Retirement Planning

Retirement income is comprised of 3 inputs;

  1. Individual retirement savings

  2. Government pension plans 

  3. Employer-sponsored pension plans 

There are numerous options to help you meet your retirement and investment goals. RRSPs offer tax deferred growth until you withdraw funds with the added incentive of a taxable income deduction when you contribute. TFSAs also provide tax free growth in the account without any tax implications on withdrawal. Once RRSP and TFSA accounts have been maxed out a non-registered account allows for growth but with tax implications. 

Public (government) pension plans are an important component of a retirement plan but private (company) pensions plans, if available with your employer, allow you to have another way of  saving for your retirement. Private plans are funded through payroll contributions. They can be  a shared contribution by both the employer and employee or in some cases made by employers only. If available, they should always be utilized to take advantage of employer matching contributions.

Upon retirement, order of asset withdrawal matters. Knowing how to drawdown your savings in a tax efficient manner is something we can walk you through to make sure you get the most from your hard earned retirement portfolio.