Retirement Planning
Discover how our expert retirement planning can secure your future
Your Retirement, Your Vision
We aim to help you begin your retirement planning journey as early as possible, but we’re here to assist you at any stage. Whether you’re just starting or already on your way, we’re dedicated to helping you achieve the retirement lifestyle you’ve always envisioned.
Your Retirement – common questions
- WHEN CAN I RETIRE?
- HOW MUCH INCOME WILL I NEED TO RETIRE COMFORTABLY?
- WHAT SHOULD MY ANNUAL SAVINGS BE TO REACH MY GOALS?
Everyone has a unique vision for their retirement, and it’s natural to have questions about how to achieve it. Regardless of your current life stage or where you are in the planning process, we strive to alleviate your concerns and provide peace of mind. By helping you develop a comprehensive financial plan and a clear roadmap, we ensure you’re on track to enjoy the retirement you’ve always dreamed of.
Retirement planning involves pinpointing your future income sources and expenses, then creating a strategy to achieve your financial goals.
Start Planning for Your Future
Whether you’re ready to retire or just beginning to plan, establishing and regularly reviewing a financial strategy is crucial. With evolving tax laws and many investment options, continuous monitoring and updating are essential to stay on track.
RRSP Calculator
Get free access to our RRSP calculator and take the first step towards securing your financial future with premium insights and guidance.
Retirement Income
Estimate the total income you can expect in retirement from your RRIF.
Retirement Planning in Canada FAQ
It's never too early to start retirement planning. Ideally, you should begin as soon as you start earning income. Craven Financial Planning can help you create a tailored plan at any stage of your career.
The amount varies based on lifestyle and goals. A general rule is to aim for 70-80% of your pre-retirement income. Craven Financial Planning offers personalized assessments to determine your specific needs.
RRSP contributions are tax-deductible and grow tax-free until withdrawal, while TFSA contributions are not tax-deductible but withdrawals are tax-free. Craven Financial Planning can help you balance both accounts for optimal retirement savings.
Diversifying your investment portfolio, taking advantage of tax-advantaged accounts, and strategic withdrawal planning are key. Craven Financial Planning provides expert advice to maximize your retirement income.
By the end of the year you turn 71, you must convert your RRSP to a RRIF or annuity. Craven Financial Planning can guide you through this transition to ensure continued growth and income.
- Delaying CPP benefits can increase your monthly payments. For every month you delay after age 65, your benefits increase by 0.7%. Craven Financial Planning can help you decide the best timing for your CPP.
- Diversification and a long-term perspective are crucial. Craven Financial Planning offers strategies to protect and grow your investments, even during uncertain times.
Life insurance can provide financial security for your dependents and cover estate taxes. Craven Financial Planning can help integrate life insurance into your comprehensive retirement plan.
Investment and Retirement Products
| TFSA | A tax-free savings plan for various financial goals. | Learn more |
| LIRA | Transfer your former employer’s pension savings into a LIRA. | Learn more |
| Non-registered Savings | A flexible plan for saving beyond RRSP and TFSA limits. | Learn more |
| RRIF | An RRSP extension to manage retirement income after age 71. | Learn more |
| LIF | Withdraw funds from a LIRA periodically for retirement. | Learn more |
| RRSP Loan | A loan option to continue contributing to your RRSP. | Learn more |
| RESP | Save for your child’s education with government grants. | Learn more |
| RRSP | A tax-advantaged retirement savings plan to reduce taxable income. | Learn more |
| PPI Management Inc. | Access a wide range of insurance products via PPI Management Inc. | Learn more about PPI Management Inc. |
Secure your financial future with tailored investment products from Craven Financial Planning. Our expert advisors will help you navigate the complexities of the market, offering personalized strategies to grow and protect your wealth. Take the first step towards achieving your financial goals—contact Craven Financial Planning today for a comprehensive investment consultation.
