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Spotlight: Stressed out over retirement planning?

Retirement should be about revival, not survival. Put your mind at ease with these helpful tips.

Thoughts of retirement can be daunting. Many look at it as an opportunity to accomplish lifelong goals, pursue a new passion, or embark on new adventures.

Your life-after-work should be a beacon of excitement. But for some reason, a looming cloud of uncertainty about financial security shrouds the sunny path many people have mapped out.

Will your concerns over money hold you back from doing that one thing you’ve always wanted to do?

How will you be able to enjoy these magic years if your finances dwindle?

If that’s how you’re feeling, you’re definitely not alone. For most, enjoying those years after work hinges on attentive financial planning. And that means making investments that suit your income and support your future goals.

RRSPs for a financially healthy retirement.

One of the best, and most popular, ways to plan for the retirement you want is with RRSPs. These investments provide countless opportunities to make you feel at ease about how your money is secured, and how it will work as part of the bigger picture to your retirement planning.

RRSPs let your contributions grow in a tax - sheltered environment until your funds are withdrawn. Plus, your contributions are tax deductable giving this option added and immediate benefits.

Flexibility in rate terms allow advisors to tailor the best investing formula for you. While additional features including pre-authorized contribution programs have you investing with ease and confidence.

GICs are a great low risk option for your RRSP portfolio.

Including Guaranteed Investment Certificates (GICs) in your RRSP portfolio provide a safe and flexible option for retirement saving. For example, financial investments like Northern Credit Union’s 4-Year True North Free GIC are completely secure and offer a great rate at 2.50%, plus the opportunity to redeem after the first, second or third anniversary in case you need the money sooner rather than later.

Long story short, GICs are worth looking into. They’re simple and provide peace of mind through guaranteed fixed returns.

Protect your gains with a TFSA.

As your retirement investments grow, the taxman will be looking to collect on your gains. A great way to protect your growing investments is to secure them in a Tax-Free Savings Account. There are a number of qualifying investments you can incorporate into your TFSA including bonds, GICs, credit union shares, mutual funds and more. To find out more about the many options available to you, it’s best to speak to your financial advisor.

And unlike an RRSP, you can bank your savings in a TFSA (up to the maximum annual limit) while growing your investments.Tax. Free.

Invest right and pay yourself. You’ve earned it.

You’ve retired and it’s time to enjoy. That means paying yourself the amount you need to cover the cost of living expenses, disposable income, plus amounts withdrawn for those other pursuits you’ve been dreaming of.

All while maintaining the stress-free temperament you long for.

Transferring your RRSP to a Registered Retirement Income Fund (RRIF) gives you the option to comfortably withdraw your hard-earned savings while continuing to grow your investments.

RRIFs offer an environment for financial growth with the benefit of a deferred tax burden, plus rate options that provide the flexibility you need to enjoy your retirement.

Why not continue to earn more while you spend?

Make sense of your retirement plan.

Preparing for life-after-work doesn’t just mean securing funds to take you comfortably through retirement. It also involves having a plan on how to invest with your goals in mind; maximizing the benefits of different financial products and plans; protecting your financial gains; and strategizing on efficiently drawing on funds once you retire.

This can be a lot to digest. But don’t worry.

You can eliminate uncertainty about your future by contacting your local credit union and get the information you need to secure the retirement you deserve.