I’m about to retire, what do I need to do?

Preparing for Retirement


  • Age 55 to 64
  • Preparing for retirement
  • May have adult children
  • Increased Net Worth


  • Almost done paying mortgage
  • Little to no debt
  • Retirement savings is top priority
  • Staying on budget
  • Reducing income tax
  • Taking care of the “What-ifs?”
    • Critical Illness Insurance*
    • Premature Death Insurance*
  • Make a will
  • Consider powers of attorneys
  • Making sure health insurance* is adequate

Accureta Wealth Management believes that Canadians deserve to own homes, give their children the best education, save for a comfortable retirement, and enjoy a meaningful and vibrant lifestyle. However, taxation, increasing debt obligations, and financial insecurity can undermine this dream.

Whether you are currently employed or self-employed, you will need to make a retirement decision at some point. Retirement means that you stop all income-generating activities and rely on savings and passive income to sustain your lifestyle. That’s why it’s critical to have a solid retirement plan to ensure financial security when you stop working.

What are the signs that you should be preparing for retirement?

  • You are between 55 to 64 years old
  • Already considering retirement
  • Have children that are now adults
  • Have a relatively high net worth

Strategies to help you prepare for retirement

Sort your Debts

Make sure you spend less than you earn and clear all outstanding bills. Eliminate unnecessary debts by minimizing the transactions you make on credit. Make major purchases by cash transfers instead of accumulating credit card debts. If you have debts, consolidate and clear them early because that will reduce your monthly expenses.

Clear your Mortgage

If you have a mortgage, consider refinancing or negotiate accelerated payments with the lender. You can agree to biweekly payments or pay an extra amount every month.

Retirement Savings

Make sure you have enough savings because retirement can be an expensive undertaking. Experts estimate that most retirees need 70 to 90% of their pre-retirement income to maintain the lifestyle they had before retirement. The key to having a fulfilling retirement is to plan ahead. If you haven’t done so already, start depositing to a Retirement Savings Plan and contribute a percentage of your income every month.

Reduce Income Tax

In Canada, depending on the province federal and provincial income tax ranges from about 20% to over 50%. This makes it extremely important that you take all the tax deductions for which you are eligible. Again, remember that contributions to a registered retirement plan reduce your taxable income.

Health Insurance

Most employers do not offer health insurance to retirees, so it helps to have a private plan. Health insurance will save you the cost of high and unexpected medical expenses. We can advise you on a comprehensive plan that covers most medical conditions, including chronic illnesses. It is also important to remember that the risk of illness increases with age.

Prepare a Will

Writing a will helps prevent disputes by providing specific details about how your estate will be distributed after you die. Remember to review the will regularly to make sure it still reflects your current situation and wishes and is still appropriate with respect to any tax or governmental changes..

Consider a Power of Attorney

The power of attorney is a legal document that gives one or more persons the authority to act as your agent and make critical decisions for you. It is a valuable resource because it empowers another person to act on your behalf when you are physically or mentally incapacitated.

Why Accureta Wealth Management

We partner with our clients through our tax reduction strategies, investment, and retirement planning process to ensure their dreams become a reality. And with professionalism, clarity of purpose, and proactive thinking, we help our clients approach the future with confidence. Contact us to discuss how we can help you plan for your retirement.