our retirement plan of action is a goal-oriented list of what you have to do to meet your retirement wants and needs. You should define your goals, the resources and means you will need, who will help you, and what you expect to have achieved by the specific time frames you have established.
How are you going to spend your time?
Perhaps you have decided that you want to join a volunteer organization, a specific club, or group. List your interests, hobbies, and recreation activities you are presently involved in, or that you would like to become involved in after you retire to Cape Breton. (Your Retirement Consultant will be able to match your interests and abilities to groups, organizations, and activities in Cape Breton).
Housing / Living Arrangements:
Have you decided where you want to live in retirement? If you are a former Cape Bretoner, perhaps you want to return to Cape Breton Island where your family and friends are. Perhaps your current house does not fit your retirement needs, either financially or physically. If either of these are the case, then your action plan would include contacting real estate agents in your area for selling your existing house, and also contacting your Retirement Consultant for options to buy or rent your new home or apartment in Cape Breton. You might also include in this list any minor renovations or repairs which may need to be done to your current house to make it more appealing to potential buyers.
Financial Concerns:
Your first step is to evaluate your financial goals as in the steps listed previously in this workbook. Keep this information close at hand, for finances form the core of your retirement options. Everything else you plan will be based on your financial planning and your future financial picture. Remember the financial advantages of selling your house and relocating to Cape Breton where the cost of housing and living is much lower.
Retirement Income Sources:
List the retirement savings sources you have to date, for example company pension plans, Canada Pension Plan, RRSPs, mutual funds, GIC's, or term deposits, plus any you may be contributing to in the future. You should consult your local bank to find out about various retirement options that will increase your retirement income in the future. You may also want to consult your branch to get your accounts transferred to a branch in Cape Breton.
Income Tax Deductions:
List the strategies you can take to reduce your tax burden. Are there reductions or credits which you have not claimed in the past? Are you claiming your deductions and credits in the most effective manner? You should also contact your financial advisor about the many tax deduction strategies which may be applicable to your financial situation.
Fitness:
If you do not have a regular fitness routine already established, or you wish to modify it in some way, review the previously mentioned exercise information, and write down your fitness goals and ambitions. Look into other activities which will increase your heart rate and make you healthier. Set some short-term and long-term fitness goals for yourself. Do some sort of physical activity at least three times per week, like walking or aerobics, take the stairs instead of the elevator at work, and do some stretching and callisthenics three times a week. Once you have come back to Cape Breton, be sure to maintain this routine, but add other activities and sports to your schedule.
ow that you have mapped out what you want and what you need in your retirement years, you are now ready to speak with our Retirement Consultant to discuss your options. Our consultant will be contacting you in the near future, however, if you have any questions or you are anxious to start planning your retirement in Cape Breton, please do not hesitate to contact us at: 1-800-818-2201.
