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Retirement Planning

Your Finances and Retirement

June 12, 2017

The retirement stage is upon us faster than most expect. There is no doubt it’s an exciting time however many people underestimate the major day to day changes this stage of life can bring. The key to being ready is to start saving early and that much many of us already know. What about all the things to take care of when it’s getting closer, or it’s already here? You’ve saved all your life and now you have to start spending it. Preserving while using your savings requires a different mindset than accumulating it. Selecting different investment goals and making sure you have enough money are just a couple of examples of things we need to think about differently.

In your working years your income was likely coming in from one or two places. In retirement it will come from several sources. Your tax situation is likely to become more complicated as you will be dealing with various accounts like RRSPs, RRIFs, Locked in RRSPs and TFSAs. Many people are not aware that the type of return your investment earns might cost you more in taxes than other types! What about debt or credit needs? Are there benefits to planning which money to spend first?

What about Government Benefits? Are there ways to ensure you receive the maximum benefits you qualify for? How does the whole picture work together? Not only have your finances clearly become more complicated but what about how you will spend your time? You get to choose how to spend your time now. Many successful retirees have found it helpful to plan how they will spend their time each day after they retire. For many spouses it has been a big adjustment learning to spend all day together when they used to have some alone time. Then there is travel, mission work, philanthropy, and family visits to consider. As you can see, life isn’t only about obligations. Let’s include a few fun things too!

If your employer offers retirement planning sessions, plan to attend them if you are within five years to retirement. Having a good understanding of your workplace pension and retirement benefits can be helpful to retirement planning. Of course we can help you make choices with that too.

As in all areas of our lives, we look to The Word of God for life’s answers. Our finances are no different. As a Christian Certified Financial Planner, I recommend coming in and working through these questions together. Having a more detailed financial blueprint regarding your income and eventual estate can provide you real peace of mind. Many of my members have told me that working together has made a positive difference in their lives. They have told me they feel confident when making financial choices.

Your current investment advisor may be able to help you make a plan, but many advisors today are focused only on investment sales. If you need to make an advisor change, we have a consultative, easy to follow, practical approach that just makes good sense. Of course, if all you need from us is investment advice, we are happy to do that too! Another item to think about is values. Our members tell us they see a real difference in our biblical approach to the service we provide.

Most financial articles will tell you to look for an advisor with a professional designation. Christian Credit Union requires, as a condition of employment, that our financial advisors have accreditation or be working toward it. This is so we can provide our members with credible financial advice. There have been many changes in the financial services industry and we are committed to ensuring your overall wellbeing remains our primary concern.

If you love doing your own planning, rely only on credible resources. Two excellent sources are the retirement-planning websites of Service Canada and the Financial Consumer Agency of Canada. Come see us to review how we can support you with this choice too.

We are blessed to serve you. On behalf of the financial planning team,

Carol Haayema, CFP®
Senior Financial Advisor
Christian Credit Union/Credential Asset Management Inc.

‘Mutual funds and financial planning are offered through Credential Asset Management Inc.

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