When you retire, your financial situation will change dramatically. The decisions you make today will have a big impact on your future standard of living. To handle Retirement Planning Calgary successfully, start by setting the date of your retirement and inform your compensation fund of your retirement at least three months before your last day of work, so that the pension is paid to you punctually.

If you plan to withdraw your second pillar or part of it in the form of capital, check with your pension fund for the time limit for requesting the payment of the principal. Weigh carefully the advantages and the disadvantages of each solution before opting for the rent or for the withdrawal of the capital. Also consider a combination withdrawal, which consists of withdrawing one annuity, the other in the form of capital.

Plan in advance for the withdrawal of your pension assets. Withdrawing these assets over several fiscal years can be advantageous from a tax point of view. Establish a budget by listing both your current expenses and your projected retirement income. Check if these recipes will be enough to maintain your standard of living in retirement.

Make a detailed financial plan that shows the evolution of your expenses, your income and your fortune until you retire. If you find that your future income will be insufficient, calculate how much additional capital is needed to fill this gap. Try to save this money through buy-backs in the pension fund.

Redefine your goals for managing your wealth: will you need to consume your wealth to supplement your income or can you afford to keep the substance for your heirs. Establish your new investment strategy. Structure your wealth to ensure your long-term income and adapt your investment strategy accordingly. If you do not want to define your strategy alone and manage your wealth yourself, contact a trusted wealth manager.

Would you like to write off your mortgage or repay it entirely? Make a decision by keeping enough cash to deal with unexpected events. It is time to settle your estate: ensure the financial future of your loved ones through a will, a marriage contract or an estate agreement. Planning your estate well is all the more important if you withdraw your second pillar in the form of capital. Ask yourself whether it is relevant to appoint an executor who will take care of your last wishes.

Determine when you can at the earliest benefit from the benefits of the pension fund. Ask about the size of the cuts in case of anticipated collection.