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Matt Bodde

7150 Hawthorne Dr. Unit 104
Windsor, ON, N8T 3N3

Phone: (519) 974-6688
Toll Free: +1 866-973-4846
Fax: (519) 974-7192

Retirement Planning Checklist

The approach of year's end is a good time to make sure your retirement portfolio is on track. Below you'll find a retirement income check-list for those within five years of retiring, and some special last minute considerations if you are turning 71 this year.

Retirement Savings

Are you getting the most from your Registered Retirement Savings Plan (RSP)?

  • Investment Profile
       Does your portfolio accurately reflect your objectives? Your situation may have changed over the past year.
  • Diversification
       Does your portfolio contain a mix of equities, fixed income, and cash, in line with your investment objectives and risk tolerance?
  • Foreign Content
       Are you taking advantage of global opportunities?
  • Rebalancing
       Has market activity caused your portfolio to drift from its desired target asset mix? Rebalancing can bring it back in line.

Retirement Income

If you plan to retire in the next five years, use these questions as a guide:

  • Income Needs
       How much annual income will you need to live your desired lifestyle in retirement?
  • Sources of Income
       What are your sources of income? Include pensions, RSPs, and non-registered investments.
  • Time to Consolidate
       Is it time to simplify your portfolio by consolidating your investments with one institution?
  • Asset Mix
       Converting to a registered Retirement Income Fund (RIF) can coincide with a change in your investment goals. To what degree has your focus shifted from capital accumulation to income generation and capital preservation?
  • Investment Tax Planning
       Have you considered tax planning opportunities? Contributing to a spousal RSP is a strategy for couples who want to split income in retirement, and reduce taxes.

Last Minute Strategies

By law, you must convert your RSP by the end of the year in which you turn 71. Here are some "time-limited" strategies:

Delay your first withdrawal: You are not required to make your first withdrawal until the end of the year after the year in which you set up your RIF. So, if you set up your RIF in 2010, you can delay the first withdrawal until the end of December 2011 - and enjoy tax-sheltered growth in the meantime.

Mutual funds are offered through Manulife Securities Investment Services Inc. Insurance products and services are offered through Seguin Financial Group Ltd. Seguin Financial Group is a trade name used for both mutual fund & Insurance business activities. Banking products and services are offered through referral.