Annuities
Annuities are another type of investment option that is offered by insurance companies. They act as a type of retirement protection that can give you the security of knowing you will have a guaranteed income should you live longer than expected, or should your retirement savings not be enough. There are a number of options to choose from in the annuities market, ranging from safer investments to riskier, potentially with higher yield return options.
Retirement is a major life change, and taking another look at your life insurance protection and options is an important part of preparing your finances. An insurance agent can help you find the options that are right for you.
RRSP:Registered Retirement Savings Plan
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Retirement Planning
We assist in finding answers to few questions like these: -
1. What will my retirement look like?
Each person is unique so are the retirement needs, so we do not offer you a standard one answer, one answer fit all, kind of thing, we actually care to understand your vision for the retirement and work with you to achieve it.
Planning now will reward later... Maximize your retirement savings: Simple retirement Plan
There are five main phases of retirement:
1. Beginning the planning process
Plan your retirement Retirement doesn't happen overnight. Planning your retirement is the safest means of attaining your retirement goals and accumulating enough capital to ensure the quality of life you strive for.
Good planning means thinking about the following elements:
1. The increasing likelihood that you will spend more time in retirement.
Have a plan Start with your vision for retirement. Do you want to travel? Pick up a hobby? Buy a cottage? Scale down? Once you know the lifestyle you want, work backwards to determine how much money you'll need to support that vision.
Review it regularly
Now that you have a plan, don't just shove it in a drawer. Review it annually, and as life circumstances change to make sure it matches your current goals, timeline and risk tolerance. Remember, your needs will change over time.
Adjust as you go
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> Life Insurance And Retirement: Re-evaluating Your Policy
If you are one of the many who will be retiring in the next few years, or if you have recently retired, you likely are thinking about changes to your finances. While retirement planning usually involves RRSP and a reduction of your monthly expenses, changes to items such as life insurance may not be the first thing that come to mind. Retirement, however, may be the best time to re-evaluate your life insurance policy. Here are some things to consider in selecting life insurance that is retirement ready.
Final Expenses - While paying for expenses such as your children's tuition fees or your mortgage may no longer be a concern, making sure your loved ones are not left with expenses such as covering your personal debts or funeral costs can really ease the burden after you are gone. There are a number of insurance policies specifically designed to cover these types of expenses, and in most cases the cost is very reasonable even after you have reached retirement age.
Permanent Life Insurance - Whether or not retirement is in your near future, considering the benefits of a permanent versus a term life insurance policy is important. Permanent life insurance policies give you the ability to retain some value in the principal that you can cash out later, thereby acting more as an investment than a term life insurance policy would. If you have already have a permanent life insurance policy, retirement may be the time to consider the benefits of cashing out some of its value.
