How to Save for Retirement With No Company Pension Plan

saving for retirement with no company pension plan

The number of companies providing defined benefit pension plans, or even defined contribution pension plans and Group RRSP alternatives, continues to decline. As well, the frequency of employees changing jobs has been on the increase for years. Therefore, increasingly, the onus is on individuals to provide for their own retirement.

So, what do you do if you do not have a company pension plan? There are several strategies and vehicles to help you save for your retirement. The key is to have a plan and to start as early as possible.

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My RRSP is Converting to an RRIF, What Should I Do?

RRSP funds converting to RRIF

Like many, your RRSP (Registered Retirement Savings Plan) may be your primary pension savings vehicle, especially with fewer and fewer employers providing defined benefit pension plans. On conversion of your RRSP to a RRIF (Registered Retirement Investment Fund), your RRIF may become your primary source of retirement income.

An RRIF can be thought of as an extension of an RRSP. While your RRSP is used to save for your retirement, an RRIF is used to provide income during your retirement.

After spending years investing for your retirement, you will be able to finally enjoy the benefits of your savings.

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4 Tips for a Financially Stable Retirement

becoming financially stable for your retirement

Even if retirement seems like it is far off in your future, it is never too soon to begin retirement planning to optimize your financial position in your retirement years.

Retirement planning includes determining your time horizons, creating a spending budget, tax planning, establishing your risk tolerance, and estate planning, which should all be integrated into a fully comprehensive plan with the help of a financial professional. Below we outline four tips to help in planning for a financially stable retirement.

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Setting Up a Retirement Fund as a High-Net-Worth Individual

setting up a retirement fund

Upon your retirement, you will likely have a reduced income as you say goodbye to employment earnings. It is therefore important to work out how much you will need in retirement savings to have a comfortable retirement.

But how much is enough? Everyone’s answer will be different, especially if you are fortunate enough to be considered High-Net-Worth (HNW) individual. Higher-income and greater assets require more complex retirement planning with more options and decisions to be made.

For HNW individuals, the focus for retirement tends to be less on financial security and more on managing investments, tax planning, cash flow, wealth transfer, and charitable endeavors.

With proper advance planning, you can establish the foundation for the desired standard of living, lifestyle, wealth transfer, and legacy you want to achieve in retirement.

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