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Where does your retirement plan stand?

Surveys show that most Boomers aren't saving enough for their retirements - and this was before the most recent bear market. Are you still on track to achieving your retirement goals?

In the wake of the financial crisis, your net worth has undoubtedly been knocked down. You may be earning a lower rate on some of your investments and may have less cash flow available to invest for the future. All of this can have an impact on your retirement plan.

The good news is that there are a number of ways you can adjust your plan to reflect the new realities. Here are some examples:

• You may be able to free up cash flow for investing by trimming or postponing discretionary expenses such as a new car or appliance.
• By working for a few more years, you can leave your retirement nest egg to grow longer - often on a tax-deferred basis within an RRSP or equity-based portfolio. What's more, your nest egg won't have to fund as long a retirement.
• A part-time job in retirement could cover your day-to-day expenses or pay for extras like vacations as you phase into retirement.
• In terms of investment earnings, there may be ways to recalibrate your portfolio mix to potentially boost returns and take advantage of today's buying opportunities, all while staying within your risk tolerance.
• At the same time, you may be able to reduce your tax rate through strategies such as income splitting or by maximizing contributions to a tax-free savings account, or TFSA.

Now that markets are in recovery mode, our team believes it's an ideal time to re-examine your holdings, strategy and process to see where you stand and whether changes can or should be made. We would be happy to help you update your retirement plan and ensure you are on course to living your dream. Just call our office for an appointment.

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