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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.
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
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.
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.
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.
I’ve decided to write a series of articles on Do It Yourself Pension Plan. Over the next few weeks, we’re going to show individuals how to create their own plan. Here’s why I elected to do this…
In September 2011, the Office of the Superintendent of Financial Institutions Canada ‘OFSI’ released a detailed report on the changes seen by Canadian workers in regards to having future retirement income between the years 1997 and 2009.
TIP: To hit a target, you must aim at it.
The immediate areas you need to look at are:
1) Establishing budgets and controlling costs
2) Building cash reserves by starting regular savings programs
3) Saving income taxes
Some specific questions you need to think about:
TIP: Since nobody knows the absolutely best time to invest, it pays to invest all the time.
Dollar cost averaging is the most efficient way of taking advantage of fluctuating markets.
In 2008, the bottom fell out of the global markets. Regardless as to where you were invested, you were affected. Since then, the markets have gained steadily, but in 2011, have tumbled a bit again, thankfully not to the level of the 2008 crash.
Tip: Pay yourself first
The key to this is to systematically put money away on a regular basis with the same fidelity that you pay your mortgage. This will guarantee that you have all you need to be able to live the way you want to live, for as long as you live.
Intrigued?
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Tel: (705) 733-3338 Office Locations: 117 Bayfield Street, Suite 101, Transamerica Building 5000 Yonge Street, 8th Floor, With the help of our Toronto financial advisor, Investors Source Wealth Management Toronto can help you reach financial goals sooner. Our Toronto financial planner will develop a custom plan tailored to your specific needs. If you are looking for a Barrie financial advisor we also have Investors Source Wealth Management Barrie and our Barrie financial planner can help you with your financial planning or Barrie life insurance needs. |
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