Together, we can discuss a strategy that includes helping you save for retirement, while also determining solutions to get you debt-free faster.
Your retirement should get the attention it deserves. That’s why it is important for you to discuss your retirement plan.
Our primary goal is to help you create and stick to a retirement plan that reflects your personal goals and investor profile.
Let’s look at three important questions we should consider when building the retirement plan you need.
1. How much money do I need to retire?
As the cost of living increases, so does the cost of retirement. The good news is that, no matter your age or financial situation, there are a few easy steps you can take to improve your retirement prospects.
With tax-deferral and tax-sheltered plans offered by the government like Retirement Savings Plans (RSPs) and Tax-free Savings Accounts (TSFAs), as well as various investment solutions that include cash and mutual funds*, I have the tools needed to help you determine how much you will need to save for retirement and to help you reach your retirement goals.
2. What is the best way to save for retirement?
There are many ways to save but, as Canadians, there is one method that has been exclusively designed by the Government of Canada to help you save for retirement. RSPs help you save for retirement in a highly tax-efficient and flexible manner.
Contributions to an RSP are tax deductable; meaning money you put into your RSP is not considered income for that year, helping reduce your annual tax burden. And, any growth on your contribution is completely tax free until withdrawal (at which time your marginal tax rate should be considerably lower… meaning you will likely pay less in tax at that time).
Further, RSPs offer many options for savings. From cash to mutual funds* (and every type of investment in between), you have the ability to build a portfolio based entirely on your unique needs, investment profile, and time horizon.
3. Should I pay off my debt/mortgage before saving for retirement?
While paying down debt is always a good idea, there is no one correct answer to this question. Every person has unique circumstances. Whether you are sitting on a mountain of debt or getting close to paying off your mortgage, I encourage you to call me to discuss your many options.
