Nearing Retirement

Carol

CASE STUDY #3

AGE:

56

PRIMARY GOAL:

Consolidate investment accounts, mitigate taxes, create reliable retirement income stream.

After accumulating wealth throughout the years at Sasktel, Carol began thinking about retirement.

She currently holds a variety of investment accounts, PEPP pension, RRSP and TFSA account.

She has three adult children (one still in college) and two grandkids. Carol lives modestly, owns her home, and looks forward to spending more time with family in retirement.

THE CHALLENGE

Carol was pretty sure she had enough to retire but also hoped she could leave a legacy for her kids and grandkids.

 

She craved a better plan that would allow her to retire confidently knowing she was equipped to meet these goals

Carol had more questions than answers:

  • How do I consolidate retirement funds?

  • What is my money invested in?

  • What are the tax implications choosing a withdrawal strategy?

  • Do I have enough money to pay for healthcare, especially if I retire before 65?

  • How do I switch gears from working and saving money to living off my investments?

  • When should I start my Canadian Pension Plan?

 

She knew seeking professional financial help was the right choice to ease her mind and create a plan that truly worked for her family.

THE APPROACH

The first step for Carol was to sit down with someone who would actually listen to her questions and concerns. She wanted to be heard and not sold to.

There is an understandable mixture of excitement and uncertainty when it comes to a retirement transition.

Once her goals were clearly documented, a personalized retirement plan that aligned with her values and priorities could be created.

THE RESULT

In collaboration with her tax professional, Carol was able to:

  • Establish a retirement timeline that included future financial changes 

  • Organize her assets so she knows she has enough money to fund what matters most

  • Reduce potential taxes through the systematic retirement income plan

  • Maximize the effectiveness of her savings during her remaining working years

  • Create an income stream to fund the first few years of retirement before Canadian Pension Plan and Old Age Security begin.

 

With a plan in place, Carol is able to bring back a sense of purpose and confidence to her remaining working years.

In the near future, she will be able to fully embrace retirement and her role as a grandparent.

Note: The above case study is hypothetical and does not involve an actual IG Private Wealth client. No portion of the content should be construed by a client or prospective client as a guarantee that he/she will experience the same or certain level of results or satisfaction if IG Private Wealth is engaged to provide investment advisory services.

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