Fireside Financial Ep. 2: Maximizing Your Retirement Benefits
In this episode of “Fireside Financial”, Joseph Curry and Regan Schiller explore all aspects of retirement planning to help listeners achieve their retirement goals. With the advancement of software, their perspective on when to receive CPP and OAS has changed. They explore the benefits of delaying both, as well as consider life expectancies. But what if the government's financial position changes? What will happen to your retirement plans? Tune in to find out.
What You’ll Learn in Today’s Episode:
Discover how postponing CPP and OAS benefits could lead to a more financially secure retirement.
Uncover the key individual factors that can greatly impact your retirement planning decisions.
Learn how seeking qualified advisors can lead to more effective retirement planning and greater peace of mind.
Find out how to confidently navigate the intimidating and sometimes embarrassing steps of the retirement planning process.
Realize the importance of a customized approach in addressing unique retirement planning situations.
Ideas Worth Sharing:
“The longer you delay receiving that income, it’s just more of a guaranteed income that you will receive.”
“You really do have to look at it from the overall spectrum and where is that sweet spot specifically for you?”
“Get information first and then make a decision.
Resources In Today’s Episode:
Ep # 18 - Canada Pension Plan and Old Age Security Timing
Retirement Benefits: How to Craft a Custom Plan that Delays CPP & OAS
In this blog post, we’ll show you exactly how to create a customized retirement plan that incorporates delaying your Canada Pension Plan (CPP) and Old Age Security (OAS). Consider these benefits to maximize your financial security in retirement.
Our experiences have taught us that every person's situation is unique. There is no one size fits all approach when it comes to retirement planning. By the end of this post, you'll have a clearer understanding of how to make smarter decisions about delaying CPP and OAS.
Assess your current financial situation and retirement benefits
In addition to identifying the most suitable timing for CPP and OAS benefits, careful allocation of your investments and assets can further enhance your retirement income strategy.
Your advisor can help you determine the optimal mix of investment choices. Your asset allocation should be based on your risk tolerance, financial goals, and retirement timeline. It's also essential to review your investment portfolio regularly and adjust it as needed.
Assessing your current financial situation and taking the necessary steps to maximize your retirement income is an essential part of planning for a comfortable and secure future. From deciding whether to delay claiming CPP and OAS benefits to optimizing asset allocation and estate planning, the assistance of a qualified financial advisor can help with this complex landscape.
By taking charge of your retirement plans, you set the stage for a fulfilling and worry-free retirement.
Determine your retirement goals and needs
Another key aspect to consider when determining your retirement goals is your desired lifestyle. This includes hobbies and passions you want to pursue during retirement. This will significantly impact your financial requirements, as well as your overall satisfaction with your retired life.
Do you plan on traveling frequently or taking up new hobbies? Are you considering volunteering, working part-time, or starting a small business? These decisions will affect your financial planning and how you allocate your time and resources during retirement. By reflecting on your interests and activities, you can get a clearer understanding of your overall retirement goals. This, in turn, will ensure that your retirement plan caters to your emotional and psychological well-being, as well as your financial stability.
It is important to continually monitor and adjust your retirement strategy. It is crucial to optimize your benefits and overall financial security. Revaluating your goals and needs also offers an opportunity to course-correct. This ensures that your plan remains relevant and aligned with your aspirations.
Evaluate your retirement benefits and life expectancy and health
Moreover, it is important to continually re-evaluate your life expectancy and health status throughout your retirement years. Unforeseen changes may arise that could impact your financial plans. Regular check-ups with healthcare professionals as well as staying informed about medical advancements help. It is also important to maintain a healthy lifestyle to promote longevity.
For instance, consider that potential health complications and long-term care requirements may place additional strain on your financial resources. This highlights the importance of implementing a flexible and adaptive retirement plan. By staying proactive in managing your health, you can ensure you are better prepared for any unexpected financial challenges. Retirement planning does not only focus on securing a comfortable income, but it also offers support for overall well-being and life satisfaction.
As such, integrating retirement planning with a thoughtful evaluation of life expectancy and health can contribute to a more fulfilling retired life. Emphasizing the symbiotic relationship between financial security and well-being can encourage healthier lifestyle choices that may lead to lower healthcare costs in the long run.
Analyze your tax brackets and income history to understand your retirement benefits
In addition to examining your tax brackets and income history, it's important to consider other external factors that can impact your retirement plan. For instance, market conditions, inflation rates, and the constantly changing economic landscape can all play a significant role in the success of your retirement plan. Integrating these factors into your decision-making process ensures a more robust retirement strategy that can respond to the unpredictability of financial markets.
Moreover, maintaining a diversified investment portfolio can help safeguard your retirement savings and provide a level of financial security throughout your retirement years. This underscores the importance of working closely with financial advisors who can help you navigate these complexities.
Lastly, it's essential to emphasize the importance of regular reviews and adjustments to your retirement plan. As you progress through different stages of your life, your financial goals, lifestyle preferences, health status, and personal circumstances may change. By consistently revisiting and adjusting your retirement strategy, you can ensure that your plan remains aligned with your evolving needs and priorities.
Analyzing your tax brackets and income history is a fundamental step in designing a customized retirement plan that optimizes your retirement income and overall financial goals.
Understand the upside of delaying CPP and OAS retirement benefits
Planning for retirement can seem overwhelming, but optimizing your CPP and OAS timing is an essential aspect to consider when working towards achieving smarter retirement strategies.
Understanding essential steps like assessing your financial situation, setting retirement goals, considering life expectancy, and evaluating your tax situation is important. This will help you to understand the benefits of delaying CPP and OAS.
By collaborating with experienced and knowledgeable financial advisors like Joseph Curry and Regan Schiller, you can rest assured that your retirement strategy is comprehensive, personalized, and adaptable to your unique circumstances, ensuring a secure and prosperous retirement for you and your loved ones.
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DISCLAIMER: Investment services are provided through Matthews and Associates Investments of Aligned Capital Partners Inc., an approved trade name of Aligned Capital Partners Inc © Podcast Abundance | podcastabundance.com (ACPI). Only investment-related products and services are offered through ACPI/Matthews and Associates Investments of ACPI and covered by the Canadian Investor Protection Fund. Tax planning, financial planning and insurance services are provided through Matthews and Associates. Matthews and Associates is an independent company separate and distinct from ACPI/ Matthews and Associates Investments of ACPI. Matthews and Associates are not licenced tax professionals, and you should consult with your tax advisor before acting on any recommendations.