Originally posted on https://www.abcfinancialadvisor.com/blog/benefits-of-hiring-a-retirement-planner
This is a must read financial blog if you are a person looking to plan for retirement soon. In this article, our team of professional retirement planning specialists at ABC Financial Advisor, break down all the benefits of hiring a retirement planner before you retire. Whether you are a Canadian resident, looking for a retirement planning expert in Toronto or a resident of another country looking to learn more about the importance of planning for your retirement ahead of time.
What is Retirement Planning?
Retirement planning is the process of aligning one’s short- and long-term financial goals for after they retire. A concrete retirement plan focuses on identifying future financial objectives based on the clients’ current income. It also takes the future expenses into account. The ultimate aim of retirement planning would be to ensure your financial stability after you retire, by effectively managing your assets and allocating your wealth into a wise basket of investments.
Planning early your retirement will determine the quality of life that you will lead post-retirement. Planning for the future requires strict discipline, which is the trait that most people lack entirely. This is the primary reason why Canada residents need to sit down with a retirement planning expert to learn how they could start saving while they are young.
Why Should You Plan For Your Retirement?
In the early days of life, most Canadian residents think about going to college, taking holidays, and starting a family. Retirement planning is usually the last topic discussed at social gatherings. Unfortunately, the more you postpone planning your retirement, the more difficult it becomes to enjoy your life after retirement. For Canadian citizens, retirement planning is essential. Studies show that retirement is becoming more expensive by the day. Moreover, the growing trend of cutting employee pension coverage in Canada is quite disturbing for retirees. Today, when it comes to retirement planning, future Canadian retirees have a lot to learn.
How To Understand Retirement Planning
Planning for your retirement alone can become overwhelming. Fortunately, you don’t have to go through it solo. When you hire a retirement planner they break down complex numbers to help you meet your retirement planning goals without complicating the process. Below are a few things that you should know before your start planning for your retirement strategy.
Inflation is a concern for future retirees, as it directly affects your purchasing power. In Canada, the inflation rate has been on the lower side in the recent past. However, even low inflation can add to future retirees’ worries, because seniors mostly spend their money on things that invariably experience price hikes. One of the most common expenses as you age is healthcare. If you are worried about the cost of healthcare after you retire, it would be wise to book a free meeting with a retirement planning specialist.
2. Canadian Pension Plan (CPP)
CPP takes responsibility to provide a partial replacement of earnings post-retirement as well as in case of disability or death. While this is a good for some Canadians, the CPP tax rates and the income thresholds are far lower than the US Social Security System. CPP also renders lesser benefits. Thus, the CPP may prove helpful, but subscribing only to CPP is not wise.
3. Changing Family Structure
The family structure within the country is changing. In 2017, single households accounted for 28.2 percent of the total population. Families are breaking up and might become increasingly uncommon in the near future. Thus, it is vital to plan your retirement so that you are not dependent on anyone else.
Why Hire A Retirement Planner?
Retirement is just like any other stage of your life, whether it is planning for college, choosing a professional career, or starting a family. As professional financial consultants, we recommend that people start planning for retirement in their 20s and 30s. If you are wondering how to start saving for your retirement, this is the ultimate retirement planning beginners’ guide.
Most Canadians perceive financial planning services as an unnecessary expense. This is far from the truth. Hiring a financial consultant for retirement planning is tremendously effective to help you plan ahead.
How To Plan for Retirement?
There are many aspects of retirement that need careful evaluation that are commonly overlooked. For instance, when it comes to the question of where you want to live after retirement, some folks respond that they prefer to live outside a major city. If you would want to relocate after retirement, then you have to know where you want to go and how much you would have to pay. A financial advisor can guide you on the process of whether you should sell your current home, to buy that property you want in the countryside. Not only that a retirement planner will make sure you can you afford such a move based on your retirement budget, If you have uncertainties answering such questions, one of our financial advisors in Toronto or Vancouver is pleased to help you.
Benefits of Hiring A Retirement Planner
Most people are unaware of the benefits of hiring a retirement planner. Most people don’t understand the how to plan for retirement and don’t have a clear picture of what to expect. Once you are retired, your lifestyle is bound to change in a number of ways. If you are salaried, the money stops coming in. Unpaid debts must get paid on time. If you have children or grandchildren, they may need assistance to cover basic costs, including saving for college. Make sure your financial obligations can be met after you retire by booking a meeting with a trusted retirement planning financial advisor.
Some people think it is easy to plan for their retirement until they start the process alone. It is prudent to talk to a financial expert in Toronto or Vancouver for free retirement planning advice. Moreover, you wouldn’t want to jeopardize your finances shortly after retiring with improper budgeting.
Commonly Asked Retirement Questions
Have you ever asked yourself, what is the best age to plan for your retirement? Be it in your 20s, 30s, 40s, 50s or 60s, a retirement planner’s job is to help you answer that question no matter your age. Some of the most common questions we answer as retirement planning specialist include:
- How much do I need to retire?
- How to create a retirement budget plan?
- Best retirement plans to consider?
- How to plan for retirement in Vancouver?
- How to find a free retirement planning calculator?
- How to find the best retirement specialist?
- Do I need a financial advisor for retirement?
- How to plan for retirement in Toronto?
