At the Wright Brothers Financial Services we have worked with clients from many sectors, both Public and Private, and have a sound knowledge base of the various pension plans and the benefits they provide to employees. It is always prudent to provide the details of your pension plan to your financial advisor so that the advisor can assist in coordinating the benefits you will derive from your pension at retirement with any other personal investments including your RRSP’s, Tax Free Savings Plans and any non-registered savings investments such as GIC’s, Term Deposits, Stocks, Bonds, Mutual Funds, and Real Estate. There are numerous tax saving strategies that your advisor can assist you with to build a very effective and robust retirement income plan including your pension.
Retiring Allowances or Lumped Sums
When employees retire, sometimes options can be offered such as a retiring allowance or other lump sum payment that may or may not be transferable to an RRSP, or could be used to establish or top up a TFSA. Your advisor can provide you with the most efficient strategy to deal with these lump sums to mitigate taxes and devise methods for investing these assets.
Curious About Your Financial Needs In Retirement?
Get a professional opinion. The Wright Brothers offer a complimentary financial needs analysis tool. To take advantage of this please download the tool and follow the provided instructions.