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The Retirement Checklist Thumbnail

The Retirement Checklist

Financial Planning

Many individuals wonder what they will need prior to going through a detailed financial analysis with our firm.  It can vary based on a multitude of factors, however, there are some key figures that must be known prior to such an analysis. Listed below are some things that you can prepare prior to your meeting since they take time to gather.

  • Ideal Retirement Age
    1. This can be defined in your own way – but generally as financial freedom, when you can work if you want, but you don’t have to.
  • Canada Pension Plan Monthly Estimates or Statement of Contributions
    1. An accurate CPP monthly estimate will allow us to run an analysis to determine the optimized time to withdraw your CPP, based on varying life expectancies. This will help with your decision on when to begin CPP.
    2. These statements can be accessed via your My Service Canada Account.
  • Recent Notice of Assessment
    1. A recent notice of assessment helps us understand your total income and RRSP contribution room for potential tax strategies and to ensure you have not overcontributed.
  • Detailed Monthly Expenses
    1. An accurate monthly expense number is crucial to ensuring financial projections are realistic.
    2. Please review this post to have a better understanding of the importance of tracking expenses.
      • https://klsfinancial.ca/market-commentary-insights/the-importance-of-tracking-expenses
  • Mortgage/Loan Statements
    1. In addition to providing the updated loan details, these statements will help us determine if your monthly expenses are correct by working backwards to determine if there are certain expenses that are exceeding your current cash inflows.
  • Pension Statements
    1. Generally, pension start dates do not align with an individual’s actual retirement date, therefore we are required to run a pension analysis to determine when the optimum time is to begin your pension.

If you require help with a pension or CPP analysis, please feel free to reach out – as always, we are willing and able to assist.

Matthew Gomes, CFP, CIM

Financial Planner

Manulife Wealth Inc.