.
Planning an Early Retirement
Planning for your retirement in Toronto or Vancouver is much easier with the help of a retirement planner. The problem is that a majority of Canadians think that they will have enough money to live on after retirement. More so, they do not have any retirement planning experience. As a matter of fact, some will deplete their savings earlier than anticipated and this will leave them in a financial turmoil. Thankfully, our retirement planning experts in Toronto or Vancouver ensure that you are completely aware of your financial situation, well before you retire.
You may think that it is only possible to retire in next couple of years or so, while a financial planner can create a concrete roadmap to help you plan your retirement earlier than you thought. For example, you could have acquired some investments that could sustain your lifestyle after long after retire.
Disadvantages of Retiring Too Early
It is easy to fall on the bandwagon of early retirement without knowing that it could undermine your finances. You might argue that an early retirement is an option, especially when you haven't reached the retirement age, but you will definitely prefer to enjoy life in retirement by planning ahead.
Hiring a retirement planner before you retire can save you from excruciating financial situations. While you may not have enough savings or investments to retire early through your own assumptions, you may think you stand a pretty good chance of flourishing in retirement. With the aid of a professional retirement planner, you can learn how much you need to save for your retirement dreams come true.
How to Find a Retirement Planning Advisor
Consulting with a financial advisor before you retire could be one of the best decisions you have ever made. Retirement planning in Vancouver or Toronto no longer has to be a stressful endeavor for Canadians. At ABC Financial Advisor, we pride ourselves in providing quality retirement planning services for all Canadians.
Our focus is to examine your current financial situation and save you from financial difficulties that arise during retirement. Our financial advisors are not only professionals, but have enough experience to offer you sound advices. They can assist you to invest your money more effectively.
Canada Retirement Planning Company Near Me
If you want to plan for your retirement, but you are clueless about how to do it, we recommend booking an appointment with ABC Financial Advisor. Our team of retirement planning specialists dig deep into your finances to let you know, if you have already accumulated sufficient assets to retire early, or you need some revisions. Once you talk to our professionals, you are bound to leave our office in a better position to execute your plans. Moreover, all your questions concerning retirement will be thoroughly answered. While most Canadians try to sail into retirement by themselves, they have a better chance of living a comfortable life, if they decide to use the advice of a retirement planner.
We have experts, who have years of experience in the field of retirement planning, estate planning, investment management, and insurance management. Whether you are looking for a Vancouver retirement planning expert or a Toronto retirement planning expert, we are more than happy to help you with a retirement planning meeting. Call one of the best experts in Canada today.
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