A comprehensive guide to retirement planning

We know that retirement planning in London Ontario can be complex as it is a multi-step process and it evolves with time. You earn your entire life, but at the same time, you must indulge into good retirement planning so that you can enjoy a comfortable, secure and fun-filled life. It is time to start building the financial cushion that will keep funding your life in the years to come. The fun part begins when you actually start planning your retirement and the serious part is – how to get there right.

As planning plays an important role everywhere, it is going to play an important role here as well. The planning for retirement will start by thinking about the retirement goals and the kind of life you are looking at, once you retire from work. Once you define the goals, you should look at the various retirement accounts that can help you raise money to fund your future. As you start saving the money, you must invest it to grow further. The surprise element is the taxes: let us tell you that the money that you keep in the retirement accounts is non-taxable at this moment. When you remove the amount from the account at an older age, you will pay small amount of taxes as compared to what you will pay today. Know about such retirement planning from your financial advisor in Ontario. Come to us and we will help you.

Your retirement has to be five-step process and let us see them all in detail here:

  1. Before you start talking to your financial advisor in Ontario, you must understand the time horizon. You can do it simply by knowing your current age and the approximate age of retirement. This information is going to give you the initial groundwork of an effective retirement strategy. The longer the time available between today and your retirement, the higher will be the risk of the portfolio.

  2. This point might be difficult, but you need to do it. it is about determining the retirement spending needs. We know you cannot determine the kind of expenditure you will do when you are at that age, but you need to decide the amount you will be spending on your life. Make realistic assumptions and match it with the kind of money you have saved for yourself.

  3. You need to calculate the after tax rate of investment returns. The after tax real rate of return should be calculated to assess the feasibility of the portfolio producing the needed income. If this sounds very technical for you, you should talk to your financial advisor and know the kind of risk involved.

You can reach out to us for the best Wealth Management in London Ontario.

Address: #230 - 339 Wellington Rd.

London, ON N6C 5Z9

Phone: (519) 438-1889

Email: chan@betterfinancial.ca


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