Retirement Income Planning
Support your desired lifestyle for years to come
Are You Nearing Retirement?
Do you have everything in place to ensure that your retirement income will support your desired lifestyle for years to come?
If you’re in the last decade of your working life, now is the time to structure your retirement plan in a way that maximizes your income, minimizes the amount of tax that you’ll pay and secures your nest egg against market volatility that could significantly impact your lifestyle in retirement.
Retirement Planning in Saskatchewan
Do you live and work in the province of Saskatchewan? You’re in luck! Saskatchewan is the only Canadian province that operates a pension plan open to the general public. The Saskatchewan Pension Plan (SPP) has steadily increased its contribution limit over the past several years, providing a secure way for residents to save and invest more money for retirement.
Saskatchewan residents may also be able to draw retirement income from other government sources, such as:
In addition to these sources, Saskatchewanians can increase their security in retirement through contributions to company pensions, tax-deferred Registered Retirement Savings Plans (RRSPs), tax-free savings (TFSAs) or personal savings and investments.
An effective retirement plan for Saskatchewan will combine income from government, employer and personal sources to maximize your income in retirement and ensure that your monthly budget fits your desired lifestyle.
Retirement Planning for Young Families
If you’re under 30 years of age and starting to think about your retirement, you’re way ahead of the game. Youth offers you the freedom and flexibility to save and invest aggressively for the future while still enjoying the life you want today. Here are three things you should know about getting started.
Early retirement? It’s an option
Retirement planning helps you define your priorities in life. If you’re starting to save early in life, the right strategy can enable you to retire up to a decade ahead of schedule.
Flexibility for the Unforeseen
Need cash for an unforeseen expense? Planning for retirement doesn’t necessarily mean that you’ll have to wait until retirement to access your funds. Many investment vehicles allow you to use your retirement savings as an emergency fund that you can draw from if required.
Time is on your side
The power of compound interest means that investing your money for a longer period can yield exponentially more money for your retirement. Starting early gives you plenty of time to accumulate a large nest egg of money for retirement.
Frequently Asked Questions about Retirement Planning in Saskatchewan
There are many differences between Registered Retirement Savings Plans (RRSPs) and pensions in terms of how they are administered and the laws that govern them in Saskatchewan.
In the simplest terms, an RRSP is a special type of savings account that allows you to take some of your current income and put it towards your retirement income. The distinguishing feature of RRSPs is that the money you contribute is only taxed when you withdraw it from the account – you won’t pay income tax on it when you earn it.
A pension is a retirement plan that is operated by an employer or the government. Employees or residents make regular contributions to the plan and receive a monthly income from the plan during retirement.
No two people will have the same resources available for retirement, or the same goals and desires. For example, two thirds of Saskatchewanians do not have access to an employer pension.
It is also important to focus on both the emotional aspects of retirement along with the financial aspects. Your individual values and beliefs, age, family situation, and specific goals in retirement can all impact how you plan your retirement.
Finally, it is vital to limit your risk and protect your nest egg as you get closer to your target retirement age. Poor market performance in your early years of retirement and longevity risk are two important risk factors to consider. Personalizing your retirement plan takes all of this into account and develops a strategy that fits your financial needs and lifestyle.
The retirement landscape is changing quickly in Canada. Average life expectancy is on the rise, meaning that retirees will have to stretch their company and government pensions, along with retirement savings, further than before. At the same time, slow wage growth and increasing costs through inflation are making it difficult for young people to accumulate the savings they need to find security and happiness in retirement.
The best way to meet these challenges is to start saving early and often with a personalized strategy designed to ensure your happiness in the golden years of retirement.
Our approach for Family and Asset Protection is simple. Let us show you how we can help keep your family on track for the future.
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We review your existing plans and arrangements for family and asset protection to identify any gaps in coverage that could leave you unprotected.
We explore possible situations that could leave your family and loved ones exposed to the risk of financial or asset loss, evaluating the potential likelihood of each case.
We work with you to tailor a customized insurance plan that limits your risk and protects your family and assets from the negative consequences of unexpected life events.