The Importance of Using a Financial Advisor to Plan for Your Retirement

Regardless of how much money you make or how much your RRSP or TFSA allows you to contribute, there’s a good chance that you are not saving enough money for retirement. Financial industry recommendations is 10% of income.

Even those who manage to save regularly may find that they simply don’t have enough money to retire comfortably. This is where planning for retirement becomes so important, especially if you are the type of person that prefers to not discuss their finances with anyone.

When it comes time to retire, having the right financial advisor can mean everything in terms of helping ensure that you have the security and peace of mind necessary as you begin your post-work life. That doesn’t just mean having an advisor who understands your finances and will keep an eye on things… it also means finding someone who understands what kind of lifestyle you want after retirement and can help you create a plan for achieving it! Manage your tax bracket to optimize your income.

What Is Financial Planning?

Financial planning is a broad term that has many different meanings. It’s not just about finding retirement funds and investing in them, which can be done with the help of a financial advisor. Financial planning can also include understanding the value of your home, buying a car, or creating a budget. If you’re looking for someone to help you plan for your retirement, a great Certified Financial Planner will understand your goals and values and help you achieve them so that you can retire happy and stress-free.

Why Is Financial Planning Important?

To start, even if you’re saving, the money will likely not be enough to retire on. For example, the standard of living in Canada is now higher than ever, so it may actually be more difficult to save up for retirement. This means that you need to have a realistic plan and know your priorities. Remember, you control your spending. Do you have enough for retirement: what do your spending

The planning process starts long before retirement arrives in order to ensure that you have enough money saved at any point during your life. If you don’t know what your options are or how much money you need, then this can lead to financial difficulties later on down the road (like having insufficient funds for retirement).

Finding a Financial Planner

The best way to start looking for a financial planner is by asking around. If you know anyone who is currently retired, ask them if they used someone to help plan for their retirement. The key thing to remember is that the type of planner you should use depends largely on your personal preferences.

If you’re looking for an individual or company who specializes in financial planning, it’s important that they have the experience necessary to ensure that you get what you need out of your investment portfolio. You will want someone with the knowledge and experience necessary to help create an effective strategy based on your current needs.

For example, Bruce Youngblud is a Certified Financial Planner at Pension Solutions Canada with over 20 years of experience. Bruce and his team specialize in helping individuals prepare for retirement and advises clients on pensions, government pensions, tax planning and estate planning. Bruce is active in his local community, serving as a “Big Brother” for the Big Brothers Big Sisters of Halton and Hamilton, as well as a choir member of the Burlington Welsh Male Chorus. Having a Certified Financial Planner advising you who is local, accessible to meet with, experienced, and active in your community, are key factors when deciding who you want advising you on your retirement plan.

Finance is a complicated animal! Let Pension Solutions Canada help to “simplify the complicated”. We’ve advised retirees from Ontario Teachers, Stelco, UPS, ArcelorMittal Dofasco, GM and many others.

The 4 Types of Financial Advisors

There are four main types of financial advisors: investment, retirement, estate planning, and tax. They all have their own unique goals and focus on different aspects of your financial future.

The first type is an investment advisor, which helps guide your investments over time.

The second type is a retirement planner, which helps you prepare for the big day when you retire.

Next up is an estate planer, who helps you build your estate in such a way that it will be passed to your loved ones according to the law of the land after your passing.

Finally, there’s a tax advisor whose job it is to make sure that everything is done properly and with the least amount of taxation as possible in accordance with the CRA.

Some advisors who have been working in the industry for a long time, are knowledgeable on more than one area and can advise you on investments, retirement, estate planning, and assist with minimizing your tax burden.

Regardless of what type of advisor you choose to work with, they all play a role in helping people plan for retirement and ensuring that people are taking care of themselves financially before—or even after—retirement.

Helping You Find The Right Fit

It’s important to find the right person to help you plan for retirement. There are a few questions that you should ask yourself when trying to determine who is the best fit for your needs:
1) What kind of financial advisor do you want?
2) What kind of lifestyle do you want after retiring?
3) Do you want someone to work with you or just provide general advice?
4) What type of knowledge does the person need so he can advise you effectively?
5) Can this person work with your company’s pension plan and make sure that your retirement proceeds are invested properly?
6) How much experience does the person have with helping people with your age/financial status?

Reach out to us today to get started! Choosing to work with a Certified Financial Planner is a smart decision when it comes to the financial health of your family and your retirement. Best of all, the services of Pension Solutions Canada are no cost to you! To get started, click here to book a call with Bruce Youngblud.