Like many of us, you may already be saving money for your retirement or are looking to do so soon. But do you know how much money you’ll need to set aside?
Various tools are available to help you prepare or review your retirement planning strategy. These tools will help you evaluate:
- The amount that you could save until you retire (calculator available in French only).
- The amount that you should save to achieve your financial goals at retirement.
- The impact of fees on the returns you could earn (calculator available in French only).
- How an increase or decrease in mortgage rates could affect your budget.
Knowing yourself in order to plan better
Knowing yourself and the kind of lifestyle you want is important when planning for your retirement. Choose the representative that’s right for you. He or she will be able to guide you toward investments that suit your financial circumstances and retirement goals. Talk to your representative about such options as:
- RRSP: When you contribute to an RRSP, you reduce your annual taxable income by a corresponding amount and generally receive a tax deduction.
- TFSA: Amounts invested in a TFSA can grow tax-free and you can withdraw them at any time, without tax consequences.
- VRSP: A VRSP helps certain employees contribute for their retirement via payroll deductions.
- Annuity: An annuity allows you to receive a regular amount over a fixed period of time or for the duration of your retirement.
If you’re thinking about managing all or part of your investment portfolio on your own, make sure you have the skills and the time needed to ensure you’re successful.
Seeking assistance for the management of your affairs
Anticipating the loss of cognitive or other abilities must be considered in the financial planning for retirement. The guide Trust must be earned! (pdf - 1 MB)This link will open in a new windowUpdated on 15 September 2014 is a good starting point to help you plan ahead… with peace of mind. If you're about to seek assistance for the management of your affairs, this guide is also for you. It will help you choose a professional and avoid misunderstandings when assigning a mandate and giving a power of attorney.
Documentation and tools
- Guide to Financial Planning for Retirement (pdf - 3 MB)This link will open in a new windowUpdated on 18 August 2017 This is the 2018-2019 edition of the Guide to Financial Planning for Retirement. The partners who make up the Question Retraite group have combined their expertise to make your financial planning for retirement pleasant and uncomplicated.
- Mieux investir pour accumuler davantage en vue de la retraite (In French only) (pdf - 1 MB)This link will open in a new windowUpdated on 5 February 2016 Cette brochure vous expliquera le régime enregistré d’épargne-retraite (REER), le compte d’épargne libre d’impôt (CELI), les placements qui rapportent des intérêts, les placements qui rapportent des gains en capital et les effets d’une réduction du taux d’imposition à la retraite.
- Choosing Investments! (pdf - 6 MB)This link will open in a new windowUpdated on 6 October 2016
- Reviewing Your Personal Finances (pdf - 5 MB)This link will open in a new windowUpdated on 14 June 2016
- Trust must be earned! (pdf - 1 MB)This link will open in a new windowUpdated on 15 September 2014