Manage today while planning for tomorrow
Life is moving fast. It's easy to get so caught up working and making ends meet that you don't pay enough attention to taking charge of your retirement.
That's where your Desjardins Mutual Funds Representative can help, by giving you a clear picture of your overall financial situation with a free Insurance and Financial Review. It will help you prioritize your goals and create an action plan to help you reach them. Make an appointment for your free, personalized review today.
Building on your plan
Calculate your retirement needs
Have you been saving for retirement without a clear idea of your goals and how much money you'll need to live on? Whatever you want your retirement to be, you'll have to figure out how to pay for it. And here's a great way to start. As a general rule of thumb, you'll need about 75% to 85%* of the amount you are living on in the months before you retire to maintain your lifestyle.
Pay yourself first
Whether you have a company sponsored retirement plan or you are building your retirement savings through your own plan, it's important to contribute regularly, and think long-term. Review your contributions regularly and assess your goals to help stay on track to retirement.
Get more information in Pay yourself first with a PAC.
Boost savings with a Tax-Free Savings Account
Consider investing in a Tax-Free Savings Account (TFSA). This provides another way of adding to your retirement savings. You can withdraw funds from your TFSA tax free, and it won't affect eligibility for income-tested benefits such as the Old Age Security program.
Guard your assets
Establish and maintain an emergency fund
If you were to lose your job, experience a major medical emergency or incur a large, unexpected expense, it would probably be a huge financial burden to you and your family. An emergency fund, which should equal at least three months of your salary, can help you get through those times without having to dip in to your retirement savings.
Protect your family's future
Having the proper amount of life insurance can help make sure your loved ones are provided for if the unexpected happens. Life insurance helps replace lost income, which can be used to pay off debts and expenses, and can help maintain your family's standard of living.
Find out more about protecting your family by talking with your Desjardins Agent.
Safeguard your income
Some emergencies happen no matter how much planning you do. But certain types of insurance can help protect against the sudden loss of income due to illness, injury or permanent disability. Talk to your Desjardins Agent about critical illness insurance** and disability income protection** and how they can help protect you and your loved ones if you become unable to work or take care of yourself.
Cashing out your RRSPs could be costly
The purpose of a Registered Retirement Savings Plan (RRSP) is to save for retirement. Without a strategy to fund unexpected emergencies, it can be tempting to dip into your retirement savings when financial hardship occurs, but it can cost you a lot more than you may realize.
Read more in Cashing out your RRSPs: it could cost you more than you think
*The New Retirement Math, Advisor.ca, July 2013
**Desjardins living benefits products are manufactured and issued by Desjardins Financial Security Life Assurance Company.
Mutual Funds are not insurance products and are distributed through representatives of Desjardins Financial Security Investments Inc.
Please read the applicable Fund Facts before investing. Commissions, trailing commissions, management fees and expenses may be associated with mutual fund investments.
Mutual Funds are not guaranteed, their values change frequently and past performance may not be repeated. Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer.
Neither Desjardins Insurance nor its agents provide tax or legal advice. Please consult your tax, legal or investment advisor regarding your specific circumstances.