We'll help you put the pieces of your financial future together

At Success Foundations, we take all the pieces of your unique financial puzzle and put them together in one place.

Planning your retirement

For many people, the day of retirement is like a dream coming true. For most, it all came together as a result of good planning; for a few others it was good luck. Others may need a modest employment or rental income in their later years. Every person's plans and opportunities are different but our belief is that planning is the best guarantee for a fulfilling retirement. 

Here are a few topics that you may wish to consider when planning for your later years:

A retirement budget

  • Determine if your retiring date is realistic  
  • Re-evaluate your savings strategy regularly; mid and long-term
  • Define your anticipated sources of income  

An income strategy

  • Plan to purchase income products as an annuity or guaranteed investment funds to maximize your income
  • Ask for information on how some sources of income may cause government benefits to be reduced once certain income levels are reached

Insurance after retiring

  • There are some coverages that end when you retire, discuss and plan ahead which protections can continue from your group insurance
  • Evaluate if you need to get additional protection

Health insurance

  • In Canada, we are fortunate to have a system which we all fund. However, you may wish to give thought to some other health insurance plans that will cover you in different circumstances.
    • Critical Illness Insurance (CI) - CI pays you a lump sum if you experience one of a specified list of diseases or afflictions such as heart attack, stroke or cancer. The proceeds are not taxable and may be used for any purpose.
    • Long-Term Care Insurance (LTC) - The cost to live in a nursing home can be substantial. LTC insurance makes regular payments if you require institutional or at-home care due to loss of independence.
    • Out-of-Canada Travel Insurance

A simple visit to a hospital in the United States can be a costly surprise.

Planning for the next generation

  • Review your will to make sure the assets you want to leave to your heirs are distributed according to your wishes.
  • Plan your estate to shelter your heirs from paying a substantial tax bill. For example, if you gift a family cottage to a child, their tax bill on any capital gains could be significant

Whether you plan a time of leisure or anticipate working on activities and causes that motivate you – or a bit of both – give thought to making mindful plans to allow for these new opportunities. Of course, a financial services professional is a good resource with lots of helpful information and advice.

Links on this page direct you to further reading on our national web site at www.dfsin.ca.