Choose your settings
Choose your language
Wealth management

Retirement planning: How an advisor can help

June 28, 2023

When you want to carry out large-scale projects that require more in-depth knowledge, it’s often better to have someone guide you. When it comes to planning a major milestone like retirement, it’s best to turn to a professional.

Given longer life expectancies and advances in healthcare, your retirement will probably be longer than you think. An experienced advisor can help you minimize your chances of outliving your savings. And that’s not all. Here are 3 good reasons to turn to an advisor.

1. You’ll be more efficient and get personalized advice

Let’s face it. Financial management and retirement planning aren’t most people’s idea of a good time. So, why not ask for an advisor’s help? They have the tools and knowledge to help you better manage your savings and debt and make sure your insurance needs* are covered. They can help you determine the best investments and vehicles for you, including RRSPs and TFSAs. You’ll get a head start on your retirement planning, while enjoying life now.

2. You can count on professional support, even during the most difficult times

Money is a major source of stress for many people. If that’s true for you, your advisor can boost your peace of mind by helping you take a step back, make rational decisions and better manage your risks.

More specifically, they can help you prepare different scenarios and determine the best time to retire and what you want to do post-retirement. You can rest easy, knowing you have a plan and how you’ll get there.

3. You’ll increase your chances of a successful retirement

Even if you developed your own retirement plan, it’s not always easy to stay focused on saving for this major milestone. Not to mention your situation could change or something unexpected might happen, forcing you to ditch all those good habits.

Your advisor can do periodic follow-ups to help you stay on track on with your goals and recommend any necessary adjustments.

Did you know?

It’s been shown that investors get higher annual returns and save more over the long term when they use an advisor.1

Find out all your advisor can do for you

Besides giving you a clear picture of your financial situation before and after you retire, your advisor can help you achieve your goals.

How can an advisor help you plan your retirement?

Besides giving you a clear picture of your financial situation before and after you retire, your advisor can help you achieve your goals.

Find out all your advisor can do for you:

  • Calculate how much to save each year so you can retire at your target age and reach your goals
  • Identify all your sources of income and calculate how much you’ll have in retirement
  • Maximize your tax savings with contributions to registered plans like RRSPs and TFSAs and appropriate tax strategies
  • Determine the best ways to boost your retirement savings by recommending the right investments for you
  • Prepare and update your personalized plan, starting with specific assumptions based on your investor profile, life expectancy and inflation
  • Develop your retirement budget, taking into account your retirement income, and determine if you’re on track to achieve your objectives, considering what it will cost to maintain your lifestyle
  • Plan a tax-efficient payout strategy for your investments to make sure you have enough retirement income
  • Assess and re-evaluate your insurance needs to prevent an unforeseen event from affecting your retirement savings

Get an advisor to help you achieve your retirement dreams

The perfect retirement doesn’t just happen—you have to plan for it. For help, contact an advisor today.

1. Results show that plan members associated with a financial advisor for more than 15 years have, on average, 173% more financial assets (or 2.73 times the asset value) of “equivalent” plan members who don’t use an advisor. The Gamma Factor and the Value of Financial Advice ( External link. This link will open in a new window.