What will be your sources of income once you will have retired?

What will be your sources of income once you will have retired? (2 min 01 s)

Added on January 9, 2017

Description
The good news is that most people don't need as much income in retirement as when they're working. Angela Iermieri, Financial Planner at Desjardins, explains RRSPs, TFSAs and government plans.

  

See all our Webcasts

What will be your sources of income once you will have retired? (2 min 01 s)

Added on January 9, 2017 | Personal

Note: The information in brackets describes the visual and audio content of the video that is not dialogue or narration.

[Background music]

[In a large room filled with windows, we see a television screen that reads "The WebFinance Zone." A woman approaches.]

[The woman's name and title appear at the bottom of the screen: Angela Iermieri, Financial Planner for Desjardins Financial Services Firm Inc.]

Like many people, you look forward to retirement and it's natural to wonder if you'll be ready financially. In recent years, many of the factors affecting retirement income have changed: we're living longer, fewer people can count on private pension plans and government plans have become more complex.

[The screen behind the woman depicts several images: a person, horizontal arrows representing a journey, symbols of money coming in and going out.]

That's why your advisor is the best person to help you determine how much you need to save for retirement.

Once you've determined when you want to retire, your advisor can help you build a plan to get as close to your goal as possible. Start by making a retirement budget. This can help you determine if your income can offer you the lifestyle you want.

[The screen behind the woman depicts an image of a bag with a dollar sign on it and arrows. Each arrow points toward a different image: a boat, a plane, an individual holding a golf club, a hammer and a paint roller.]

The good news is that most people don't need as much income in retirement as when they're working.

Of course, it all depends on the type of retirement you have in mind. You might be able to count on a company pension plan, real estate investments, an RRSP or TFSA portfolio and, of course, government pension benefits.

When it comes to government benefits keep in mind that if you plan to retire before age 60, you won't be eligible for any benefits.

[The screen behind the woman displays the text, "Before 60, $0 government annuities.]

From age 60 to 65, your benefit amount will be reduced.

[The screen behind the woman displays the text, "From 60 to 65, reduced government annuities.]

If you retire at age 65, you'll receive the full benefit amount.

[The screen behind the woman displays the text, "At 65, full government annuities.]

After age 65, your benefit will be higher.

[The screen behind the woman displays the text, "After 65, higher government annuities.]

So, the longer you wait to apply, the more your benefits will be. Government benefits provide a basic income, so, depending on your needs, you'll probably have to turn to your investments to make up any shortfall.

[The screen behind the woman reads, "The WebFinance Zone." ]

An investment strategy that takes your budget and objectives into account will help you build your retirement savings.

As you can see, there's no magic formula for calculating how much you need to save for the kind of retirement you want. So, start planning for it now.

Your Desjardins advisor can help you build a plan so you can achieve your dream retirement.

[An email address appears on the screen with "Questions? questions@desjardins.com." The Desjardins logo and "Desjardins Wealth Management" appear below.]

[Music]

If you have any questions for me, just send them to the address shown on screen.

I'll talk to you soon.

[Desjardins logo on a white background with the words "Desjardins Wealth Management."]

END OF TRANSCRIPT