Working until you’re dead is not a good retirement plan.
Retirement planning can be intimidating, but to avoid it means risking your dream of having a worry free retirement. Forward Thinking Financial will take on this intimidating task and assist in creating the optimal retirement plan for you which will allow you to obtain financial independence upon retirement and maintain your lifestyle.
Retirement Insurance:
What if something happens to you, affecting your livelihood before you are ready to retire? Forward thinking Financial can help get the right Insurance policy for you. Disability and critical illness insurance can protect your retirement investment in the event that you are injured or ill before you are ready to retire, you will be able to life the lifestyle you are accustomed to without needing to use funds reserved for your retirement while you recover.
Critical Illness Insurance: Protection for your lifestyle while in recovery from stroke, heart attack, or cancer treatment. This type of coverage will also allow you to maintain your savings for retirement, rather than using retirement savings to help offset costs while you recover.
Disability Insurance: Protection in the event that a disability makes working impossible. Just like critical Illness Insurance, this type of coverage will also allow you to maintain your savings for retirement, rather than using retirement savings to help offset costs due to your disability.
Individual Plans:
RRSP: (Registered Retirement Savings Plan) A tax- deferred account for retirement savings that can be started by any Canadian resident under the age of 71 who has earned income.
RRIF: (Registered Retirement Income Fund) Allows the investor at age 71 to convert money saved in the RRSP into a retirement income. There is a minimum annual withdrawal required based on age and the value of the RRIF, which is taxable.
Locked-In Plans:
Are plans created from the rollover of a RPP (registered Pension Plan- funds set aside by employer/ employee or both parties to provide a pension when the employee retires or ends their employment) Funds from a RPP can be transfered into a Locked -In plan for retirement.
LIF: (Life Income Fund) Can hold and pay out pension funds on retirement. Created using transfered locked- in funds from a pension plan, from an RRSP or from a LIRA.
LIRA: (Locked-In Retirement Account) Are locked in RRSP’s from an employer- sponsored pension plan. The income earned is tax-deferred as long as it is in the plan.
LRIF: (Locked-In Retirement Income Fund) Allows the investor to create income from the funds in a pension plan, LIF or LIRA .
Tax Free Savings Account:
A registered and flexible general purpose means of saving earning interest on your investment tax free. Canadians may contribute up to $5000 annually to a tax free savings account, and withdrawals are tax free.
Non Registered Investments:
Offer you the ability to invest more than your allowable RRSP limit. Non Registered Investments are similar to Registered investments except that there is no limit as to how much you can invest annually, and any growth is taxed as it happens.
Working until you’re dead is not a good retirement plan.
Retirement planning can be intimidating, but to avoid it means risking your dream of having a worry free retirement. Forward Thinking Financial will take on this intimidating task and assist in creating the optimal retirement plan for you which will allow you to obtain financial independence upon retirement and maintain your lifestyle.
Retirement Insurance:
What if something happens to you, affecting your livelihood before you are ready to retire? Forward thinking Financial can help get the right Insurance policy for you. Disability and critical illness insurance can protect your retirement investment in the event that you are injured or ill before you are ready to retire, you will be able to life the lifestyle you are accustomed to without needing to use funds reserved for your retirement while you recover.
Critical Illness Insurance: Protection for your lifestyle while in recovery from stroke, heart attack, or cancer treatment. This type of coverage will also allow you to maintain your savings for retirement, rather than using retirement savings to help offset costs while you recover.
Disability Insurance: Protection in the event that a disability makes working impossible. Just like critical Illness Insurance, this type of coverage will also allow you to maintain your savings for retirement, rather than using retirement savings to help offset costs due to your disability.
Individual Plans:
RRSP: (Registered Retirement Savings Plan) A tax- deferred account for retirement savings that can be started by any Canadian resident under the age of 71 who has earned income.
RRIF: (Registered Retirement Income Fund) Allows the investor at age 71 to convert money saved in the RRSP into a retirement income. There is a minimum annual withdrawal required based on age and the value of the RRIF, which is taxable.
Locked-In Plans:
Are plans created from the rollover of a RPP (registered Pension Plan- funds set aside by employer/ employee or both parties to provide a pension when the employee retires or ends their employment) Funds from a RPP can be transfered into a Locked -In plan for retirement.
LIF: (Life Income Fund) Can hold and pay out pension funds on retirement. Created using transfered locked- in funds from a pension plan, from an RRSP or from a LIRA.
LIRA: (Locked-In Retirement Account) Are locked in RRSP’s from an employer- sponsored pension plan. The income earned is tax-deferred as long as it is in the plan.
LRIF: (Locked-In Retirement Income Fund) Allows the investor to create income from the funds in a pension plan, LIF or LIRA .
Tax Free Savings Account:
A registered and flexible general purpose means of saving earning interest on your investment tax free. Canadians may contribute up to $5000 annually to a tax free savings account, and withdrawals are tax free.
Non Registered Investments:
Offer you the ability to invest more than your allowable RRSP limit. Non Registered Investments are similar to Registered investments except that there is no limit as to how much you can invest annually, and any growth is taxed as it happens.