Investments can play a key role in your financial security plan. For individuals, a mix of registered and non-registered savings, income and pension plans can help achieve short- and long-term goals. For employee groups, I can offer advice on registered and non-registered savings and pension plans.

Group retirement and savings plans

For business owners, group retirement and savings plans can play a key role in attracting and retaining quality employees.

Just like you, your dedicated employees are working towards a safe, secure future. Either provided independently or paired with group benefits, a group savings plan is a convenient, flexible and affordable way to help your employees reach their long-term financial goals.

Employees gain instant tax savings for their Group RRSP contributions, since they are made using pre-tax payroll deductions. They also receive the peace of mind that comes from knowing every month they are building towards retirement.

I can help you and your valued employees choose group retirement and savings products. We will design an investment plan tailored to fit the needs of everyone involved. Choose from products like:

• Registered retirement savings plans designed specifically for groups
• Deferred profit sharing plans
• Defined contribution pension plans
• Non-registered savings programs

Contact us today to learn about how group retirement and savings plans can benefit your business.

Health Care Needs

Longer life spans can also translate into more health issues that arise in the process of aging.  The federal government provides a safety net in the form of Medicare, however, it may not provide the coverage needed especially in chronic illness cases.  Planning for long-term care, in the event of a serious disability or chronic illness, is becoming a key element of retirement plans today.

Estate Protection

Planning for the transfer of assets at death is a critical element of retirement planning especially if there are survivors who are dependent upon the assets for their financial security.  Planning for estate transfer can be as simple as drafting a will, which is essential to ensure that assets are transferred according to the wishes of the decedent. Larger estates may be confronted with settlement costs and sizable death taxes which could force liquidation if the proper planning is not done.

Paying for Retirement

Retirees who have prepared for their retirement usually rely upon three main sources of income: Social Security, individual or employer-sponsored qualified retirement plans, and their own savings or investments. A sound retirement plan will emphasize qualified plans and personal savings as the primary sources with Social Security as a safety net for steady income.

Social Security

Social Security was established in the 1930’s as a safety net for people who, after paying into the system from their earnings, could rely upon a steady stream of income for the rest of their lives.

Traditional and Roth IRAs

Individual Retirement Accounts (IRA) are tax qualified retirement plans that were established as way for individuals to save for retirement with the benefit of tax favored treatment. The traditional IRA allows for contributions to be made on a tax deductible basis and to accumulate without current taxation of earnings inside the account.  Distributions from a traditional IRA are taxable.  A Roth IRA is different in that the contributions are not tax deductible, however, the earnings growth is not currently taxable. To qualify for tax-free and penalty-free withdrawals of earnings, a Roth IRA must be in place for at least five tax years, and the distribution must take place after age 59 ½ or due to death, disability, or a first-time home purchase (up to a $10,000 lifetime maximum).  Depending on state law, Roth IRA distributions may be subject to state taxes.

Distributions from traditional IRAs and employer-sponsored retirement plans are taxed as ordinary income and, if taken prior to reaching 59 ½, may be subject to an additional 10% federal tax penalty.

For more information on retirement income needs and income sources, please contact us today.