A Step-By-Step guide to help beginner’s start planning for retirement in Canada
Do you need some direction when it comes to planning for retirement? Click to download a Free Step-By-Step checklist designed to help you take the first steps in planning the Retirement you want. Visit: http://www.retirementinview.ca/#checklist
Do you need some direction when it comes to planning for retirement? Click to download a Free Step-By-Step checklist designed to help you take the first steps in planning the Retirement you want. Visit: http://www.retirementinview.ca/#checklist
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Retirement <strong>in</strong> View 240 Cather<strong>in</strong>e St. Suite #201 Ottawa ON K2P 3G5<br />
RETIREMENT ACTION PLAN CHECKLIST<br />
1. GETTING ORGANIZED: GATHE R THE FOLLOWING FINANCIAL DATA<br />
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Pension benefits statement, booklet, and documentation<br />
Most recent <strong>in</strong>vestments statements (RRSPs, TFSAs, LIRAs, RRIFs)<br />
Insurance documents, wills, and powers of at<strong>to</strong>rney<br />
<strong>Canada</strong> Pension Plan (CPP) statement<br />
Debt statements: mortgages, l<strong>in</strong>es of credit, credit cards and loans<br />
2. HOW MUCH WILL YOU NEED? ESTIMATE LIFESTYLE EXPENSES<br />
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Create a budget that addresses basic necessities, major expenses, travel, fun and leisure<br />
Make a list of your <strong>to</strong>p 5 f<strong>in</strong>ancial and lifestyle expenses<br />
Explore costs <strong>for</strong> health and long term care <strong>in</strong> your region<br />
3. HOW WILL YOU FUND YOUR LIFESTYLE? OUTLINE INCOME SOURCES<br />
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Assess the best time <strong>to</strong> access Government Benefits (CPP and OAS)<br />
Estimate your annual pension plan benefits (if applicable)<br />
Determ<strong>in</strong>e how much susta<strong>in</strong>able <strong>in</strong>come your <strong>in</strong>vestments can produce annually<br />
Include other potential sources of <strong>in</strong>come (part-time work, small bus<strong>in</strong>ess<br />
4. MAPPING OUT LONG TERM FINANCIAL PROJECTIONS<br />
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Set your target <strong>retirement</strong> date<br />
Understand how much you need <strong>to</strong> save <strong>to</strong> reach your <strong>in</strong>come goal<br />
Incorporate assumptions <strong>for</strong> <strong>in</strong>flation, <strong>in</strong>vestment returns and life expectancy<br />
5. PUTTING IT ALL TOGETHER<br />
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Have a clearly written plan <strong>in</strong> place, work with Certified F<strong>in</strong>ancial Planner if you need assistance<br />
Have clear, long-term <strong>in</strong>come and expense projections<br />
Have a clear understand<strong>in</strong>g of how <strong>to</strong> utilize proactive tax <strong>plann<strong>in</strong>g</strong> opportunities
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