Retirement Planning in Toronto
Many Canadians find saving for retirement a challenging task. Creating and sticking to a savings plan is one of the most important things you can do for your financial future. In addition to setting savings goals and establishing an emergency fund, you can also invest in tax-advantaged accounts that can help your money grow without incurring taxes (RRSPs and RRIFs, for example). By investing smartly, you may be able to make your money last through retirement and avoid having to work full time.
Founded in 2012, Objective Financial Partners is a fee-only Toronto retirement planning toronto financial advisor that helps individuals and families with their finances. They offer a wide variety of services, including personalized consultations, investment advisory, and planning for retirement, estate, and business transitions. Their team of financial professionals have a combined 120 years of experience, and they are committed to providing comprehensive, unbiased advice that is aligned with their clients’ goals.
When it comes to retirement planning, the average Canadian has only $184,000 saved. That’s less than most Americans have, and it isn’t enough to last through a long retirement. In addition, many people are finding it hard to put aside money for retirement because of other obligations, such as debt, healthcare costs, and unexpected expenses. This is why it’s crucial to save as much as you can and start budgeting now.
The best way to do this is by creating a savings goal and building it into your budget. You can do this by creating an income and expense projection or using a free online calculator. Having a concrete target will help you stick to your plan and stay on track to reach your goal. It will also give you a sense of how much you’ll need to retire comfortably.
Another way to save for retirement is through an employer sponsored pension plan, which is often much more lucrative than an individual RRSP. These plans allow you to save money before paying taxes, and your employer may match your contributions up to a certain amount. Investing in this type of account can boost your retirement savings significantly and help you build up a nest egg that will allow you to retire with peace of mind.
Once you’re in retirement, it’s essential to have a plan that includes sources of income, such as CPP and OAS. It’s also a good idea to plan for housing costs and options, as well as other living expenses. It’s important to remember that you should never rely solely on government benefits to provide your retirement income, and this is especially true for low income retirees.
Whether you’re just starting to save for retirement or are already in the process of doing so, it’s always helpful to have someone by your side who can help you achieve your financial goals. Finding a retirement planner toronto can be difficult, but there are some key things to look for that can help you find the right fit. For starters, you should look for an independent financial advisor who is a fiduciary and committed to serving your best interests. This means they must adhere to strict standards for transparency and must put your needs ahead of their own.