For many people, the day of retirement is like a dream coming true. For most, it all came together as a result of good planning; for a few others it was good luck. Others may need a modest employment or rental income in their later years. Every person’s plans and opportunities are different but our belief is that planning is the best guarantee for a fulfilling retirement. 

Here are a few topics that you may wish to consider when planning for your later years:

• Determine if your retiring date is realistic  
• Re-evaluate your savings strategy regularly; mid and long-term
• Define your anticipated sources of income  

• Plan to purchase income products as an annuity or guaranteed investment funds to maximize your income
• Ask for information on how some sources of income may cause government benefits to be reduced once certain income levels are reached

• In Canada, we are fortunate to have a system which we all fund. However, you may wish to give thought to some other health insurance plans that will cover you in different circumstances.
  • Critical Illness Insurance (CI) – CI pays you a lump sum if you experience one of a specified list of diseases or afflictions such as heart attack, stroke or cancer. The proceeds are not taxable and may be used for any purpose.
  • Long-Term Care Insurance (LTC) – The cost to live in a nursing home can be substantial. LTC insurance makes regular payments if you require institutional or at-home care due to loss of independence.
  • Out-of-Canada Travel Insurance

A simple visit to a hospital in the United States can be a costly surprise.

• Review your will to make sure the assets you want to leave to your heirs are distributed according to your wishes.
• Plan your estate to shelter your heirs from paying a substantial tax bill. For example, if you gift a family cottage to a child, their tax bill on any capital gains could be significant

Whether you plan a time of leisure or anticipate working on activities and causes that motivate you – or a bit of both – give thought to making mindful plans to allow for these new opportunities. Of course, a financial services professional is a good resource with lots of helpful information and advice.

Links on this page direct you to further reading on our national web site at www.dfsin.ca.