Retirement is an important milestone in life that requires a lot of planning and preparation. It is important to ensure that you have enough money to live comfortably in retirement, while also being able to cover any unexpected expenses. This is where a financial planner can be invaluable. Harmer Wealth Management is one of Ontario’s top financial planning and retirement planning services that can help you plan for your retirement.
When planning for retirement, it is important to look at all aspects of your personal finances. This includes retirement savings, pension plans and whether to commute your pension, cash-flow in retirement, insurance, and outstanding debt. A financial planner can help you navigate these complex areas and ensure that you have a comprehensive retirement plan in place.
Retirement Savings: A financial planner can help you determine how much you need to save for retirement based on your desired lifestyle, age, and retirement goals. They can also help you choose the right investment vehicles and strategies to help you reach your retirement savings goals.
Pension Plans: If you have a pension plan, a financial planner can help you determine whether to commute your pension or take a pension payout. Commuting your pension involves transferring the value of your pension plan to an investment vehicle, such as an RRSP or a LIRA. A financial planner can help you evaluate the pros and cons of commuting your pension and help you make an informed decision.
Cash-Flow in Retirement: A financial planner can help you determine how much money you will need in retirement to cover your expenses, including basic living expenses, healthcare, and travel. They can also help you develop a retirement income strategy that takes into account your retirement savings, pensions, government benefits, and any other sources of income.
Insurance: A financial planner can help you assess your insurance needs in retirement, including health insurance, long-term care insurance, and life insurance. They can also help you evaluate the different insurance products available and help you choose the right ones for your needs.
Outstanding Debt: A financial planner can help you develop a debt repayment plan to help you pay off any outstanding debt before you retire. They can also help you evaluate the best strategies for managing debt in retirement.
Overall, having a financial planner when planning for your retirement can help ensure that you have a comprehensive retirement plan in place that takes into account all aspects of your personal finances. Harmer Wealth Management is one of Ontario’s top financial planning and retirement planning services that can help you navigate the complexities of retirement planning and develop a personalized retirement plan that meets your unique needs and goals.