Retirees spend an average of 65%
of their annual pre-retirement income each year.
Source: Vanguard Investment Strategy Group, 2018
Plan out your retirement
Want to build your retirement plan, but don’t know where to start? Well, knowing and understanding a few retirement-related financial concepts is a great place to start.
Know your sources
Knowing your sources of income and analyzing multiple possibilities is the first step to being well prepared for retirement. Here are various possible sources:
- Public plans (Old Age Security, and the Canada Pension Plan or Quebec Pension Plan)
- Private plans (employer-sponsored retirement plans)
- Personal savings (e.g. RRSP)
Decide at which age
you want to retire
The age at which you retire will depend on what you want to do. Here are a few questions to start thinking about:
- Around what age would you like to stop working?
- What are your life projects?
- What lifestyle would you like to have?
Calculate how much
you need to save
Since government plan benefits are fairly low, ideally you will have other sources of income to add. Experts estimate that you will need an income equivalent to around 70% of your gross salary to maintain the same standard of living in retirement.
Here are 3 factors to consider in your calculations:
- How much you need to budget
- Starting to save early on to maximize investments
- How your age affects your savings
Now, are you ready to plan? The retirement calculator and your financial security advisor can help you get some clarity.
We offer several investment funds from which you can choose the type of investment that best suits your risk tolerance level.
To orient yourself in this vast universe, contact a financial security advisor for help determining which investment vehicles will help you reach your savings goals.
To realize your project, you must invest time and money. Whether this includes planning the itinerary for your trip, the plans for your new kitchen or your projects in retirement, you must set objectives and take the time to plan them out. Regardless of what type of project you have, the best way to carry it out is to begin early and work gradually toward it.
Set a realistic timeline and respect it. To make it easier to save, think about making your contributions via direct debit. You can transfer money from your bank account to your savings account and decide the amount and frequency of your contributions to help you reach your objectives. Thus, your savings for your project will be a part of your monthly budget.
Determine how much you need to save for your project and how. But first, do you know where your money goes? To better manage your money, identify your fixed and variable expenses and set up a budget. Reduce non-essential expenses and put that money aside. Did you receive a bonus at work? A gift from your family? A significant tax refund? Consider depositing this money into your savings to help you achieve your objectives even faster. No matter your project, it is important to save on a regular basis and to make sure you have control over your finances.
Are you structured and have put in place a savings strategy in order to realize your project, but are asking yourself what more you can do to grow your money? There are many products and investment services available. But how do you choose the right one? A financial security advisor can suggest the best solutions to help you achieve your savings objectives based on your needs and investor profile.
If your situation has changed or you do not anticipate achieving the objectives you have set, it is time to adjust your savings plan and timeline. If you have saved the money you need for your project while respecting your initial objectives, you can move on with your project.
This is it, the moment you have been waiting for! Everything is in place. You can now take that trip…get married…renovate your kitchen…or retire. Go for it!
1 in 3 people will develop some form of cancer during their lifetime.
Source: Canadian Cancer Society
Having financial assistance in the event of a serious illness lets you focus on your recovery, without worrying about your financial obligations or goals.
Ready to plan?
Insuring against the unexpected
Losing your income because of an illness can be very stressful and can make it harder to meet your financial obligations. As there’s no way to know whether illness will strike, why not purchase critical illness insurance today? This will give you peace of mind so you can focus on getting better if you ever fall sick.
Benefits of critical illness and disability insurance
- Provide financial assistance following the diagnosis of a critical illness
- Let you meet your financial obligations during your recovery without having to dip into your personal savings
- Can help cover costs related to your critical illness or disability
Provides you with financial assistance that can be used as you see fit, so you can focus on your recovery.Visit the Critical Illness Insurance page
Provides you with monthly income to compensate for the loss of a disability, so you can meet your financial obligations and cover the expenses related to your health condition.Visit the Disability and Income Insurance page
51% of Canadians do not have a will.
Source: Poll by the Angus Reid Institute
Need help or advice?
Don’t hesitate to reach out to a financial security advisor or notary to help your family get some clarity. They can review your parents’ estate planning, wealth protection and life insurance needs.
Prestige preferential pricing
Sharing access to Prestige preferential pricing with your family is a great way for your loved ones to save, and also have access to:
- A trusted company with over 125 years of experience
- A wide range of savings products tailored to your individual and family needs
- Personalized support with sound advice
Ready to plan?
Share the fruits of your good planning with your family. Your financial planning advisor can show you how to reach the $300,000 eligibility threshold more easily. Contact your advisor today… your family will thank you!I want to make my plan a reality
Don’t know where to start?
The iA Financial Compass is a quick and easy tool that will propose products, tools and advice based on your situation and your needs.
Wondering what a financial security advisor can do for you?
An advisor will help you make the best choices based on your reality and your investment and insurance needs. Don’t wait!