Get Ready to Retire

“I wish I had read your book ten years ago!” This is a common remark from those who are on the doorstep of retirement and just reading “Your Retirement Income Blueprint” for the first time. There are many things you can do as you approach retirement to ensure that you have the tools and resources to strike an efficient and flexible retirement income plan.

Will you have a balance of fully-taxable income sources – such as pensions, CPP, OAS and RRIFs -- and tax-effective sources such as TFSAs and non-registered savings? Will your income-producing assets facilitate income-splitting and other tax efficiencies? Will you still be servicing debt? Will you have the necessary insurance in place while you still qualify medically in order to manage later-life risks or achieve estate objectives?

These are some of the elements which can be instrumental in striking an optimal retirement income plan. If you are within ten years of a projected retirement date, you should be reviewing your plan to ensure that you will have as many of these elements as possible in place for the future.