{"id":23970,"date":"2020-05-26T20:32:57","date_gmt":"2020-05-27T03:32:57","guid":{"rendered":"https:\/\/hfin.ca\/?page_id=23970"},"modified":"2020-05-26T20:37:00","modified_gmt":"2020-05-27T03:37:00","slug":"retirement-planning-for-employees","status":"publish","type":"page","link":"https:\/\/hfin.ca\/retirement-planning-for-employees\/","title":{"rendered":"Retirement Planning for Employees"},"content":{"rendered":"<section class=\"av_textblock_section \"  itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock  '   itemprop=\"text\" ><div>\n<style type=\"text\/css\">\n@-webkit-keyframes oryCellResizeableAnimate {<br \/>  0% {<br \/>    background-color: hsla(0,0%,100%,.26);<br \/>    top: 45%;<br \/>    bottom: 45%;<br \/>  }<\/p>\n<p>  50% {<br \/>    background-color: hsla(0,0%,100%,.12);<br \/>    top: 0;<br \/>    bottom: 0;<br \/>  }<\/p>\n<p>  to {<br \/>    background-color: hsla(0,0%,100%,.87);<br \/>    top: 45%;<br \/>    bottom: 45%;<br \/>  }<br \/>}<br \/>@keyframes oryCellResizeableAnimate {<br \/>  0% {<br \/>    background-color: hsla(0,0%,100%,.26);<br \/>    top: 45%;<br \/>    bottom: 45%;<br \/>  }<\/p>\n<p>  50% {<br \/>    background-color: hsla(0,0%,100%,.12);<br \/>    top: 0;<br \/>    bottom: 0;<br \/>  }<\/p>\n<p>  to {<br \/>    background-color: hsla(0,0%,100%,.87);<br \/>    top: 45%;<br \/>    bottom: 45%;<br \/>  }<br \/>}<br \/><\/style>\n<style type=\"text\/css\"><\/style>\n<div class=\"juiced\">\n<div id=\"postToSend-3\">\n<div class=\"ory-row\" style=\"box-sizing: border-box; display: flex; -webkit-box-flex: 0; -ms-flex: 0 1 auto; flex: 0 1 auto; -webkit-box-orient: horizontal; -webkit-box-direction: normal; -ms-flex-direction: row; flex-direction: row; -ms-flex-wrap: wrap; flex-wrap: wrap; margin-right: 0; margin-left: 0; position: relative;\">\n<div class=\"ory-cell ory-cell-sm-12\" style=\"position: relative; box-sizing: border-box; -webkit-box-flex: 0; -ms-flex: 0 0 auto; flex: 0 0 auto; padding-right: .5rem; padding-left: .5rem; -ms-flex-preferred-size: 100%; flex-basis: 100%; width: 100%; min-width: 100%;\">\n<div class=\"ory-row ory-cell-inner\" style=\"box-sizing: border-box; display: flex; -webkit-box-flex: 0; -ms-flex: 0 1 auto; flex: 0 1 auto; -webkit-box-orient: horizontal; -webkit-box-direction: normal; -ms-flex-direction: row; flex-direction: row; -ms-flex-wrap: wrap; flex-wrap: wrap; margin-right: 0; margin-left: 0; position: relative;\">\n<div class=\"ory-cell ory-cell-sm-12\" style=\"position: relative; box-sizing: border-box; -webkit-box-flex: 0; -ms-flex: 0 0 auto; flex: 0 0 auto; padding-right: .5rem; padding-left: .5rem; -ms-flex-preferred-size: 100%; flex-basis: 100%; width: 100%; min-width: 100%;\">\n<div class=\"ory-cell-inner ory-cell-leaf\">\n<div class=\"ory-plugins-content-spacer ory-plugins-content-spacer-read-only\" style=\"border-bottom: none; position: relative; border: 1px solid rgba(0, 0, 0, 0.12); border-color: transparent;\">\n<div style=\"height: 20px;\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"ory-row ory-cell-inner\" style=\"box-sizing: border-box; display: flex; -webkit-box-flex: 0; -ms-flex: 0 1 auto; flex: 0 1 auto; -webkit-box-orient: horizontal; -webkit-box-direction: normal; -ms-flex-direction: row; flex-direction: row; -ms-flex-wrap: wrap; flex-wrap: wrap; margin-right: 0; margin-left: 0; position: relative;\">\n<div class=\"ory-cell ory-cell-sm-12\" style=\"position: relative; box-sizing: border-box; -webkit-box-flex: 0; -ms-flex: 0 0 auto; flex: 0 0 auto; padding-right: .5rem; padding-left: .5rem; -ms-flex-preferred-size: 100%; flex-basis: 100%; width: 100%; min-width: 100%;\">\n<div class=\"ory-cell-inner ory-cell-leaf\">\n<div><img decoding=\"async\" class=\"ory-plugins-content-image\" style=\"width: 100%;\" src=\"https:\/\/www.appsforadvisors.com\/ufs\/mediaLibrary\/3JHqpMR8v8PgetfQE\/retirementPlanningEmployees.jpeg\" \/><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"ory-row ory-cell-inner\" style=\"box-sizing: border-box; display: flex; -webkit-box-flex: 0; -ms-flex: 0 1 auto; flex: 0 1 auto; -webkit-box-orient: horizontal; -webkit-box-direction: normal; -ms-flex-direction: row; flex-direction: row; -ms-flex-wrap: wrap; flex-wrap: wrap; margin-right: 0; margin-left: 0; position: relative;\">\n<div class=\"ory-cell ory-cell-sm-12\" style=\"position: relative; box-sizing: border-box; -webkit-box-flex: 0; -ms-flex: 0 0 auto; flex: 0 0 auto; padding-right: .5rem; padding-left: .5rem; -ms-flex-preferred-size: 100%; flex-basis: 100%; width: 100%; min-width: 100%;\">\n<div class=\"ory-cell-inner ory-cell-leaf\">\n<div>\n<p>When thinking about retirement, it can be overwhelming to figure out all the numbers, like what age you&#8217;re going to retire, how much money you need and how long do you need the money to last.