I was just as shocked as you to realize that a Do It Yourself Pension Plan blog could be broken up into a 6 part series, but here it is. The last one. Hopefully, I’ve convinced you that creating your own pension plan is the smartest thing that you can do for yourself.

Whether your assets are in a RRSP, RRIF, TFSA, GIC or a good old fashioned bank account, you can create your own pension plan. $10,000 gets you started and you can guarantee your income. In my examples I used a static initial investment. I didn’t even touch on the fact that ongoing contributions further increase the benefits the investor will receive.

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I love guaranteed investment products. Benjamin Franklin was the one who said that nothing in life is guaranteed but death and taxes. Ben was wrong. Your retirement income can be guaranteed as well.

In part 3 and 4 of my series I used John as my example. Thanks for showing up John, but now we move over to Lisa. Lisa is an even bigger winner than John. She’s got less money to start with, but the benefits she receives are better than John’s

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This series is on utilizing a Do It Yourself Pension Plan program.

Last week, I introduced you to John. If you recall, John age 65, had saved $500,000. Upon retiring, he needed to draw on his savings as he didn’t have a pension. John wanted a 5% payout every year, which equated to an annual income from his savings of $25,000. At 81, 16 years in, his original investment was gone due to lousy global markets. However because he created a Do It Yourself Pension Plan, he still received $25,000 a year until he passed away at 85. For 20 years, he got his money, GUARANTEED.

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People spend their entire lives saving and worrying about their future retirement. Once in retirement, they spend their retirement worrying that they will have enough to live on. Worrying and retirement have become synonymous.

At Investors Source we fix broken investment plans. When we get a new client, our first job is to erase the fear that we can see in their eyes. Then we work on converting their worries into a feeling of calm and happiness. It’s a big job, but so worth it. Our greatest successes have been to show people how to create their own pension plans.

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If the amount of people who will receive a Registered Pension Plan dropped from 35% in 1999 to 33% in 2009, does that mean that those who made up the difference elected to make the most of their retirement savings? Doubtful.

We see it all the time. From professionals such as teachers and nurses to labourers’ and technically skilled individuals, regardless as to what they do everyday for employment, they all seem to have this misconception that maxing out their Registered Retirement Savings Plans (RRSP) is not a tactically advantaged thing to do.

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