{"id":8426,"date":"2024-02-26T15:48:52","date_gmt":"2024-02-26T23:48:52","guid":{"rendered":"https:\/\/www.alitis.ca\/wealth-planning\/?p=8426"},"modified":"2024-04-24T11:04:01","modified_gmt":"2024-04-24T18:04:01","slug":"key-considerations-for-retirement-planning","status":"publish","type":"post","link":"https:\/\/www.alitis.ca\/wealth-planning\/insights\/key-considerations-for-retirement-planning\/","title":{"rendered":"Key Considerations for Retirement Planning"},"content":{"rendered":"\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-lkvsacej-ac3d99d3f41a4674afafb5b513871052\">\n#top .av-special-heading.av-lkvsacej-ac3d99d3f41a4674afafb5b513871052{\npadding-bottom:10px;\n}\nbody .av-special-heading.av-lkvsacej-ac3d99d3f41a4674afafb5b513871052 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-lkvsacej-ac3d99d3f41a4674afafb5b513871052 .av-subheading{\nfont-size:15px;\n}\n<\/style>\n<div  class='av-special-heading av-lkvsacej-ac3d99d3f41a4674afafb5b513871052 av-special-heading-h1  avia-builder-el-0  el_before_av_textblock  avia-builder-el-first '><h1 class='av-special-heading-tag '  itemprop=\"headline\"  >Key Considerations for Retirement Planning<\/h1><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n<section  class='av_textblock_section av-lkvsy15b-ace10a05068026c097566250d97a0767 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-8427\" src=\"https:\/\/www.alitis.ca\/wealth-planning\/wp-content\/uploads\/2024\/02\/Retirees.jpg\" alt=\"\" width=\"965\" height=\"644\" srcset=\"https:\/\/www.alitis.ca\/wealth-planning\/wp-content\/uploads\/2024\/02\/Retirees.jpg 965w, https:\/\/www.alitis.ca\/wealth-planning\/wp-content\/uploads\/2024\/02\/Retirees-300x200.jpg 300w, https:\/\/www.alitis.ca\/wealth-planning\/wp-content\/uploads\/2024\/02\/Retirees-768x513.jpg 768w\" sizes=\"auto, (max-width: 965px) 100vw, 965px\" \/><\/p>\n<p>After a lifetime of hard work,\u00a0<a href=\"https:\/\/www.alitis.ca\/wealth-planning\/services\/retirement-planning\/\">investment planning<\/a>,\u00a0and dutiful saving, retirement will be on your mind. Tropical beaches, new hobbies, time with family and new projects around the house await you. But will you be ready to retire? In a 2023 BMO survey<sup>1<\/sup>, it was reported that Canadians believe they\u2019ll need\u00a0<a class=\"__mPS2id\" href=\"https:\/\/globalnews.ca\/news\/9465417\/retirement-canada-plan-rrsp-bmo-survey\/#:~:text=Canadians%20now%20believe%20they%20will,10%20percentage%20points%20from%202020.\" target=\"_blank\" rel=\"noopener\">an average of $1.7 million<\/a>\u00a0to retire, yet just 44% of those polled are confident they\u2019ll have enough when it\u2019s time.<\/p>\n<p>If you\u2019re within 10 years of your expected retirement date, while it may seem like you\u2019re finally nearing the finish line, it\u2019s not the time to slow down. You can make a big impact on your retirement in those final years. Not only can you earn more, but you can make key decisions that will alter your future. In this article, we\u2019re going to break down some of those steps to consider as you approach the long-awaited retirement date.<\/p>\n<h2>Determine how much you\u2019ll spend in retirement<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-8428\" src=\"https:\/\/www.alitis.ca\/wealth-planning\/wp-content\/uploads\/2024\/02\/Cruise.jpg\" alt=\"\" width=\"965\" height=\"644\" srcset=\"https:\/\/www.alitis.ca\/wealth-planning\/wp-content\/uploads\/2024\/02\/Cruise.jpg 965w, https:\/\/www.alitis.ca\/wealth-planning\/wp-content\/uploads\/2024\/02\/Cruise-300x200.jpg 300w, https:\/\/www.alitis.ca\/wealth-planning\/wp-content\/uploads\/2024\/02\/Cruise-768x513.jpg 768w\" sizes=\"auto, (max-width: 965px) 100vw, 965px\" \/><\/p>\n<p>If you haven\u2019t already figured it out, sit down and calculate your \u2018magic number\u2019 to retire with. Even if you\u2019ve already determined how much you need years ago, it is a good idea to review again as these tumultuous past few years might\u2019ve had an impact on your financial situation and retirement plans.