We have had six months of the COVID-19 situation. In that time, I have noticed people’s responses to it have been varied. A huge portion have taken up new hobbies, learning to bake sourdough bread, taking guitar lessons or planting a vegetable garden. Having the time to dedicate to new things have led some to realize what retirement could look and feel like.
Looking at your retirement plans whether it be because you are already retired or because you are thinking of retiring starts with revisiting your Financial Plan. You may have already started the process and are finding that you need help in planning for a successful retirement with both the emotional and financial needs in mind.
With the average client age of 65, a number of our clients are going through a similar planning exercise. We can help clients prepare with asking a few questions to get the thought process working:
- What is your desired retirement lifestyle?
- Where will you live?
- How will you keep both physically and mentally active?
- Have you prepared a power of attorney or a living will?
- How will you manage your wealth?
- What will be your sources of income? (e.g. government pensions, registered and non-registered savings)
- Will your expenditures change?
- Do you need to reduce your debt load?
- How will you protect your loved ones?
- What is your Will and estate plan?
- Do you have the correct beneficiaries on your registered plans?
- What are your wishes for your vacation home or cottage?
If you need some assistance with answering these questions, you should contact your investment advisor.
This article is supplied by Elizabeth O’Connor, an Investment Advisor with RBC Dominion Securities Inc. (Member–Canadian Investor Protection Fund). This article is for information purposes only. Please consult with a professional advisor before taking any action based on information in this article.
Elizabeth O’Connor can be reached at 705-789-2100 or email@example.com
Whether you are looking for a full time, full service financial advisor or seeking expert financial advice as a second opinion, call Elizabeth. With offices in Haliburton, Huntsville and Bracebridge, Elizabeth works closely with clients in cottage country from the lakes and surrounding towns.
Elizabeth O’Connor is an Investment Advisor with RBC Dominion Securities, which is a member of the Canadian Investor Protection Fund. 705-789-2100