A whole new life awaits you after retirement! This new chapter may last over 20 years; therefore, it’s important to plan it carefully to ensure it meets your expectations.
The earlier you plan, the more prepared you’ll be to enjoy the kind of retirement you’ve always dreamed about.
Retirement can represent a long and beautiful new life. Be prepared to fully enjoy it without having to make any compromises!
The sooner the better! The earlier you plan, the more prepared you’ll be to take full advantage of this whole new second life.
However, even if you’re only a few years away from retirement, you can still benefit from taking stock of your situation and determining the likelihood of reaching your retirement goals. You still have some wiggle room, which might make all the difference. This is why it’s always wise to establish a retirement plan, no matter how old you are!
There are many ways to prepare for retirement and your transition. Increasingly, instead of stopping work completely, people are choosing a period of semi-retirement, becoming consultants, or even reducing their work hours so that they can focus more on their hobbies or take on small projects.
Your withdrawal strategy, or how to make the most of your savings once retired, is as important as your investment strategy and needs to be established in consultation with your advisor.
The goal of a withdrawal plan is to organize in advance your withdrawal of funds in the most advantageous way so you can maximally benefit from your accumulated savings. This will ensure you have an income that meets your needs throughout the length of your retirement.Here are a few examples of questions you’ll address when preparing your withdrawal strategy.
Your situation may change before the time arrives for your retirement. However, this plan is not definitive, and we recommend you revise it regularly with your advisor to ensure it is always in sync with your goals.
Whether you’re looking to set aside an emergency fund, buy a home, complete a project, or plan for your retirement, here are a few tips to help you reach your objectives.
Accumulating some savings gives you peace of mind. Thanks to them, in case of unforeseen circumstances, you will be better prepared to deal with the situation.
Savings allow you to achieve short- and medium-term projects, that are important to you, like travelling, buying a house, or retiring.
Finally, saving money can save you more money! It lets you avoid lending fees and can even reduce the amount of income taxes you pay.
The first step is to determine your savings objective!
If you’re looking to save for retirement or to buy a house, an RRSP might be a good option, since it allows you to benefit from tax advantages and the Home Buyers’ Plan. On the other hand, if your goal is to travel or renovate your home, a TFSA might be a better option, since it shelters your investment’s growth from taxation.
However, since your situation is unique, don’t hesitate to meet with a Laurentian Bank advisor to find the best solution for you.
Thanks to our range of solutions, our advisors can establish a personalized investment strategy adapted to your goals, situation, and aspirations. Discover our main solutions.
Guaranteed Investment Certificates3 (GICs) are investments that protect the initial capital invested and offer a guaranteed return that is predetermined from the start.
ActionGICs4 let you take advantage of stock market performance and greater growth potential than a conventional GIC in addition to a 100% guarantee on the initial capital investment.
A mutual fund2 is a group of investments—stocks, bonds, or other securities—that is managed by a professional portfolio manager. When you invest in a mutual fund, you pool your money with other investors. Your capital is not guaranteed, but there may be a higher return potential depending on market fluctuations.
Did you know that it’s possible to invest according to your values by using an ESG fund?
An ESG fund is an ethical fund that lets you invest responsibly, since it integrates certain environmental, social, and governance criteria into its investment decisions.
An ESG fund brings together companies that work in, among other things, green and renewable energies, or that encourage healthy working conditions and/or the presence of women on boards of directors.
Saving small amounts throughout the year yields more than making an occasional large investment.
With a Periodic Savings and Investment Plan (PSIP), you choose an amount to be deducted automatically from your account and the frequency of these deductions. Then you can sit back and never have to think about it again!
Automated PSIP deductions let you save all year long, at your own pace, to help you reach your savings objectives and achieve the goals you care about most.
Borrowing funds to invest can be a great option to help you save better.
You can use these funds to contribute to your RRSP or to make up your unused contribution room.
Discover the benefits of using RRSP financing to reach your retirement savings goal faster.
This is the starting point for good financial health.
Here are some tips to help you get there. We suggest you complete this exercise before meeting with an advisor.
Taking stock of your finances is easier than you think.
If you need help updating your budget or calculating your assets and debts, our advisory team is here to help you.
Understanding your financial situation and habits will help you invest better.
Knowing your investor profile will allow you to determine your risk tolerance and find the asset and investment mix that works best for you.
Your investor profile may change over time depending on the factors above. We recommend that you review your investor profile annually or when one or more of these factors are subject to change.
Three reasons why you should diversify your portfolio:
The goal of diversifying is to spread out the risk, choosing different investments to protect your savings against market fluctuations without sacrificing potential returns. If certain investments don’t generate the expected return, other investments can compensate, allowing you to balance out your losses and gains.
The keys to a diversified portfolio:
Existing investment accounts are offered by Laurentian Bank of Canada (“Laurentian Bank”) or LBC Financial Services Inc. (“LBCFS”). Mutual funds are distributed by LBCFS. LBCFS is a wholly-owned subsidiary of Laurentian Bank and a separate legal entity from Laurentian Bank, B2B Trustco and all other issuers or mutual fund companies whose products it distributes. Newly opened investment accounts must be LBCFS accounts. A Laurentian Bank advisor is also a licensed LBCFS mutual fund representative. LBCFS’s liability is limited to the conduct of its representatives in the performance of their duties for LBCFS.
Laurentian Bank of Canada
The content of this website is for information purposes only and must not be interpreted, considered or used as if it were financial, legal, fiscal or other advice. It does not create any legal or contractual obligation for LBCFS, Laurentian Bank or their affiliates. They cannot be held liable for any damages or losses that may arise from any errors or omissions in its content or from any actions or decisions taken in reliance on such content.
Existing investment accounts are offered by Laurentian Bank or LBCFS. LBCFS is a wholly-owned subsidiary of Laurentian Bank and a separate legal entity from Laurentian Bank, B2B Trustco and all other issuers or mutual fund companies whose products it distributes. Newly opened investment accounts must be LBCFS accounts. A Laurentian Bank advisor is also a licensed LBCFS mutual fund representative. LBCFS’s liability is limited to the conduct of its representatives in the performance of their duties for LBCFS.