Angelo Bucciarelli CFP
255 Dufferin Ave., Suite 30 N6A 4K1 London, ON, Canada

Reflections Do your retirement plans reflect all of your income sources. The ability to project all your sources of income available in retirement and know when to access and how, can have a significant impact on taxation and how long the income stream will last. When should I take my CPP, when to use your RRSP savings, should I access my TFSA, or is it best to start with my LIRA-Locked in Retirement Account? One of the first steps in making a plan is understanding your goal...s and objectives. What do you want to do and when. Work to 65 or 70? Travel? Help the kids? Next step is to gather your information. Call Service Canada at 1-800-277-9914 or go to www.servicecanada.gc.ca to see how to set up a Service Canada Account. They can provide detailed information about your Canada Pension Plan ( may start at age 60) and Old Age Security (may be available at age 65 for some). This has been pushed out for the younger folks. Gather statements from all of your other holdings such as TFSA, RRSP, LIRA, your CRA tax Assessment, etc and call your Certified Financial Planner. They have special software that can help analyze the information and prepare a written financial forecast for you and your family. It is also important to understand what happens to the income stream when you or your spouse becomes disabled or dies. If you are currently using a Financial Advisor who is not able to provide the information you need, it may help to seek out a CFP-Certified Financial Planner who has spent the years taking the courses and exams to qualify for this work. This is the gold standard for financial planning in Canada and you can get more information on this at www.fpsc.ca The Financial Planning Standards Council. Look for the designation symbol below.

If you are planning a trip on the water, perhaps on one of these boats in Capri Italy, you would make sure to have some life vests, and other safety equipment that could help you in case of an unexpected event like a sudden storm. Life can have its surprises and wouldn't it be great to have a safety plan and not need it rather than not having one and need it?