Retirement Income Planning

Brooks Financial takes a holistic approach in the development of your retirement strategy

Retirement Planning Redefined

Even though we may not think so, retirement has shifted and many of us are unprepared.

With retirement nearing, many have delayed saving, others have taken a “set it and forget it” approach to planning that often leaves risk (and opportunity) hidden. Retirement plans today need to be re-examined and re-directed to achieve long-term retirement goals.

A dynamic and holistic plan can evolve with the changing times against a rising tide of obstacles.

The Changing Landscape

Retirement used to be simple.

Most households lived on one source of income, we worked loyally for a good company until 65 then retired with the company pension, Canada Pension and Old age security payments until we “passed on” around age 70, leaving our children the remaining benefits and assets.

Growing Challenges to Saving

Traditional pensions aren’t there anymore, people work a variety of jobs, divorce and re-marry. Blending finances and families as well as multiple careers, our savings are challenged by high investment fees, taxation and inflation. Healthcare costs increase as the population ages and lives longer. Government is no longer able to cover the tab. We’re saving less or putting off saving altogether, as life gets complicated and costly.

Historic low interest rates and volatile equity markets cannot return dependable results as they have in past.

The impacts on retirement planning are multifaceted.

Redefining Retirement Planning

Success today depends on our willingness to change ways and see retirement financial planning from many perspectives. A “holistic” approach incorporates our vision, investments, tax matters, wealth planning and even our own beliefs about markets and money.

Components of Your Retirement Plan

Retirement is a “transition” from one state of economic activity to another.

It takes vision and strategy to retire successfully knowing and implementing your personal goals. “Retirement” will affect you and those close, your spouse and your children and planning will help all as you approach the “golden” and then “olden” years.

Your overall retirement plan should never be only about the money and your rate of return. A fulfilling retirement plan incorporates the money, the portfolio and taxation. Brooks Financial takes a “holistic” approach in the development of your personal strategy to navigate your “transition” to and through your retirement years.

Below is our process that serves as a template for creating your Retirement Income Plan:

Your Lifestyle Plan

What you want to do during your retirement years.

  • Your vision, mission & values
  • Stages of Retirement
  • Assessing your current life stage
  • Goals and priorities – milestone projections

Your After-Tax Income Plan

What amount of income will you need to cover your basic living expenses and your lifestyle goals? What will your sources of income be?

  • Can you afford to retire? And When?
  • What are your income producing and fixed assets?
  • How will we layer your income sources to create the income you need?

Your Income Tax and Portfolio Plan

This is the way in which you will draw the income you need, when you need it, so that you pay the least amount of tax and have the lowest risk portfolio.

  • We will align your investments with your income plan.
  • Ongoing assessment of the impact of your plan on your net worth. 

Retirement planning must be strategic in nature. You have only one real chance to get it right. We, at Brooks Financial, must be thorough in our assessment, methodical in our approach and leave no stone unturned.

Ready to get Started?

Contact Us for a free strategy session!