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The value of advice when retirement planning

Advisor giving advice

Planning for retirement can be an overwhelming endeavor if you set out on your own.  A key part of preparing for your retirement is ensuring that you understand your future income sources and save money in a way that will allow you to maximize your retirement benefits while reducing the amount of tax you pay.  This is where the advice of an advisor can really pay off.

“Sitting down with one of Cambrian’s professional Wealth & Retirement Advisors who can assist you with understanding the various retirement accounts available and how they would best fit your unique circumstance is a recommended step in planning your retirement,” says David MacRae, Investment Services Manager at Cambrian. “Strategically structuring your savings across the various retirement accounts while you’re still working will provide you with much greater control over your future retirement income taps, and preserve government benefits such as Old Age Security,” he says.

Your retirement savings strategy will depend on your personal circumstance, including the amount of money you’ll need in retirement and whether or not you will have a workplace pension. “You can’t control the moneys received from a workplace pension, but you can control the amount of money you draw from an RRSP, TFSA or non-registered investments,” MacRae says.  

MacRae recommends people ask themselves the following questions before planning to meet with their advisor. Understanding your needs and retirement goals will help your advisor develop a strategy that works for you.

  • Do you know how much money you’ll need in retirement?
  • Have you been shown what your current savings will mean to you in retirement?
  • Has an advisor shown you if your current strategy will allow you to meet your retirement goals?

“Working with Cambrian’s experienced advisors who will design a custom strategy will allow you to transition into retirement with confidence,” MacRae says. He also suggests using the Cambrian Retirement Calculator to get an idea of whether you’re on track to meet your retirement goals. 

Already retired? It’s not too late to meet with an advisor to determine a strategy to maximize your retirement benefits. Your advisor can help you determine if you’re layering your income in a way that maximizes the income-tested government benefits you’ll receive, as well as help you navigate tax brackets.

Learn more about what a Cambrian advisor can do for you.