Retirement may be the golden age you’ve been waiting for, but before you dive in, it’s important to ask the right questions. With these 20 research questions, we’re here to help you get clarity on your readiness for retirement.
1. Ready to leave your professional role?
Before you say goodbye to your career, assess whether you are really ready. If there’s a hint of hesitation, it may be worth considering a new role or delaying your retirement a bit.
2. How is your health?
Your well-being is most important. Perhaps before you retire, schedule a thorough health checkup to understand where you stand.
3. Saved enough?
Retiring without the right resources can be stressful. Make sure your savings match your vision for retirement. If not, it may be worth re-examining your investment strategies. Keep working! Pay off your debt first.
4. Have you calculated your retirement income?
Having a clear picture of your income after retirement can alleviate a lot of anxiety. Present the expected cash inflow to avoid surprises later. Error up. We illustrate retirement projections up to the age of 95. There will be no shortage. 🙂
5. Have you checked the value of your pension?
Not sure about the value of your pension? It’s time to contact your employer for clarity.
6. Have you considered the tax implications?
Before making a decision, make sure you understand all the tax nuances of your retirement plan. Working with a tax advisor can be informative. Find out what qualifies for “income sharing” and how it works. We usually recommend deferring CPP and OAS. You will live to be 90 years old. Would you rather set your pension at age 60 or 80? Imagine an inflation-protected government pension when you’re really old. (Birthday gifts for grandparents.)
7. Have you ever wondered about your life expectancy?
This may sound philosophical, but it is essential to financial planning. Assess your potential life expectancy using online tools or a certified financial advisor.
8. Have you dreamed about your retirement goals?
Retirement is a long vacation. As with any holiday, it’s a good idea to outline what you hope to achieve and experience.
9. Have you decided on a place to live for retirees?
You can stay in your current home, move to a nursing home, or even explore vibrant retirement communities – your options are endless. We never recommend a reverse mortgage due to the high intrinsic interest rates, BUT maybe if you’re 80 and strapped for cash you should consider it instead of living like a rat.
10. How will you spend your free hours?
Traveling, volunteering, cultivating interests – in retirement, the world opens its doors to you! For inspiration, check out our curated list pension activities.
11. Do you have your healthcare guidelines ready?
This will ensure that your medical wishes are fulfilled. If you don’t have it yet, it’s high time! Be careful when you retire. If you have a group health plan at work, you can convert it to a personal plan WITHOUT a medical questionnaire. You have 30 days.
12. Have you updated your beneficiaries?
Life changes, make sure your beneficiary forms are up to date and reflect your wishes. Don’t leave money unknowingly to your Ex.
13. Do you have an estate plan?
Working with a financial planner can simplify this complex process.
14. Have you evaluated your life insurance?
Protecting your family with adequate life insurance is crucial, especially when uncertainty arises. Permanent insurance is expensive at first, but the premium never increases. Additionally, you can “overfund” and then draw a pension later in life.
15. Are you sure you won’t outlive your savings?
Consider annuities, which can be a smart strategy for guaranteed income. We have set up pensions for parents of a child or adult child who is short of money. Imagine that your son/daughter spends everything. His parents want to provide for him. Solution? An annuity that pays $xx per month. He has no access to the principle, i.e. the loot.
16. Have you made a will?
This forms the basis for ensuring that your assets are distributed in accordance with your wishes. Only 40% of Canadians have wills. I have one.
17. Have you made a financial plan?
If not, at Pension Solutions Canada we are here to guide you step by step.
18. Have you planned your funeral?
It may seem bleak, but planning ahead can greatly ease the burden on your loved ones. Easy to do, I just set my amount to $3,200, payable monthly for 12 months with no interest.
19. Have you thought about caring for your spouse? Write your time?
A living trust can ensure that you are well looked after in your absence. If you have a LIRA or LIF, it is transferred to your partner/spouse and unblocked. So he gets an RRSP or RRIF and access to the money.
20. Have you sought professional advice?
Your retirement deserves expert knowledge. Connect with our certified financial planners to create a plan tailored specifically for you.
Ready for the next step?
Retirement is a milestone that requires meticulous planning and anticipation. The more prepared you are, the more enriching this phase becomes. On Pension Solutions Canada, our goal is to guide you towards a joyful retirement. Ready to embark on this journey? Schedule a 15-minute conversation with us today!
