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Archive for category: pension plan

Do you have enough for retirement?

March 2, 2023/in Blog, pension plan, Retirees, retirement, rrsp, Tax Free Savings Account /by Marty Coulas Insurance Agency Limited

Many of us dream of the day that we can retire and have the time to ourselves that we have dreamed of for so many years. But, to have a genuinely contented and relaxing retirement, you need to ensure that you have the means to afford it. So, now’s the best time to consider the three critical stages of retirement planning.

Accumulation

This is the stage you save for your retirement – essentially, the majority of your working life. So, naturally, if you start saving for your retirement early, you will have the ability to save a larger pension for the future, though this is not always achievable for young people or those on a low income.

Pre-retirement

At this point, you are making the final plans for your retirement. Although you are potentially making less money at this late stage of your career, it’s still a necessary time to continue saving and making sure that your investments are fit for purpose.

Retirement

Once you are no longer working, your retirement income will usually come from three key sources:

  • Government benefits: Canada Pension Plan or Old Age Security

  • Employer pension or retirement plan

  • Personal savings: Registered Retirement Savings Plan, Tax-Free Savings Account, Non-Registered Savings

Your concern will be to ensure that your money lasts the length of your lifetime.

Drawing up a retirement plan

A retirement plan is a crucial process to undertake during your working life, as it will help you outline and achieve your financial goals for the future. However, making such a plan doesn’t have to be daunting – here are our key steps to success:

  • Work out how much income you’ll need in your retirement. This is a key starting point to ensure that you save enough to meet this need.

  • Start early. If you can, invest any spare money into your retirement fund and keep going. Small amounts grow over time and can help you create a savings fund to meet your needs in retirement.

  • Diversify as much as you can. The best way to reduce your risk and exposure to poor market performance is to spread your investments. We can help you create a strategy that focuses on your attitude to risk.

  • Contributing to a TFSA or RRSP is a great place to start. Contribute the maximum amounts you can, and don’t forget to contribute on a consistent basis.

Talk to us today about your retirement goals.

https://4ks178.p3cdn1.secureserver.net/wp-content/uploads/2023/03/Do-you-have-enough-for-retirement.png?time=1679948087 281 500 Marty Coulas Insurance Agency Limited https://4ks178.p3cdn1.secureserver.net/wp-content/uploads/2020/11/MCIA-logo.jpg Marty Coulas Insurance Agency Limited2023-03-02 14:48:482023-03-02 14:48:54Do you have enough for retirement?

Retirement Planning for Business Owners – Checklist

March 5, 2021/in Blog, Business Owners, corporate, health benefits, life insurance, long term care, pension plan, rrsp, Tax Free Savings Account /by Marty Coulas Insurance Agency Limited

As a business owner, one of your challenges is learning how to balance between reinvesting into the business and setting money aside for personal savings. Since there are no longer employer-sponsored pension plans and the knowledge that retirement will come eventually, it’s important to have a retirement plan in place.

We’ve put together an infographic checklist that can help you get started on this. We know this can be a difficult conversation so we’re here to help and provide guidance to help you achieve your retirement dreams.

Income Needs

  • Determine how much income you will need in retirement.

  • Make sure you account for inflation in your calculations.

Debts

  • You should try to pay off your debts as soon as you can; preferably before you retire.

Insurance

  • As you age, your insurance needs change. Review your insurance needs, in particular your medical and dental insurance because a lot of plans do not provide health plans to retirees.

  • Review your life insurance coverage because you may not necessarily need as much life insurance as when you had dependents and a mortgage, but you may still need to review your estate and final expense needs.

  • Prepare for the unexpected such as a critical illness or a need for long-term care.

Government Benefits

  • Check what benefits are available for you upon retirement.

  • Canada Pension Plan- decide when would be the ideal time to apply and receive CPP payments. Business owners are in a unique position to control how much can be contributed to CPP by deciding to pay salary or dividends. (Dividends don’t trigger CPP contributions.)

  • Old Age Security- check pension amounts and see if there’s a possibility of clawback.

  • Guaranteed Income Supplement- if your income is low enough, you could apply for GIS.

Income

  • Are you a candidate for an individual pension plan (IPP)? IPPs can provide higher contributions than typically permitted to an RRSP and the ability to create a lifelong pension.

  • Check if your business is a candidate for a group RRSP or company pension plan. This is a great way for you to build retirement savings and provide benefits for your employees and business too.

  • Make sure you are saving on a regular basis towards retirement- in an RRSP, TFSA, or non-registered. Since you can control how you get paid, salary or dividends, dividends are not considered eligible income to create RRSP room, therefore you should make sure you have the optimal mix of both to achieve your financial goals.

  • Ensure your investment mix makes sense for your situation.

  • Don’t forget to check if there are any other income sources.  (ex. rental income, side hustle income, etc.)

Assets

  • The sale of your business can be part of your retirement nest egg. Therefore, you should make sure you know the valuation of your business and your plan to sell the business to your family, employees, partners or a third party. You should also know when you decide to sell your business too.

  • Are you planning to use the sale of your home or other assets to fund your retirement?

  • Will you be receiving an inheritance?

One other consideration that’s not included in the checklist is divorce. This can be an uncomfortable question, however divorce amongst adults ages 50 and over is on the rise and this can be financially devastating for both parties.

Next steps…

  • Contact Us about helping you get your retirement planning in order so your retirement dreams can be achieved.

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  • Ontario 2023 Budget HighlightsMarch 24, 2023 - 12:07 pm
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Marty Coulas Insurance Agency Ltd.

T: 613-599-4070
E: mcia@coulas.ca

Unit G-2, 160 Terence Matthews Crescent
Kanata, ON
K2M 0B2

Latest News

  • Ontario 2023 Budget HighlightsMarch 24, 2023 - 12:07 pm
  • Do you have enough for retirement?March 2, 2023 - 2:48 pm
  • TFSA versus RRSP – What you need to know to make the most of them in 2023February 2, 2023 - 4:57 pm

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