This Week Is A Perfect Time To Plan Ahead

If you are sitting at home today, relaxing, perhaps after some exhausting Boxing Day shopping because you feel the need to help keep Canada's economy running at a high pace, you probably are asking yourself one of two questions:

How much income will I have when I retire at age ...?

or

How much do I have to say so I can retire at age ... with an income of .....?

As I noted in a previous post, I use the professional RRIFMetric software in my practice for a detailed look at the after-tax implications of my clients alternative actions. I offered to help RRSPs.ca readers with a complimentary analysis too if you contact me directly.

However, it may be helpful for you to get started on your own to get an idea of what the answers will be. So I suggest grabbing your financial papers, a relaxing drink, putting an image of you lying in the sun on a perfect beach in your head, and getting started this week.

Here's a link to the Government of Canada's online calculator as your starting point.

Canadian Retirement Income Calculator

What do you think of our Government's calculator and the process? Does the result scare and depress you or does it spur you into action? Hopefully the latter. It's never too late to improve your situation at retirement or even during retirement.

Recent Entries:
· Grossing Up Your RRSP
· Tax Free Savings Account vs. RRSP
· TFSA Tax-Free Savings Accounts Begin in January 2009

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