Ken Zawalykut | www.kenzawalykut.caEmail: ken.zawalykut@ipcsecurities.com Phone: 905.372.0800

Retirement Income PlanSeven Questions You Need to Ask

Seven Questions

• What do you want your retirement to look like?• What is your net worth?• What are your liabilities?• What will retirement cost?• Do you want to leave a legacy?• What is your health situation?• How must you change your will for retirement?

Retirement Myths

• I will “slow down” in retirement.• My house is my retirement.• The government will look after me. • I have a pension that should be more than enough.• My kids will look after me. • I’ll make it up later (after paying down the mortgage,

kid’s education).

Retirement Realities

Many Canadians:• face some of the highest tax rates in the world• may require nursing care at some point• may be penalized for having assets• will find income from government sources too

low

Retirement Realities

Many Canadians:• may need 60% to 70% of current earnings in

retirement• do not have a company pension plan• will need their retirement income to keep pace

with inflation to pay for the rising cost of living and longer retirements

What Do You Want Your Retirement to Look Like?

1. Do you plan to travel?

2. Will you go south each winter?

1. Are you going to pursue specific interests:

A. Golf

B. Education

C. Hobbies

D. Volunteer work

2. Will you be downsizing?

What Do You Want Your Retirement to Look Like?

What Do You Want Your Retirement to Look Like?

Paint a picture of life

in retirement so you

can plan for it.

What is Your Net Worth?1. Your home

2. Your cottage

3. Personal RRSP’s

4. Bank Accounts

5. Non-registered investments

6. Small business

These are your fixed assets. What do you intend to do with them? Will you be selling them before retirement?

What Are Your Liabilities?

1. Mortgage on home

2. Mortgage on cottage

3. Personal debt• Credit card• Automobile loans• Line of credit

4. On-going expenses for dependant child or parent care

What Will Retirement Cost?• It is important to estimate what your living expenses will be when you retire,

including both essentials (must-haves) and discretionary (nice-to-haves) Essential Expenses Discretionary Expenses

Estimated Annual Expenses Estimated Annual Expenses

Rent/Mortgage $ Weekly Cash $

Property Taxes $ Dining Out $

Utilities $ Travel $

Groceries $ Gifts to Family $

Health (prescriptions physio, etc.) $ Memberships (golf, health,

country club) $

Phone/TV Services $ Vacation Home $

Transportation – One car or two? Home Renovations

$

TOTAL $ TOTAL $

Essential Expenses Discretionary Expenses

Estimated Annual Expenses Estimated Annual Expenses

Home Insurance $ Charitable Contributions $

Vehicle Insurance $ Costs involved in volunteer work $

RV insurance $ Support for Grandchildren’s Schooling $

Life insurance $ Expenses for pets $

Medical Insurance $ $

Parental Support$ $

One car or two? $ $

TOTAL $ TOTAL $

What Will Retirement Cost?Some additional expenses often forgotten

Do You Want to Leave a Legacy?Many people have a special connection with a charity or organization and want to leave a special legacy gift.

Some examples might be:• A scholarship fund• A gift to promote a building or renovation for a non-profit organization like

a hospital• A memorial gift to help fund a specific annual activity like tree planting in

a local park • A gift to support a specific activity like funding for digitization equipment

for a local museum or historical society• A gift to a library to use for purchase of a special collection or to extend

services

What are your health needs?Do you or your spouse or dependant child have special health needs that must be financially supported on an ongoing basis?

Will you require:• Prescription medicine that is not fully paid for?• Support worker assistance?• Medical appliances like orthotics, braces, or prosthetics?• Special dietary needs?• Regular specialized medical treatment not fully funded by health care?• Travel or out-of-country medical insurance?• Renovations to new principle residence if you are moving like ramps or

handholds?

How Must You Change Your Will?What happens if one spouse predeceases the other?• Look at both scenarios

If you are liquidating assets your will needs to be altered• Selling your home and downsizing?• Selling the family cottage? • If leaving your cottage to your children, will they all be able to use it or do

you need to make an financial adjustment to be fair?

Do you need to protect your assets if a spouse remarries?

Plan for RetirementEvery individual’s situation may be unique, but each has similarities to many others.

Planning professionals not only receive training in a broad range of circumstances, but also get to personally assist clients across a wide spectrum of situations.

You can not be expected to think of everything yourself. That is why it makes financial and tax sense to sit down and go over your retirement plans with a trained and trusted advisor.

You are looking forward to your retirement. Make sure you understand what you need to get the retirement you want!

Trademarks owned by Investment Planning Counsel Inc. and licensed to its subsidiary corporations. Investment Planning Counsel, is a fully integrated Wealth Management Company. Mortgage broker services provided by IPC Save Inc. (Ontario Lic. #10227). Mutual Funds available through IPC Investment Corporation and IPC Securities Corporation. Securities available through IPC Securities Corporation, a member of the Canadian Investor Protection Fund. Insurance products available through IPC Estate Services Inc.

For a Comprehensive Look at Your Retirement… ….Call or email today

Ken Zawalykut, Financial AdvisorIPC Securities Corporation24 Covert Street, Suit 201Cobourg, ON K9A 2L6

Phone: 905.372.0800Email: ken.zawalykut@ipcsecurities.com Website: www.kenzawalykut.ca