Listen to this Podcast
How women can plan for a longer retirement
Canadian senior women live an average of three years longer than men, while their annual retirement income is significantly lower. That means careful planning is even more important if you’re a woman. Make sure you’re on track for a long — and financially secure — retirement.
1. Know your CPP, OAS, GIS
These important acronyms stand for Canada Pension Plan, Old Age Security and Guaranteed Income Supplement. You can learn more about these public pensions, find out which ones you qualify for and estimate how much you could receive at the Government of Canada site.
2. Choose your investments
An investment strategy can help you achieve the growth you need to build a nest egg that will support you through 20 or 30-plus years of retirement. It should also consider how your investment mix will change over time, so that the proportion of safer investments increases closer to retirement. Your investment advisor will work with you and recommend investments based on your comfort with risk, your savings goals, and your time until retirement.
3. Use registered funds
The Tax-Free Savings Account (TFSA) and Registered Retirement Savings Plan (RRSP) were designed to help people maximize long-term savings. It’s important to understand how these tools work and how to best use them for your situation. Depending on your income, your spouse’s income if you are married, and your anticipated income level during retirement, you might choose to hold your savings in RRSPs, spousal RRSPs, TFSAs, or some combination of these. Your financial advisor can help you figure out how to get the greatest benefit from these savings vehicles.
4. Protect yourself with insurance
If you have a spouse or common law partner, life insurance is an important tool to help preserve your current lifestyle and protect your financial wellbeing if your loved one passes and you find yourself having to cope on your own.
5. Think like a team
If you are married or have a common law partner, it’s important to consider all of your financial planning jointly. Estate planning (including wills and beneficiary designations) insurance, income from personal savings (including annuities, RRIFs, TFSAs and other sources), government pensions — all of these should be considered as part of a larger picture to ensure financial stability and to minimize taxes.
6. Create a financial plan
A well-rounded financial plan will provide you with a roadmap to guide you through to retirement and beyond by outlining a strategy for all of the points noted above. It should take into consideration any specific health concerns that may have an impact on your finances or your living arrangements.
Your financial advisor is an important part of your retirement planning team. Our advisors are trained to ask the right questions to help you develop a plan that addresses every aspect of preparing for retirement, tailored to your specific needs as a woman.
We hope you enjoyed reading our blog post. If you want to keep up with the latest financial news, subscribe to our newsletter, follow us on our Instagram, Twitter, Linkedin and Facebook accounts (@jackieportercfp) and keep up with our News Blog.
More Financial News & Events
Dealing with spending pressures
Jun
Behind the Scenes – Working with Lawyers on a Financial Plan
Jun
Positive Experience with Financial Planning – A conversation with Erin Leslie
May
What Are the Process of Putting Together a Financial Plan? – A conversation between Jackie and Jin
May
Creating Financial Transformations
May
Building A Brand Effectively in Second Quarter – A Conversation with Cassie Drake
May
How to boost your business mojo – A conversation with Valeri Hall Little
Apr
How to make a financial fresh start second quarter? 5 principles from Jackie Porter
Apr
The #1 Challenge that Leaders Face, from the Founder of Green Apple Consulting – Lisa Mitchell
Apr
What is entrepreneur resilience? A conversation with Karen Dean
Mar
Barriers that Women Face to Access Healthcare – A conversation with Sara Byrnell
Mar
Six Action Steps You Can Take To Build Your Financial Confidence
Mar
How do we build lasting relationships and what leads to the honeymoon being over? A conversation with Gary Direnfeld
Mar
Re-visiting the Wedding Ritual in 2022
Feb
What Does a Private Investigator Know About Love, Money & Relationships
Feb
Myth-Busters: Everything Small Businesses Should Know About Funding
Jan
Slay Your Impostor Syndome
Jan
How to Form A High Performing Team for Your Business
Jan
2021 Holiday Shopping Trends and Tips to Help Your Wallet
Nov
How to Financially Start Your Divorce Journey
Nov
Divorce Planning in the Pandemic
Nov
How to Deal With Financial Trauma
Oct
Lessons for Small Business Owners in 2021
Oct
Small Business Resources for Start-ups
Oct
Top 6 Real Estate Trends and Strategies
Oct
The Importance of A Mid-Year Tax Check-Up With Your Accountant
Sep
Top 8 Business Finance Tips for Business Owners
Sep
Pricing Strategy: How to Charge and Manage Your Clients
Sep
Everyone should have multiple income sources
Sep
How to Manage Back to School Season in 2021
Aug
How to Start a Small Business at Home
Aug
How to Become an Empowered Leader
Aug
How to Tame Your Spending Dragon Post COVID
Aug
What does financial planning look like at different life stages?
Aug
5 Factors to Consider When Moving Out After Divorce
Jul
Service-Based Businesses Post-Lockdown
Jul
Financial Planner vs. Advisor
Jul
Estate Planning: How to be Proactive Around Your Will
Jul
Women’s Health Initiatives in Canada
Jul
How to win with higher investment risk
Jul
Celebrating Pride 2021 and Identifying the Challenges of the LGBTQIA2S+ Community
Jun
Travel Restrictions between Provinces and Countries This Summer 2021
Jun
How to Support Small Businesses during the Ontario Reopening Plan
Jun
Treat Cash Flow Like Royalty
Jun
Financial Planning for Lawyers: Working with Lawyer’s Financial
May
2021 Federal Budget Programs to Help Childcare
May
Investing Tips For Empowering Women’s Confidence
How to Find Investors for Women Owned Startups
May
Top Work Benefits for Executives
You Can Have It All! Invest Responsibly and Profitably
May