Retirement should be a time to relax and enjoy life without financial worries. Instead of seeing it as the end of work, think of it as the start of a new and exciting chapter of your life.
How you find your retirement lifestyle is a critical aspect of planning. Planning ahead ensures peace of mind, knowing your money matters are taken care of during this chapter. Along with focusing on creating high income and comfortable stability, we offer retirement planning to help you maintain your desired lifestyle throughout your retirement years.
Retirement looks different for everyone. At Mirador, we start by understanding your vision—whether it’s dining out, traveling, or leaving a legacy—then determine the after-tax cash flow needed to make it happen.
We can help with these and any other concerns about retirement. With careful retirement planning and guidance from professionals, we can help to alleviate your financial fears and concerns about retiring.
Retirement planning is a fundamental part of managing your overall wealth and financial planning. By embracing retirement planning, individuals can not only secure their financial future, but also lay the foundation for a fulfilling and purposeful post-work life that aligns with their unique vision of retirement.
Successful retirement planning blends strategic financial decisions, tax planning, lifestyle considerations and a proactive approach to the future. Here are key tips to enhance the effectiveness of your retirement planning:
Retirement is a multifaceted process influenced by various factors. Understanding these factors and how they may affect the outcome of your goals is crucial for creating a comprehensive financial plan with strategies that can adapt to your dynamic circumstances and desired retirement date.
Advancements in healthcare and living standards have substantially increased life expectancy. As men and women are expected to live longer than previous generations this means that one’s capital will have to last longer to fund cash flows further into the future. Your retirement plan needs to span several decades and needs to ensure that you do not outlive your assets.
In Canada, there are several vehicles available to help individuals save for retirement. Contributions to these retirement vehicles offer tax advantages and the benefits of these tax advantages may compound greatly over time:
RRSP’s are a tax-effective way to save for retirement. Allowable contributions are calculated based on a % of your earned income. You receive a deduction for the amount contributed to your RRSP each year and the income earned within an RRSP is not subject to tax. The compound effect of this tax deferral can have a significant positive impact on your overall wealth.
At Mirador, we help clients maximize retirement savings by tailoring strategies to their unique financial situation. We advise on where to contribute first, funding sources, and which spouse should contribute. When it’s time to withdraw, we guide you through the complexities to optimize timing and tax efficiency.
The question of whether it’s too late to start planning for retirement is a common concern, especially for those approaching retirement age. While earlier planning offers more time for wealth accumulation, it’s never too late to start planning for your retirement.
If you are starting to plan for retirement later in your career, you should begin with a thorough assessment of your financial affairs. This involves evaluating existing assets, outstanding debts, and current income. They will become the basis for your strategic financial plan.
Addressing outstanding debt is crucial for late starters and involves strategies to expedite debt repayment to free up more funds for savings and investment in the later stages of your career.