Our team of retirement planners specialize in advising people want to plan for their retirement ahead of time. We can help you whether you need services for retirement planning with a pension or without a pension and much more.
Retirement Planning Goals For Canadians
Recent statistics show that about 20% of Canadians grapple with paying their mortgages. This situation can be avoided. To make matters worse, some retirees tend to still have credit card debts. Learn how to avoid credit card debt before your retire by reading this article. Such expenses could make your life miserable, and lead you to make poor financial decisions that will just contribute to your problems. Why go through all these issues alone, when you can get your finances on track before you retire by consulting with an experienced retirement planner.
Professional Retirement Planning Experts
When you hire a retirement planner before you retire, you will enjoy a much-needed peace of mind, once you are retired. Knowing that you have sorted out your financial future allows you to focus on important aspects of life after retirement. Most importantly your family, travel, vacations, as well as your hobbies.
While working, you expect a paycheck each month. Once you retire, the only money you are likely to receive is your pension and profits from existing investments. Your income is likely to slow down and you will have to learn to live within your means.
Resolving Retirement Planning Tax Issues
Paying taxes before and after you retire are important. You might understand taxation if you have a background in finance. Nonetheless, if you are not tax professional, then it would be wise to meet with a financial advisor in Toronto or Vancouver. At ABC Financial Advisor we have a team of professionals that have extensive knowledge on finding the best retirement tax benefits for each of our clients.
Understanding the financial tax implications of retiring is extremely beneficial. For this reason, working with a trusted retirement planning consultant in Vancouver or Toronto can make the transition process much easier. Schedule a free financial meeting today if you are looking to learn more.
Financial Independence After Retirement
Without understanding your current financial situation, you might find yourself working late into your retirement. This is probably not what most people envision after they retire. Fortunately, hiring a retirement planner in Vancouver or Toronto can make all the difference. The main objective for hiring a retirement planner is to make certain that you live comfortably long after you retire.
Staying fully aware of your financial situation after you retire is extremely important. Hiring a retirement planner in Vancouver or Toronto will definitely help you uncover some of the financial loopholes that you could easily overlook. For instance, if you drive several cars and indulge in various hobbies frequently, a financial advisor may suggest that you sell some of your cars. Moreover, you also might be advised to withhold on some of your expensive hobbies. The goal is to to keep your expenses at a minimum to help save more money for your retirement.
Planning an Early Retirement
Planning for your retirement in Toronto or Vancouver is much easier with the help of a retirement planner. The problem is that a majority of Canadians think they have enough to live on after retirement. More so, they do not have any retirement planning experience. As a matter of fact, some deplete their savings earlier than anticipated. This leaves them in financial turmoil. Thankfully, our retirement planning experts in Vancouver ensure that you are completely aware your financial situation well before you retire.
You may think that it is only possible to retire in next couple of years or so, while a financial planner can figure create a roadmap to help plan your retirement earlier than you thought. For example, you could have acquired some investments that could sustain your lifestyle after long after retire.
Disadvantages of Retiring Too Early
It is easy to fall on the bandwagon of early retirement without knowing that it could undermine your finances. You might argue that an early retirement is an option, especially when you haven’t reached the retirement age, but you will definitely prefer to enjoy life in retirement by planning ahead.
Hiring a retirement planner before you retire can save you from excruciating financial situations. While you may not have enough savings or investments to retire early, through your own assumptions, you may think you stand a pretty good chance of flourishing in retirement. With the aid of a professional retirement planner, you can learn how much you need to save for your retirement dreams to come true.
How To Find A Retirement Planning Advisor
Consulting with a financial advisor before you retire could be the best decision you ever made. Retirement planning in Vancouver or Toronto no longer has to be a stressful endeavor for Canadians. At ABC Financial Advisor, we pride ourselves in providing quality retirement planning services for all Canadians. Our focus is to examine your current financial situation and save you from financial difficulties that arise during retirement.
Our financial advisors are not only professionals, but have enough experience to offer you sound advice. We can help you invest your money wisely.
Canada Retirement Planning Company Near Me
As a Canadian resident, who is interested in retiring, you no longer have to be confused about retirement planning. ABC Financial Advisor offers the best retirement planning advice for Canadian residents. There are a host of Vancouver and Toronto retirement planning specialists that you could meet for retirement planning services long before you retire. However, most retirement planners lack the expertise of our team ABC Financial Advisor. Instead of wondering where to start or how well-prepared you are for retirement, you should set some time aside and call us to schedule a free retirement planning meeting with one of our advisors.
Hiring A Retirement Planning Expert
If you want to plan your retirement, but you are clueless about how to do it, we recommend booking an appointment with ABC Financial Advisor. Our team of retirement planning specialists dig deep into your finances to let you know if you have accumulated enough assets to retire early. Once you talk to our professionals, you are bound to leave our office in a better position to execute your plans. More so, all your questions concerning retirement will be thoroughly answered. While most Canadians try to sail into retirement by themselves, they have a better chance of living a comfortable life, if they decide to use the advice of a retirement planner.
We have experts, who have years of experience in the field of retirement planning, estate planning, investment management, and insurance management. Whether you are looking for a Vancouver retirement planning expert or Toronto retirement planning expert, we are more than happy to help you with a free retirement plan meeting. Call the best experts in Canada today.