Whether you're already retired, close to it, or just getting started in your career, it's never too early to start thinking about retirement planning. Unfortunately, for many people life gets in the way and retirement planning is put on the back burner, until suddenly, retirement is right around the corner.
Some of the benefits of starting your retirement planning now instead of later include:
The key to successful retirement planning is an understanding of your current financial situation and projecting future needs and developing a plan to make sure it happens. If you've already started saving for retirement, how do you know you're saving enough to live the comfortable lifestyle you deserve? Are your income expectations realistic? Are you sure you have your money in the right retirement plan for you?
Tax rules regarding retirement plans are complex however. Each benefit plan has specific requirements as outlined by the CRA and not every plan can be used by everyone. For example, contributions limits vary by the type of plan, your income, and your age. Some plans may require withdrawals at a certain age, while others have no age limit. Some withdrawals are taxed at retirement, whereas others are tax free. You'll need to understand the tax implications of your retirement planning choices.
That's why it's best to use a tax professional like us. When you use our retirement planning services, you benefit from our in-depth knowledge and years of retirement planning experience.
There's no time like the present to start planning your financial future. If you're ready to start planning for your retirement years, call us first. Don't wait until it is too late. We'll help you make sure your retirement years are nothing but smooth sailing ahead.
Contact us today for more information.