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6 Steps to Success

The key to a rewarding and fulfilling retirement is making the best use of your time, your health and the financial assets you have taken a lifetime to accumulate.  Most people have only one chance to do it right.  Here are six considerations for implementing a retirement income plan which will help you maximize your outcome:

Step #1: Have a Written Plan which Merges Life Priorities with Financial Resources

Most people have no plan at all, even though they work with a ‘financial planner.’  Do you have a written blueprint for converting your assets into income? Have you thought about how you will spend your time in retirement, where you will live, how changes to your health may affect your plans?

Step #2: Consolidate your Income-Producing Assets with one Advisor

You cannot have the best possible results if you have assets scattered about with different advisors and institutions. Conflicting advice is inherent in such a situation. It is stressful and counter-productive to an efficient income plan. Do your homework and find a specialist you trust who has access to a wide range of financial tools and products, then simplify your life.

Step #3: Layer Different Sources of Income in the Most Efficient Manner

Which assets and sources of income should you use today, and in what order? Which assets should you defer? Having a strategy which considers all the factors which come into play through the changing stages of retirement will help you be prepared for each new stage.  Take advantage of every benefit along the way to avoid waste and maximize income, cash flows and your estate.

Step #4: Structure Income in Order to Preserve Valuable Tax Credits and Government Benefits

Often we find that people are losing these entitlements needlessly. It’s a form of double taxation to have the Age Credit and OAS clawed back. Avoid unnecessary loss and you will preserve other assets in the long run.

Step #5: Create Efficient Cash Flow by Investing your Income-Producing Assets Wisely

By using a proven procedure specific to the income years, you can effectively combine safety with growth potential, and secure your retirement income over the long term. A documented plan to accomplish these objectives will give you peace of mind, so you can enjoy this time of your life.

Step #6: Implement Efficient Solutions for Health-Cost Risks and Wealth Transfer Strategies

Prepare for the later years of retirement with creative tools and planning well in advance. This will provide you with greater freedom and discretion as to how you use your money to do the things you want to do in the earlier years.

You Owe it to Yourself

You need the services of a specialist to construct your own personal plan. The skills and attributes which were helpful in accumulating your financial assets are not the same as those required to devise an effective income plan which addresses the changing stages of retirement.