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How people like you make their retirement dreams come true
How people like you make their retirement dreams come true
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Make those retirement savings last
Sylvie and Hugues have been comfortably retired for several years now, but the recent financial crisis really shook their confidence in the stock market. Now they’re wondering how to grow their nest egg, manage it effectively, and protect
against unexpected downturns.
Find out how Desjardins helped Hugues and Sylvie
Sylvie and Hughes met with a Desjardins financial planner to talk about their concern over recent events in the markets. He analyzed their overall needs and recommended some simple, effective solutions that will let them make the most of their
retirement without worrying about ups and downs in the financial world.
Here’s what their financial planner suggested:
Here’s what their financial planner suggested:
- Reviewing their investor profiles and asset allocation with an eye to their appetite for risk and their life expectancies, which are increasing steadily as new advances are made in medicine
- Making sure they have enough funds to cover their short-, medium-, and long-term plans by identifying all sources of retirement income (savings, annuities, government benefits, etc.) and seeking out tax benefits that they can take advantage of, depending on their income sources
- Developing a savings withdrawal strategy that will minimize income tax exposure and maximize their investment horizon
- Taking a multi-generational approach to financial planning, making sure that their wills reflect their wishes Remembering that financial issues are often more about emotions than they are about money problems
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Closing in on retirement
With just 3 months to go, Louise and Michel are counting the days till retirement. They have a long list of projects to keep them busy, but their finances have them worried. Between employer pension plans, RRSPs, government pensions, taxes, life
insurance and the like, Louise and Michel are wondering how to keep their investments safe while making the most out of this phase of their lives.
Find out how Desjardins helped Louise and Michel
With their heads full of plans, Louise and Michel sat down with their Desjardins financial planner. He took stock of their needs, then drew up a personalized financial plan
Here’s what their financial planner did:
Here’s what their financial planner did:
- Using projected interest, inflation, and longevity rates, he developed 4 scenarios showing how they could fulfill their plans while staying within their financial means.
- He explained the difference between an RRSP and a TFSA and pointed out the pros and cons of various investment vehicles. And he stressed that they should never make an investment they didn’t understand.
- He suggested they look into restructuring their debts in order to reduce expenses and gain a bit more "financial wiggle room".
- He also suggested signing up for Desjardins Vision-Retirement, an integrated solution that would evaluate their income, insurance, and estate planning situation and produce a personalized financial plan.
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Retire now—or wait till next year?
Even though a number of Stephen friends have retired, he’s still at it because he loves the rewards and interactions that his work brings. Stephen knows a thing or two about personal finance, so he isn’t worried about his golden years.
But he is concerned about whether he can live within his means once he cuts back on his workload, and how he can get the best possible return on his investments.
Find out how Desjardins helped Stephen
Stephen met with his financial planner to discuss ways of making his financial situation even more sound once he finally decides to retire.
Here’s what his financial planner recommended:
Here’s what his financial planner recommended:
- Reviewing his investor profile and asset allocation with an eye to his appetite for risk and how many years remain before he’ll have to start tapping into his nest egg
- Structuring his income to compensate for working shorter hours
- Maximizing his RRSP contribution and taking advantage of unused contribution room
- Using his RRSP or TFSA contribution room for interest-generating investments and putting investments that produce capital gains or dividends in a non-registered portfolio (if his investible assets exceed contribution room), since these investments are taxed at a lower rate
- Focusing on investments with lower fees
- Arranging non-RRSP investments that are tax-deferred until they are sold
- Planning to split income with his spouse—by contributing to her RRSP, for example—thereby reducing the couple’s tax liability at retirement
- Paying down debts, including his mortgage loan, as much as possible to ease the transition to retirement
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Do I have enough to retire at age 60?
Julie has a flourishing career, and her friends marvel at her proficiency when it comes to RRSPs, TFSAs, and other financial products. Her house is paid off and she’s saved enough to cover the rest of her years. However, she’s still
not sure whether she can retire at age 60 instead of 65, as originally planned. But why not—hasn’t she earned it?
Find out how Desjardins helped Julie
Julie met with her financial planner to make sure her savings cushion would allow her to move her retirement up 5 years.
