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Kelly Haefling
Beverly Dack

Toll Free: 1-800-603-1772
Tel: 519-376-6778
Fax: 519-371-2656

Address

887 3rd Avenue East, Suite 101
Owen Sound, ON
N4K 2K6
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Benefits of a Retirement Plan

In order to achieve your retirement goals you need to understand the real costs involved in your retirement plan. We often assume our living expenses will decrease on retirement because we no longer have employment expenses, but our retirement leisure plans may actually cost more than if we were still working.

Tips for Saving
  • Define your goals and set out a clear plan

  • Start saving early

  • Make saving a habit when you are preparing the family budget

  • Try to match your savings to your income - the more you earn the more you should set aside

  • Make regular contributions to your RRSP

  • Maximize you contributions annually

  • Use up any unused RRSP room if it is available

  • Utilize tax saving strategies to reduce taxable income now and increase your retirement nest egg

  • Maximize the foreign content (no limit) - allowing for geographic diversification of your plan

  • Take advantage of professional help

  • Keep your RRSPs intact as long as possible after retirement

  • Use the age of the younger spouse when you convert your RRSP to a RRIF

  • Take advantage of tax sheltered compound growth

Whether you are focused on the investment component of your retirement plan or want to know more about how to maximize family resources, there are simple, yet very effective methods to reduce and defer tax on investments, split income, enhance after tax growth of wealth, and preserve accumulated capital. Through a comprehensive review and the use of BMO Nesbitt Burns sophisticated planning software you can have a clear picture of what can be done starting today to help you attain your retirement goal.

 

Retirement Savings Resources:

RRSPs: Understanding the Basics

RRSPs: Make your money work as hard as you do

RRIF Payout Schedule