<\/p>\n<p>The general estimate is that you\u2019ll need to earn at least 70-90% of your pre-retirement income every year in order to retire. If you plan on travelling, buying luxury items, paying a family member\u2019s post-secondary tuition and spoiling yourself and your loved ones in retirement, you\u2019ll obviously need to plan for that too.<\/p>\n<p>Other than major life plans, your day-to-day expenses may be affected in retirement as well. While the cost of maintaining your health may increase, you\u2019ll likely save money on clothing, commuting, and other costs associated with work.<\/p>\n<h2>Calculate your expected retirement income<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-8429\" src=\"https:\/\/www.alitis.ca\/wealth-planning\/wp-content\/uploads\/2024\/02\/Budget.jpg\" alt=\"\" width=\"965\" height=\"644\" srcset=\"https:\/\/www.alitis.ca\/wealth-planning\/wp-content\/uploads\/2024\/02\/Budget.jpg 965w, https:\/\/www.alitis.ca\/wealth-planning\/wp-content\/uploads\/2024\/02\/Budget-300x200.jpg 300w, https:\/\/www.alitis.ca\/wealth-planning\/wp-content\/uploads\/2024\/02\/Budget-768x513.jpg 768w\" sizes=\"auto, (max-width: 965px) 100vw, 965px\" \/><\/p>\n<p>Once you\u2019ve laid out your expected expenses during retirement years, it won\u2019t hurt to get an idea of your expected income. Most Canadians are eligible to receive income from\u00a0<a href=\"https:\/\/www.canada.ca\/en\/services\/benefits\/publicpensions\/cpp\/old-age-security\/eligibility.html\" target=\"_blank\" rel=\"noopener\">Old Age Security<\/a>\u00a0(OAS) at age 65, and the\u00a0<a href=\"https:\/\/www.canada.ca\/en\/services\/benefits\/publicpensions\/cpp\/cpp-benefit\/eligibility.html\" target=\"_blank\" rel=\"noopener\">Canada Pension Plan<\/a>\u00a0(CPP) as early as age 60. Lower income seniors may also qualify for the Guaranteed Income Supplement (GIS). While these benefits shouldn\u2019t be relied upon for a primary source of income, they\u2019re certainly a nice supplement.<\/p>\n<p>If you worked in public-service or in certain private sector industries, you\u2019ll also have an employer-funded pension. For years, Canadian schoolteachers, military service people, nurses and more have relied up these pensions for comfortable retirements.<\/p>\n<p>Finally, you have your personal assets like your RRSP, savings account and property. The general rule of thumb is to withdraw 4% of your retirements savings per year, but that number will vary a lot depending on your financial situation and plans for retirement. And if you\u2019ve got property and other assets you plan to sell, that should be accounted for too.<\/p>\n<h2>Inquire about pension benefits<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-8430\" src=\"https:\/\/www.alitis.ca\/wealth-planning\/wp-content\/uploads\/2024\/02\/Retired-Couple.jpg\" alt=\"\" width=\"965\" height=\"644\" srcset=\"https:\/\/www.alitis.ca\/wealth-planning\/wp-content\/uploads\/2024\/02\/Retired-Couple.jpg 965w, https:\/\/www.alitis.ca\/wealth-planning\/wp-content\/uploads\/2024\/02\/Retired-Couple-300x200.jpg 300w, https:\/\/www.alitis.ca\/wealth-planning\/wp-content\/uploads\/2024\/02\/Retired-Couple-768x513.jpg 768w\" sizes=\"auto, (max-width: 965px) 100vw, 965px\" \/><\/p>\n<p>Pensions are a significant piece of the retirement pie. Many Canadians will rely on them to bolster their financial standing and quality of life as they age, whether it\u2019s from an employer or the government.<\/p>\n<p>If you employer has a pension plan, check to see how it works. Ask for an individual benefit statement from your employer in order to determine how much you\u2019re due to receive upon retirement. If you\u2019re considering changing jobs this step is extra important. Plus, you may be eligible for partial pension benefits from past employers. And if your spouse is due to earn a pension, you may also be eligible for a portion of that.