<\/p>\n<p>We&#8217;ve put together an infographic checklist that can help you get started on this. We know this can be a difficult conversation so we&#8217;re here to help and provide guidance to help you achieve your retirement dreams.<\/p>\n<p><strong>Income Needs<\/strong><\/p>\n<ul style=\"margin: auto 2em 1.5em; list-style-type: disc;\">\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Determine how much you need in retirement.<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Make sure you account for inflation in your calculations<\/p>\n<\/li>\n<\/ul>\n<p><strong>Debts<\/strong><\/p>\n<ul style=\"margin: auto 2em 1.5em; list-style-type: disc;\">\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">If you have any debts, you should try to pay off your debts as soon as you can and preferably before you retire.<\/p>\n<\/li>\n<\/ul>\n<p><strong>Insurance<\/strong><\/p>\n<ul style=\"margin: auto 2em 1.5em; list-style-type: disc;\">\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">As you age, your insurance needs change. Review your insurance needs, in particular your medical and dental insurance because a lot of employers do not provide health plans to retirees.<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Review your life insurance coverage because you may not necessarily need as much life insurance as when you had dependents and a mortgage, but you may still need to review your estate and final expense needs.<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Prepare for the unexpected such as a critical illness or long term care.<\/p>\n<\/li>\n<\/ul>\n<p><strong>Government Benefits<\/strong><\/p>\n<ul style=\"margin: auto 2em 1.5em; list-style-type: disc;\">\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Check what benefits are available for you on retirement.<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Canada Pension Plan- decide when would be the ideal time to apply and receive CPP payment. (Payment depends on your contributions)<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Old Age Security- check pension amounts and see if there\u2019s a possibility of clawback.<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Guaranteed Income Supplement- if you client have a low income, you could apply for GIS.<\/p>\n<\/li>\n<\/ul>\n<p><strong>Income<\/strong><\/p>\n<ul style=\"margin: auto 2em 1.5em; list-style-type: disc;\">\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Review your company pension plan. Check if it\u2019s a defined benefits or contribution plan. Determine if it makes sense to take the pension or the commuted value.<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Make sure you are saving on a regular basis towards retirement- in an RRSP, TFSA, LIRA or non-registered. Ensure the investment mix makes sense for your situation.<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Don\u2019t forget to check if there are any income sources.\u00a0 (ex. rental income, side hustle income, etc.)<\/p>\n<\/li>\n<\/ul>\n<p><strong>Assets<\/strong><\/p>\n<ul style=\"margin: auto 2em 1.5em; list-style-type: disc;\">\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Are you planning to use the sale of your home or other assets to fund their retirement?<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Will you be receiving an inheritance?<\/p>\n<\/li>\n<\/ul>\n<p>One other consideration that\u2019s not included in the checklist is divorce. This can be an uncomfortable question, however divorce amongst adults ages 50 and over is on the rise and this can be financially devastating for both parties.<\/p>\n<h3>Next steps&#8230;<\/h3>\n<ul style=\"margin: auto 2em 1.5em; list-style-type: disc;\">\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\"><a href=\"\/contact\">Contact us<\/a> about helping you get your retirement planning in order so you can gain peace of mind that your family is taken care of.<\/p>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div><\/section>\n<div  class='avia-button-wrap avia-button-left  avia-builder-el-1  el_after_av_textblock  avia-builder-el-last ' ><a href='https:\/\/hfin.ca\/contact\/'  class='avia-button   avia-icon_select-no avia-color-theme-color avia-size-large avia-position-left '   ><span class='avia_iconbox_title' >Contact<\/span><\/a><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.9 - 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