There are 2 fundamental sources of retirement income:
Government Benefits and Personal Savings.
What you receive from Government Sources is determined by a combination of payments made by you into statutory benefits such as CPP and benefits best described as Age and Income Dependent Options such as Old Age Security (OAS) and Guaranteed Income Supplement (GIS). These can form the foundation of many retirees’ incomes.
For financially successful people the range and effectiveness of their personal savings establishes their retirement income options. These savings have been created by you directing portions of your income into a variety of savings products or indirectly through your employer savings for you into a variety of products. These accumulated savings products form the basis for your Retirement Income.
Retirement income Goals.
Income Maximization, Asset Preservation, Estate Enhancement, Tax Minimization, Income Security; Your specific goals and outcomes may incorporate all or some of these outcomes.
How you achieve your income goals and outcomes is the pursuit of planning. As Financial Planners we assess both Government and Personal Savings and can employ a range of Financial Tools and Strategies to enable you to realize many or all of these Retirement Income Goals.