<\/p>\n<h2>Minimize your debt<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-8431\" src=\"https:\/\/www.alitis.ca\/wealth-planning\/wp-content\/uploads\/2024\/02\/Website-Images-9.jpg\" alt=\"\" width=\"965\" height=\"644\" srcset=\"https:\/\/www.alitis.ca\/wealth-planning\/wp-content\/uploads\/2024\/02\/Website-Images-9.jpg 965w, https:\/\/www.alitis.ca\/wealth-planning\/wp-content\/uploads\/2024\/02\/Website-Images-9-300x200.jpg 300w, https:\/\/www.alitis.ca\/wealth-planning\/wp-content\/uploads\/2024\/02\/Website-Images-9-768x513.jpg 768w\" sizes=\"auto, (max-width: 965px) 100vw, 965px\" \/><\/p>\n<p>You don\u2019t want to carry a large load of debt into retirement. In order to truly relax and enjoy your retirement without debt hanging over your head, free yourself of it as best you can before the time comes.<\/p>\n<p>Do you best to pay down your mortgage and reduce the credit card debt. That way, in retirement, you can lower the amount of your savings that will have to go towards interest payments. If your credit card is charging you 20% interest, by paying it off, it\u2019s almost like earning 20% on an investment down the road.<\/p>\n<h2>Determine where you\u2019ll live<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-8432\" src=\"https:\/\/www.alitis.ca\/wealth-planning\/wp-content\/uploads\/2024\/02\/Website-Images-10.jpg\" alt=\"\" width=\"965\" height=\"644\" srcset=\"https:\/\/www.alitis.ca\/wealth-planning\/wp-content\/uploads\/2024\/02\/Website-Images-10.jpg 965w, https:\/\/www.alitis.ca\/wealth-planning\/wp-content\/uploads\/2024\/02\/Website-Images-10-300x200.jpg 300w, https:\/\/www.alitis.ca\/wealth-planning\/wp-content\/uploads\/2024\/02\/Website-Images-10-768x513.jpg 768w\" sizes=\"auto, (max-width: 965px) 100vw, 965px\" \/><\/p>\n<p>The place where you plan to retire will have a big impact on your financial situation going forwards. If you plan on living in the same home until the day you die, retirement planning will be a little easier to predict. But if you plan on moving abroad, moving to a different city or living in many different countries, you\u2019ll have to be prepared.<\/p>\n<p>Certain locations will ask for less in income tax and offer more inexpensive housing options. Or maybe you\u2019re moving into a city with a higher cost of living in order to be closer to your family. The location of your retirement will have a big impact, so be sure to plan accordingly.<\/p>\n<h2>Don\u2019t stop the RRSP contributions<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-8434\" src=\"https:\/\/www.alitis.ca\/wealth-planning\/wp-content\/uploads\/2024\/02\/RRSP.jpg\" alt=\"\" width=\"965\" height=\"644\" srcset=\"https:\/\/www.alitis.ca\/wealth-planning\/wp-content\/uploads\/2024\/02\/RRSP.jpg 965w, https:\/\/www.alitis.ca\/wealth-planning\/wp-content\/uploads\/2024\/02\/RRSP-300x200.jpg 300w, https:\/\/www.alitis.ca\/wealth-planning\/wp-content\/uploads\/2024\/02\/RRSP-768x513.jpg 768w\" sizes=\"auto, (max-width: 965px) 100vw, 965px\" \/><\/p>\n<p>Your\u00a0<a href=\"https:\/\/www.alitis.ca\/insights\/the-importance-of-investing-in-a-rrsp\/\" target=\"_blank\" rel=\"noopener\">Registered Retirement Savings Plan<\/a>\u00a0(RRSP) is one of the best savings vehicles available for Canadians. Until the day you retire, you should be making regular contributions. These savings plans are designed to help Canadians save money for retirement and are incentivized accordingly. Not only will your contributions shrink your total tax bill, but the gains you earn on those contributions will be tax-free. You\u2019re only taxed once you start withdrawing.<\/p>\n<p>Your RRSP can be made up of almost any kind of investment. You can fill it with stocks, bonds, mutual funds and exchange\u2013traded funds (ETFs). Every Canadian should be taking advantage of this opportunity to save money on taxes and contribute to their retirement.<\/p>\n<h2>Make sure your investment assets are diversified<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-8435\" src=\"https:\/\/www.alitis.ca\/wealth-planning\/wp-content\/uploads\/2024\/02\/Real-Estate.jpg\" alt=\"\" width=\"965\" height=\"644\" srcset=\"https:\/\/www.alitis.ca\/wealth-planning\/wp-content\/uploads\/2024\/02\/Real-Estate.jpg 965w, https:\/\/www.alitis.ca\/wealth-planning\/wp-content\/uploads\/2024\/02\/Real-Estate-300x200.jpg 300w, https:\/\/www.alitis.ca\/wealth-planning\/wp-content\/uploads\/2024\/02\/Real-Estate-768x513.jpg 768w\" sizes=\"auto, (max-width: 965px) 100vw, 965px\" \/><\/p>\n<p>Diversification of assets is one of the best ways to protect yourself from market fluctuations during your retirement years. Holding everything in one place is generally not a great idea.