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“ An intelligent plan is the First step to success. If you don’t know where you are going, how can you expect to get there?”
------ Basil S. Walsh
Retirement Planning
No matter where you are on your journey, Amerity can help you feel more confident and prepared for what’s ahead. Our advisor can guide you each step of the way.
Saving for retirement
Saving for retirement is a marathon, not spint, and it’s not always easy to know if you are on the right track. These guidelines can help you stay on course-or get up to speed. We recommend you save 10% of you income – including employer matching contributions-each year.
Strategies to Maximize your Retirement savings
Maximize your RRSP employer match
If you employer offers a retirement plan, ensure to make it first priority take advantage of the entire match-it’s basically ”free” money. Companies that offer such plans typically match your contribution dollar-for-dollar or 50 cents on the dollar, up to a certain percentage of your contribution.
Check to see whether you're currently contributing enough to get the full match and if you're not, consider adjusting your contribution amount to get that "free" money.
Automate your contributions
One of the easiest and most popular ways to make saving a regular habit is to set up automatic contributions through retirement savings vehicles like Register Retirement Savings Plans (RRSPs). We recommend that you set up automated contributions to your retirement accounts that are timed with your paycheck, so you never have to think about it.
Automatic contributions make sure you prioritize retirement and spread investment risk over time.
Other Retirement savings vehicles
Locked-in RRSPs/LIRAs for Your Pension Payout
If you need to receive a lump sum payment from your company's Registered Pension Plan (RPP), your Advisor can help you determine whether you can transfer the accumulated benefits to a Locked-In RRSP or Locked-In Retirement Account (LIRA).
A Locked-In RRSP or LIRA is very similar to a regular RRSP except that funds can only be withdrawn by converting to a:
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Life Annuity
Available in all provinces, a life annuity gives you a steady lifetime income stream fixed at a certain rate.
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Life Income Fund (LIF)
Also available in all provinces, a LIF gives you control over how your assets are invested. There are minimum and maximum amounts of income you must receive from a LIF. In addition, except in Quebec, you must convert your LIF to a life annuity before you turn 81.
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Locked-In Retirement Income Fund (LRIF)
LRIFs are available in Newfoundland and Labrador. They are similar to LIFs, except there is no requirement to convert remaining funds to a life annuity after you turn 80.
In building your retirement saving plan, your Investment Advisor has access to a complete universe of investment products including Thousands of mutual funds.
Insights
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