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Retirement Planning for Canadians after 50s

In an ideal world, retirement planning begins the moment you collect your first paycheck. However, life isn't linear, and many professionals find themselves in their 50s without a solid retirement plan in place. If you're reading this, it's possible you feel you're lagging in your retirement preparation. The good news? It's never too late to start or refine your retirement strategy.

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Retirement Planning for Canadians after 50s

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  1. Sharp Asset Management Inc. Retirement Planning for Canadians in Their 50s 416-722-9009 contact@sharpasset.com

  2. Benefits of Retirement Planning in Your 50s Peak earning potential: Many Canadians reach their peak earning potential in their 50s, allowing for increased savings. Fewer child-related expenses: Your financial obligations may decrease, freeing up more money for retirement savings. Clearer vision of retirement goals: As you approach retirement, you may have a clearer idea of your desired lifestyle and the expenses associated with it. Potential for catch-up contributions: The Canadian government offers catch-up contribution limits for RRSPs, allowing you to save more in your 50s.

  3. Action Plan for Retirement Planning in Your 50s Evaluate Your Financial Health: List your assets, debts, income, and expenses. This will provide a clear picture of your current financial situation. Maximize Your Savings: For retirement savings, maximize contributions to both your RRSP (consider catch-up options for Canadians in their 50s) and TFSA to benefit from tax-free growth. Invest Wisely: Seek a personalized investment strategy. Develop an investment strategy that aligns with your risk tolerance and retirement goals.

  4. Action Plan for Retirement Planning in Your 50s Plan for Healthcare Costs: Factor in potential healthcare expenses in your retirement planning, including long-term care, medications. Consider Your Retirement Lifestyle: Determine your retirement savings needs, consider the travel, housing (downsizing or staying put?), and hobby dreams that fuel your vision of a fulfilling retirement. Review Debt Repayment Strategy: Tackle high-interest debt first to free up cash for retirement savings and investments.

  5. Canadian Public Pension Plans CPP Retirement pension: The Canada Pension Plan (CPP) is a monthly, taxable benefit that replaces part of your income when you retire. If you qualify, you'll receive the CPP retirement pension for the rest of your life. Old Age Security (OAS): This is a universal, non-contributory program. All Canadian residents 65 and over are eligible for a monthly benefit, regardless of employment or contribution. Guaranteed Income Supplement (GIS): This is a supplement program offered to low-income OAS recipients to ensure a minimum level of income.

  6. Contact us 21 Greenwin Village Road, Toronto, Ontario M2R 2R9 416-722-9009 contact@sharpasset.com P.O BOX 74539 Humbertown Centre, 270 The Kingsway Toronto, ON M9A 5E2 www.sharpasset.com

  7. Thank you

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