Here’s what her financial planner suggested:
Here’s what her financial planner suggested:
- Using a personalized retirement planning tool like the one available from Desjardins to determine how much money she’ll need once retired
- Taking full or partial advantage of unused RRSP contribution room and investing the resulting tax savings in a tax-sheltered vehicle:
- RESPs, if she wants to provide for her children’s post-secondary educations (and take advantage of a Quebec education savings incentive)
- TFSAs, to cover her short- and medium-range plans
- Planning an income splitting strategy with her spouse—by contributing to his RRSP, for example—thereby reducing the couple’s tax liability at retirement
- Rebalancing her portfolio in keeping with her investor profile to maximize growth investments and ensure that holdings are age-appropriate as she nears retirement
- Staging one last savings sprint so she can retire on her timetable
- Making sure that her spouse will have sufficient income if she dies
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Retirement is a long way off, but…
Martin has just started his career and is brimming with the carefree optimism of youth. His financial priorities revolve around “the now”: buying a house, paying off his student loans, and living life to the max—the rest will come
soon enough! Financial concepts don’t scare him, but he’s never taken time to do any formal planning for retirement since that day seems so far away.
Find out how Desjardins helped Martin
Martin stopped in to see his Desjardins advisor to learn about the advantages of contributing to an RRSP
Here’s what his advisor suggested:
Here’s what his advisor suggested:
- Familiarizing himself with government pension plans, which provide only basic income. Public plans can’t be accessed until 59 years of age, which poses a significant problem for those who go through a period of unemployment due to illness or job loss.
- Setting up a realistic budget in keeping with his aspirations and tracking discretionary spending for the purpose of cutting back and creating some financial breathing room that lets him save more
- Budgeting for RRSP contributions, which will help him take advantage of his long investment horizon and make it easier to buy his first house if he’s not already a homeowner
- Paying his credit card balances in full every month
- Taking advantage of systematic savings through an RRSP or TFSA, because it’s important to establish good financial habits
- Establishing a good credit and borrowing history to improve his personal financial status
- Investing in a TFSA to accumulate savings for an emergency or short-term project
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It’s time to start saving
Maude loves her job, even though she could earn more elsewhere. She sticks to her budget, but she’d obviously like to have a bigger nest egg. Retirement isn’t an immediate financial priority, as she hopes to first cut back her workload
and take longer vacations instead of stopping work completely.
Find out how Desjardins helped Maude
Even though her needs are modest, Maude met with her Desjardins advisor to talk about how to make life more comfortable in the years ahead.
Here’s what her advisor suggested:
Here’s what her advisor suggested:
- Making up a budget based on her monthly net income, setting her financial priorities, and creating some wiggle room so she can pay off her credit card balances and save using periodic investments
- Using TFSA investments to build an emergency or savings fund and, once retired, making withdrawals that will not impact what she receives under government programs
- Paying off her debts, beginning with those that have higher interest rates
- Contacting consumer assistance groups to learn more about personal financial resources and education available in her area
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Struggling to stay on track
Lucy has a job, but it seems that every penny earned goes to paying bills and debts. Retirement is such a distant goal…will she ever manage to make it? Lucy spends more than she makes and doesn’t have much financial leeway, even though
her income is slightly above average. She has access to a pension plan at work, but wonders what she can do to get some financial breathing room.
Find out how Desjardins helped Lucy
Lucy sat down with her Desjardins advisor to talk about how she could make her financial situation less stressful.
Here’s what her advisor recommended:
Here’s what her advisor recommended:
- Setting up and sticking to a realistic budget so she can gain some breathing room that will help her save more
- Setting a goal to increase her financial wealth, and identifying various ways to make it happen
- Using periodic investments to make RRSP contributions, which will help her become a more disciplined saver
- Using tax refunds, if applicable, to pay down her debts, beginning with those that have the highest interest rates
- Putting her long-term strategy down in writing so she can document the tangible advantages that come with an improved financial situation
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How can I save with such low wages ?
Sebastian’s job just doesn’t pay enough to let him enjoy sound financial health. With money tight, he has bigger issues than thinking about retirement. And personal finance isn’t really his thing—it’s all so
complicated! But he knows it’s time to get serious about improving his situation.
Find out how Desjardins helped Sebastian
Tired of stretching his finances to the limit, Sebastian met with his Desjardins advisor to see how she could help him improve his situation.
Here’s what his advisor suggested:
Here’s what his advisor suggested:
- Setting up and sticking to a realistic budget so he can gain a bit of breathing room that will help him save more
- Using periodic investments to make RRSP contributions, which will help him become a more disciplined saver
- Using tax refunds, if applicable, to pay down his debts, beginning with those that have the highest interest rates
- Putting his long-term strategy down in writing so he can document the tangible advantages that come with an improved financial situation
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