6 Canadian Retirement Planning Mistakes to Avoid

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How to Avoid 6 of the Most Common Retirement
Planning Mistakes in Canada
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DISCLAIMER
This presentation provides general information on
various financial planning issues and other
topics. The information in this presentation does
not constitute professional advice and may not be
appropriate for a specific individual or
situation. Neither the presenter nor the firm
with which the presenter is associated shall
accept any liability in respect of any reliance
on the information contained in this
presentation. Information in this presentation
should not be relied upon for decision making
without professional advice. Please note the
information contained in the presentation is
subject to changes in legislation or law.
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ABOUT
Ayana Forward is the owner and founder of
Retirement in View, an Advice-Only Financial
Planning Firm in Ottawa ON, Canada. She is a
Certified Financial Planner (CFP) and has been
featured as a financial expert in The Globe and
Mail, MoneySense, CBC and Global. She
specializes in helping boomers transition to
retirement through objective, proactive financial
advice.
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How to Avoid 6 of the Most Common Retirement
Planning Mistakes
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Mistakes are the portals of discovery. James
Joyce
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Mistake 1

• Not Completing a Thorough
• Financial Assessment

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1. Seek Advice From An Expert
An objective second opinion from a qualified
Certified Financial Planner can pay dividends

• Can provide guidance customized to your specific
  situation
• Can point out any gaps or blind spots in your
  current plan
• Can point out any missed tax credits or
  deductions
• Can help you set and achieve financial goals

Quick Tip Work with an independent planner who
represents you and not a third party. They can be
hard to find, but most Fee-Only planners
operate this way.
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Mistake 2

• Not Exploring Different Scenarios That Apply to
  Your Personal Situation

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2. Project Your Future Income and Expenses
Use online calculators or have professional
projections done which compare two or more
scenarios over time

• Can you retire earlier than planned?
• Take time to explore the non financial advantages
  of early retirement
• Avoid working longer than you have to

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Mistake 3

• Not Factoring in the Increasing Costs of Medical
  Care

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3. Plan and Budget for the Unknown

• Do you have a back up plan in case you experience
  health issues?
• Do you have a good grasp of health care costs
• Do your loved ones know your wishes if your
  health were to decline suddenly
• What type of residence would you like to live in?

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Mistake 4

• Ignoring the Benefits of Delaying Government
  Benefits (CPP and OAS)

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4. Maximize Your Income

• Delaying CPP increases your benefits by 8.4 per
  year after age 65 that you delay receiving it (up
  to age 70)
• Many Canadians take CPP as soon as possible
• The increase to CPP for waiting is now greater
  than the penalty for taking it early

Quick Tip If you are in good health and still
working full time, you should consider delaying
CPP.
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Mistake 5

• Reactive Tax Planning

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5. Tax Effiency Involves Pre-Planning

• Do you have a strategy in place to time
  withdrawals from your RRSP/RRIF?
• Do you know how to take advantage of income
  splitting?
• Tax efficiency is one of the biggest areas that
  can make a difference in your overall plan

Quick Tip Get to know the tax credits,
deductions and clawbacks that are applicable to
new retirees.
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Mistake 6

• Not Having A Plan For Your
• Increased Downtime

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6. Design The Lifestyle You Want

• Full time employment does have inherent social
  benefits
• What will do with your free time once you retire?
• What will you learn, what will you teach?
• Where will you travel?

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True wisdom is knowing what you dont know 
Confucius
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WORK WITH US
Complimentary 60 Minute Retirement Planning
Consultation Retirement in View 240 Catherine
St. Suite 201 Ottawa ON K2P 3G5 613-416-9593 http
//www.retirementinview.ca info_at_retirementinview.c
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BOOK CONSULTATION
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