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Life In Retirement

I’m Retired, What Do I Need To Do?

You have been very fortunate, and you are able to retire in relatively good shape. Although you no longer have employment income, the savings and registered retirement plans you built up while you did continue to grow even as you start taking income. The financial planning focus of building capital should now shift to managing your financial resources as you take the necessary income for retirement. Managing your expenses, including the taxes you pay, becomes of paramount importance. For you to be financially comfortable in your retirement here are some of the items which need to be considered in this new chapter in your life.
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Life In Retirement

Services To Consider

Pay Off Mortgage Debt ASAP

Hopefully, you were able to pay off the mortgage on your home before you retired. If you did not there should now be a priority to pay that off as soon as you can.

Manage Your Debt Obligations

Living on a lower or fixed income, is not the time to be paying high rates of interest on your debt. Reduce your use of credit cards by paying with cash or debit transactions.

Review Pension Agreements

People are living longer today, so we really don’t know how long our retirement funds are to last. If you don’t have a company pension plan your retirement funds probably consist of your registered plans being converted into a Registered Retirement Income Fund (RRIF).

Living Off Your Life Savings

Hopefully, during your working life you also saved and invested money in non-registered retirement plans. These could include stocks, bond, mutual funds or real estate.

Reduce Income Tax

If you are under the age of 71 and still have earned income or if you have contribution room in your RRSP, consider making tax-deductible contributions.

Stay On Budget

Chances are your income will reduce upon retirement. It is prudent to prepare a budget reflecting your new income level. Try to stay on budget. Look for ways to reduce costs such as taking advantage of senior or other discounts you might be eligible for.

Review Your Life Insurance*

Before you cancel any life insurance make sure you still don’t need it. Life insurance is used for older individuals and couples to leave a legacy for their children or charity as well as reducing any debt that really shouldn’t be left for the children to pay.

Make Sure Health Insurance* is Adequate

Consider purchasing long-term care insurance. Should the day come that you might no longer be able to adequately care for yourself without assistance these plans eliminate or greatly reduce the cost of such care relieving your family of that burden.

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Working with you at various stages of life

“As an independent wealth management team, we guide our clients, helping them to preserve and grow their wealth over multiple generations. We focus on advising business owners, professionals and their families, specifically in the area of wealth planning – with the goal of helping our clients pass on a legacy to their loved ones”
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What Our Clients Are Saying

Overall Accureta Wealth Management team gives an Excellent service and advice. They do Holistic planning, which helped us in planning for retirement and education. Very approachable and truly transparent in their unbiased advice.

H. Singh

The team at Accureta Wealth made a tailored plan for our family, guiding us each step of the way, setting goals, defining milestones, picking investments and educating us on each step along the way. Naveen is very approachable and has been always ready to answer my questions. 

R. Kucukates

I started working with Accureta Wealth Management when our twins were born. We started small with RESP planning. We were welcomed and explained about non-registered and registered accounts in Canada, our contribution limits….

K. Bamezai

**Testimonials provided by Canadian Clients
833-292-3651 (Toll-Free) / 647-200-5204
info@accuretawealth.com
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Sussex Centre
1400-90 Burnhamthorpe Road West
Mississauga, ON, L5B 3C3

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iA Private Wealth Inc. is a member of the Canadian Investor Protection Fund and the Canadian Investment Regulatory Organization. iA Private Wealth is a trademark and a business name under which iA Private Wealth Inc. operates.
This is not an official website or publication of iA Private Wealth and the information and opinions contained herein do not necessarily reflect the opinion of iA Private Wealth. The particulars contained on this website were obtained from various sources which are believed to be reliable, but no representation or warranty, express or implied, is made by iA Private Wealth, its affiliates, employees, agents or any other person as to its accuracy, completeness or correctness. Furthermore, this website is provided for information purposes only and is not construed as an offer or solicitation for the sale or purchase of securities. The information contained herein may not apply to all types of investors. The Investment Advisor can open accounts only in the provinces where they are registered.

Products and services provided by third parties, including by way of referral, are fully independent of those provided by iA Private Wealth Inc. Products offered directly through iA Private Wealth Inc. are covered by the Canadian Investor Protection Fund, subject to exception. iA Private Wealth Inc. does not warrant the quality, reliability or accuracy of the products or services of third parties. Please speak to your advisor if you have any questions.

*Insurance products and services are offered through Accureta Wealth Inc., an independent and separate company from iA Private Wealth Inc. Only products and services offered through iA Private Wealth Inc. are covered by the Canadian Investor Protection Fund.

     

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