At Comeau Financial, we understand that retirement planning can be an intimidating and daunting endeavour. From managing current assets to planning future income, there's a lot to consider. Therefore, we strive to make the whole process straightforward and convenient for you.
Retirement Planning Process
The planning begins with identifying your time horizon—the remaining years before retirement. Assessing your current financial position and setting clear retirement goals is an essential part of the process. Identify all retirement income sources, such as registered accounts (TFSA, RRSP. LIRA, RRIF), part-time work, savings, or company pensions. We will also assist in determining the risks that will impact your retirement income, such as inflation, longevity risk, withdrawal risk or additional health insurance coverage.
After assessing your goals and defining your portfolio requirements, our team will develop an investment strategy that is appropriate for your time frame and goals. Since markets can always change, we will monitor and manage your income sources and investment assets to identify successful ways to leverage your plan.
Ways to Prepare Financially for Retirement
One of the first steps in preparing for retirement involves a simple but necessary task: assess your monthly income and create a budget. Next, apply for all the necessary government benefits that will be useful after retirement, such as CPP. For a peaceful retirement life, try to pay off all debts, such as mortgages. If this is not possible, then make sure to get the lowest interest rates available.
As people age, their insurance needs will likely change. You may need additional assistance with estate insurance if you're passing down a house to a family member, or you may need to update your health insurance if you're expecting long-term care. Examining your portfolio sooner rather than later will make any modifications go much more smoothly.
Retirement planning can be a complicated process. Working with a professional can help to create a strategy that best suits your financial situation. Contact us today to get started.