Did you know that today's retirees are living longer than previous generations? In fact, they live 20-30 years longer after retiring. Your retirement plan should reflect a lasting retirement income.
Here are 7 most important questions we get asked about retirement:
- Will I have enough to retire?
- How much should I save to not outlive my retirement savings?
- When should I take my CPP and OAS?
- I have saved all my life, how should I use the funds to balance growth and income?
- Should I keep my house, downsize, rent or move to retirement residence?
- Now that I am retired, what’s next?
- How can I pass on my life savings to my children/grandchildren?
Amount needed to generate a $10,000 income stream
|Funds required today to provide an immediate income stream of $10,000 per year, indexed at 2%. ||21-year income stream ||26-year income stream ||31-year income stream |
|3% after tax return ||$188,251 ||$227,669 ||$265,211 |
|5% after tax return ||$156,074 ||$181,199 ||$202,935 | Comparison of a TFSA versus two RRSPs
| ||TFSA ||**RRSP ||***RRSP with lower tax rate in retirement ||Age |
|*Annual, out-of-pocket contribution ||$6,000 ||$6,000 ||$6,000 ||40 |
|Balance at retirement ||$421,551 ||$633,911 ||$633,911 ||65 |
|Net annual payout ||$25,751 ||$25,751 ||$29,507 ||65‑90 |
It all depends on your lifestyle. Should you wish to gain a better understanding of where you are and what’s next, we are here and can help. It’s not our first retirement, even if it’s yours!
Are you ready to retire, plan to retire or are already retired? We can help.
Talk to us today