<\/p>\n<p>If you feel you aren\u2019t diversified enough, consider investing with our related company, <a href=\"https:\/\/www.alitis.ca\/\">Alitis Investment Counsel<\/a>. Since 2009, they&#8217;ve been offering clients access to <a href=\"https:\/\/www.alitis.ca\/insights\/what-are-alternative-investments\/\" target=\"_blank\" rel=\"noopener\">alternative investments<\/a>\u00a0such as private\u00a0<a href=\"https:\/\/www.alitis.ca\/investments\/alitis-private-reit\/\" target=\"_blank\" rel=\"noopener\">real estate investment trusts<\/a>, private equity, and <a href=\"https:\/\/www.alitis.ca\/investments\/alitis-private-mortgage-fund\/\" target=\"_blank\" rel=\"noopener\">private mortgages<\/a>. This investment strategy has stood the test of time, protecting portfolios against volatile stock market conditions while delivering solid risk-adjusted returns.<\/p>\n<\/div><\/section>\n<section  class='av_textblock_section av-lohlrynn-adee4f1679130fe2f9b688c9b9457fab '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><h2>Contact Us<\/h2>\n<p><span class=\"TextRun SCXW18886405 BCX8\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW18886405 BCX8\">Schedule a no-obligation, complimentary meeting <\/span><\/span><span class=\"TextRun SCXW18886405 BCX8\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW18886405 BCX8\">today. Find Alitis Wealth Services in Campbell River at 101-909 Island Highway, in the Comox Valley at 103-695 Aspen Rd., in Victoria at 1480 Fort St., and online at alitis.ca\/wealth-planning. For more information, call 1-800-667-2554 or email info@alitis.ca.<\/span><\/span><span class=\"EOP SCXW18886405 BCX8\" data-ccp-props=\"{\">\u00a0<\/span><\/p>\n<\/div><\/section>\n<div  class='avia-button-wrap av-lohlsi0h-c0c87bc5936809a7e8ea18be2a45d1a5-wrap avia-button-left  avia-builder-el-3  el_after_av_textblock  el_before_av_icon_box '><a href='https:\/\/www.alitis.ca\/wealth-planning\/contact-us\/'  class='avia-button av-lohlsi0h-c0c87bc5936809a7e8ea18be2a45d1a5 av-link-btn avia-icon_select-no avia-size-small avia-position-left avia-color-theme-color'   aria-label=\"Contact Us\"><span class='avia_iconbox_title' >Contact Us<\/span><\/a><\/div>\n<article  class='iconbox iconbox_left av-lnncnh19-af22b70f7bd2eeb686317b98347648b4  avia-builder-el-4  el_after_av_button  avia-builder-el-last '  itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class=\"iconbox_content\"><header class=\"entry-content-header\" aria-label=\"Icon: \"><div class='iconbox_icon heading-color avia-iconfont avia-font-entypo-fontello' data-av_icon='\ue84e' data-av_iconfont='entypo-fontello'  ><\/div><\/header><div class='iconbox_content_container '  itemprop=\"text\" ><h6><a href=\"https:\/\/www.alitis.ca\/wealth-planning\/disclaimer\/\"><strong><em>Disclaimers and Disclosures<\/em><\/strong><\/a><\/h6>\n<ol>\n<li><em>Stephenson, Amanda. \u201cCanadians Now Expect to Need $1.7m in Order to Retire: BMO Survey \u2013 BNN Bloomberg.\u201d BNN, The Canadian Press, 7 Feb. 2023, https:\/\/www.bnnbloomberg.ca\/canadians-now-expect-to-need-1-7m-in-order-to-retire-bmo-survey-1.1880425.<\/em><\/li>\n<\/ol>\n<\/div><\/div><footer class=\"entry-footer\"><\/footer><\/article>\n","protected":false},"excerpt":{"rendered":"<p>In this article, we\u2019re going to break down some of those steps to consider as you approach your long-awaited retirement date.<\/p>\n","protected":false},"author":2,"featured_media":8427,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[59],"tags":[],"class_list":["post-8426","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insights"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Key Considerations for Retirement Planning | Alitis Wealth Planning<\/title>\n<meta name=\"description\" content=\"In this article, we\u2019re going to break down some of those steps to consider as you approach your long-awaited retirement date.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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