What is your retirement number (#) ?
For me, when helping clients plan for their retirement, there's only one question I need to ask in order to begin helping them create their forecast.
What is your retirement number (#)?
While you are working, travelling and enjoying life, raising kids, whatever your quality of life may be, you live off a certain amount of money each month. In retirement, you should have an idea of what your number (#), monthly, might also look like. If clients aren't sure, then we start doing some budgeting and cash flow projections and we are usually able to come up with a monthly amount quite easily. Some expenses may be eliminated in retirement and others, such as health care considerations may not be. It may take a bit of work on my clients' part to prepare the budgets to work from but when working with me as their advisor, sometimes a bit of homework is a two-way street. Building a trusting and respectful relationship between me and my clients is a priority; it's their retirement and they need to direct the ship.
By determining your monthly number (#) i.e. your monthly income, I can then help my clients determine where that number is going to be generated from. It may come from pensions, RRSPs, Tax Free Savings Accounts, non-registered accounts, government benefits, an inheritance or even a lottery win (we all think about winning one don't we? Sure we do!). Ahh but I digress...one can dream can't we? Whatever those sources of income may be, I can help you determine if your monthly number (#) is achievable.
As an insurance and investment advisor, I may have options for you that you haven't heard about from your bank or financial advisor. If you haven't had a discussion around investments that can provide guaranteed income through retirement, you should allow me the opportunity to help you investigate this option further. Running out of money in retirement is not something anyone wants to worry about or even think about. Many retirees don't have pension plans to rely on that pay a guaranteed income for life. We have to make their lifetime savings work to their maximum benefit. It's my responsiblity to help you make your monthly number (#) last your lifetime.
Book an appointment with me here to discuss options.
Guaranteed income for life? It can be a reality in your retirement...