What is Retirement Planning?
First ask yourself “What is Retirement?” Retirement is “working” or “doing” what you want because you want to, not because you have to. Retirement is the transition from your regular work routine to a new life and new lifestyle.
Planning for retirement starts from where you are today, regardless of your age. A retirement plan can start as early as your first paycheque. Your savings and assets determine your retirement lifestyle.
Retirement planning is the process of preparing yourself for the financial transition at retirement by determining the actions necessary to achieve those financial goals.
What is Estate Planning?
Business & Farm
- Properly insured debts
- Buy-Sell Agreements and funding
- Transfer to next generation
- Tax efficient transfers
- Key man protection
Investments
- TFSA – Tax Free Savings Account
- RRSP – Registered Retirement Savings Plan
- RRIF – Registered Retirement Income Fund
- RESP – Registered Education Savings Plan
- Non-Registered Savings Accounts
- Pensions
- Annuities
- Creditor protection
- Probate protection
- Immediate transfer to beneficiary on death
- Diversification
Life Insurance
- Personal income replacement
- Personal debt and mortgage coverage
Personal Risk Protection – Living Benefits
- Critical Illness coverage –i.e. cancer, heart attack, stroke
- Disability Insurance coverage
Charitable Giving
- Inter vivos gift
- Gift through estate
Mortgages and Line of Credit
- Most residential and non-farm related acreages
