Finding a Financial Advisor for Retirement

The following steps shall determine whether your retirement plan is secure enough or not. A secure retirement plan makes sure that after retirement, there are minimal financial problems faced and money is always available. It also gives satisfaction and peace-of-mind that your financial future is a safe one.

There is always a need to save for retirement. However, in recent years there have been multiple factors which have contributed to making the whole process tougher. Those who are planning for retirement and entering retirement are now facing multiple challenges. Jonathan Chevreau, who is a retired money columnist, stated that:

• Strength

• Predictability

These are two things needed to ensure a retirement plan which would be beneficial to you.

These two attributes contribute to a plan which is:

• Financially sound

• Financially stable

Retirement is a scary phenomenon and makes one feel insecure. There is constant worry of how the future may pan out and how problems may arise. One of those problems faced by retirees is known as Financial Repression.

Financial repression

Financial repression refers to the scenario where savers earn returns below the rate of inflation. This consists of policies that allow banks to provide low interest loans to companies and governments which reduces the burden of repayments. By doing so, savers face problems:

• Low nominal interest rates

• Negative real interest rates erode the debt-to-GDP ratio

Canada Pension Plan (CPP)

Canada Pension Plan is a plan for retirees who wish to plan strategically. CPP is a plan which helps you find out which retirement plan is right for you. There are multiple factors that help in deciding which age to choose. For example:

• Tax factors (i.e. the types of taxes that apply)

• Income factors (i.e. the types of incomes you are receiving)

Old Age Security Benefit (OAS)

Old age security benefit lets you receive your benefit between the ages of 65 to 70. It is a plan to help facilitate the elderly once they embark upon the journey of retirement.

When looking for a suitable plan, both of these cases should be considered:

• Early pension benefits

• Later pension benefits

Getting to know your retirement type

Getting to know your retirement ‘type’ is an important step towards determining the perfect retirement plan. When we rush into choosing a retirement plan, sometimes problems may arise. What if the plan we have chosen proves to be one that does not fit us! It may not be the ideal plan for future us and financial situations may arise. To avoid this hiccup, experts advise us to have a deep self-understanding.

Invest in Registered Retirement Savings Plan (RRSP) immediately!

It is advised by experts to begin investing in RRSP as soon as possible. Never wait for the ‘right’ age as the right age is right now!

Take a leap of faith and put a few dollars in your kids’ RESP. There might not be enough time left by the time you reach 40. Maybe by then you have a big mortgage to pay or loans to return so the best option is to save as early as possible.

The goal is to have a sound and secure financial future. This can be ensured by choosing a retirement plan which is best suited. An experienced financial firm can help you go a long way in this.

Kewcorp Financial is a Sherwood Park-based financial planning team with over 36 years of experience. We specialize in comprehensive financial planning and have aided clients with their personal as well as business financial matters.

Maria is a blogger and Business Analyst. She work closely with her clients to establish their business and grow them with right strategy. Follow her for latest updates on business, finance and on other technical topics.