Retirement
Advice & Consultant Bill DeWinter
Join
millions of Canadians and start saving for your retirement today.
It may mean the difference between a $15,000 government pension or an
annual income that is more in-line with your expectations. Most
financial planners believe you’ll need 70-80% of what you make
annually to maintain your current lifestyle. Your company pension plan
might help; however, after making allowances for inflation, it may not
be enough to provide for a comfortable retirement.
If you have a decade or two to plan for your retirement, start with a
Registered Retirement Savings Plan (RRSP) and make regular
contributions. Enjoy the maximum benefits of tax-free compound growth.
While you're at it, get a good advisor and together develop an
independent plan. |
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Bill
DeWinter BA (Econ)
Certified Financial Planner
KW Area:
1.519.880.8171
Toll Free:
1.888.665.7534
London: 1.519.264.9988
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DeWinter Financial
Founded in 1995
CFP
Since 2000
P.O. Box 781
Mt. Brydges
ON Canada
N0L 1W0
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If you
plan to retire within the next five years, then it’s time to start
to seriously consider your options. Review your portfolio regularly
with a financial advisor. Take stock of your future. Consider your
mix of assets and to plan to move from more aggressive,
growth-oriented investments to conservative ones that will protect
your capital.
Couples may want to try and balance your incomes at retirement, to
pay less in taxes. Consider contributing to Spousal RRSPs. And plan
to start early, particularly if your incomes vary greatly.
If you've maxed out your RRSP contributions, life insurance can
provide you a way to invest money so it can grow tax-free.
Flexible life insurance coverage, a wide array of investments, and
internal safeguards can help to ensure you are rewarded with all the
advantages of tax-free growth.
Here's a simple way to
start planning:
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First, list all your sources of income: RRSPs, other
investments, Canada Pension Plan, Old Age Security and company
pension plan benefits.
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Determine how much money you’ll need each month and figure out
which sources of income you should draw upon first
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Examine your investment options. From Registered-Retirement-Income-Funds to annuities, there is a range of options
available to you.
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Discuss your financial plan with a financial advisor. Learn
how you can minimize taxes, determine whether you need to
rollover your company pension plan to an annuity fund.
You have three choices to convert your Registered-Retirement-Savings-Plan (RRSP) into retirement-income. These must be determined and in
place by the end of the year in which you turn 69 years old.
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You can cash in your RRSPs, and
face a potentially hefty tax bill.
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You can convert your RRSP into a
Registered Retirement Income Fund (RRIF).
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You can buy an annuity. You might
consider a Life Income Fund (LIF) or a locked-in Retirement-Income-Fund (LRIF)
Think of a Registered Investment Fund (RRIF) as an
extension of your RRSP. Your plan stays intact, while your
investments grow tax-free. The only difference - you must withdraw a
certain amount from it each year. The value of your RRIF and how
long your income will last will depend on the investments you
choose, how those investments perform, as well as how much income
you plan to withdraw each year.
Call Bill DeWinter
- Toll Free:
1.888.665.7534
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