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Don't Retire Until You Can Answer These 7 Questions

estate planning retirement planning Jun 14, 2023
female retiree sitting at a work desk

If you are looking at retiring soon, it is important to ask yourself some pertinent questions to ensure you are in a good position to do so. Have conversations with your spouse and loved ones to flesh out the details and gain a clear understanding of what retirement means and will look like for YOU.

If you can't answer all seven of these questions then you need to step back and reassess before you retire.

  1. What are your retirement goals and aspirations? From here you can make sure you have everything in place to meet those goals and have the most enjoyable retirement possible. 

  2. How much money do you need to have saved for retirement so you will be able to achieve the goals from step one?

  3. Have you ensured that you have structured your accounts in a proper and tax efficient way, to meet your income needs?

  4. Have you considered the optimal timing of when to retire? You will need to evaluate the factors specific to you, such as if your pension plan is a defined benefit plan, if you get bonuses, and how to tax plan for large lump sum payouts.

  5. Do you have a plan to manage your healthcare costs in retirement? Be sure to research health care options that are available to you, including possible supplemental benefits offered in your province or territory.

  6. Do you have a good understanding of government benefits? This is necessary to be able to plan for when to take them and to know how much you are going to receive.

  7. Do you have an updated estate plan and are you working with a financial planner to maximize the amount of funds left to your beneficiaries?

Don't rely on simple verbal 'plans' from a financial planner. Be sure to obtain a detailed, written plan that takes into account your specific financial situation and lays everything out for you in an understandable way.

This should be your retirement roadmap. 


Watch the video below for more detail and some actionable ideas: 


Need financial services tailored to Canadians? Parallel Wealth Financial Group Inc. is based in Langley, British Columbia and serves people across Canada and those living abroad. 


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