This is the stage of your life when you stop working, completely or partially, and will live mainly on your pensions and accumulated savings. If you’re in business, the prospect of retirement also means transferring your company and setting in motion the many stages of the selling process.
Determining the best time
Generally anticipated, sometimes dreaded, retirement is often taken later by professionals, and it’s not uncommon for their active working period to last longer than in the general population.
The decision to retire is a very personal one and can vary greatly depending on the age at which you want to retire, your state of health, your desired standard of living, and your family or professional responsibilities. Whatever the factors influencing your decision, the sources of income that will be available to you should be determined well before the time you’re ready to cut back on your activities.
Retirement projection: an indispensable tool
Ideally, you and your advisor will have already drawn up your retirement projection during your initial meetings. This projection is your guide to the amounts that will be available to you and the standard of living you’ll be able to maintain. To achieve your goals, an investment portfolio tailored to your needs and a systematic savings strategy are essential.
Any significant change in your financial situation should be mentioned to your advisor so that it can be incorporated into your projection, and the projection adjusted, if necessary. Certain tax strategies can be used to optimize your situation, such as income splitting in retirement.
If you are transferring your business, particular attention should be paid to managing the funds generated by the sale, to optimize their impact on your financial assets.
Specialized services tailored to your needs
- Depending on your objectives and the value of your assets, more targeted services are available to you, such as a comprehensive financial plan, prepared by our financial planning specialists.
