Retirement Planning In Canada
How our Assante Prince George Team can help
Retirement planning is crucial for ensuring a comfortable and secure future. In Canada, the Canada Pension Plan (CPP) and Old Age Security (OAS) are the primary sources of retirement income. The CPP provides retirement, disability, and survivor benefits, while the OAS offers a monthly payment to eligible seniors aged 65 and older. Additionally, low-income seniors may qualify for the Guaranteed Income Supplement (GIS).
To maximize your retirement benefits, it’s important to start planning early. The CPP allows you to start receiving benefits as early as age 60, but with a reduction in the amount you receive. Delaying your CPP benefits until age 70 can increase your monthly payments. Similarly, OAS benefits can be deferred to age 70 for a higher monthly amount.
Creating a comprehensive retirement plan involves assessing your financial needs, setting savings goals, and considering various income sources. Registered Retirement Savings Plans (RRSPs) and Tax-Free Savings Accounts (TFSAs) are popular options for saving for retirement. It’s also important to review your employer’s pension plans and other personal savings.
As you approach retirement, it’s essential to update your budget and consider potential healthcare costs. Housing options, lifestyle changes, and estate planning are also important aspects to consider. Regularly reviewing your financial situation and adjusting your plan as needed can help ensure a smooth transition into retirement.
Contact our team at:
the Assante Prince George office @ 809 Victoria St, or Call us today to discover how we can help achieve your retirement goals
