OSPC: Picture Yourself at Retirement

Tips and safeguards

  • Hire a professional
  • Understand legal documents
  • Consider your best interests
  • Keep financial records
  • Be informed
  • Be prepared
  • Research your options
  • Increase your fiscal knowledge

If your financial situation is complicated, consider hiring a professional who has professional certification.

If your plan involves making legal documents, it is a good idea to consult a lawyer before you sign them.

Find out if a financial advisor has an interest in selling you something. Does the advisor have your best interests in mind? Ask if the person makes a commission from the sale of financial products.

Keep your financial records (including bank and investment statements, bills, tax forms and tax returns) in a safe and accessible place. Canada Revenue Agency requires you to keep your income tax returns and related financial information for a period of six years.

Be informed. There are many free information resources available to help you. Visit the Government of Canada Web site: https://www.canada.ca/en/employment-social-development/campaigns/seniors.html to get started or go to your local library.

Be prepared. Do it sooner rather than later. Having a financial plan in place will help you make good decisions if something unexpected occurs.

Research your options. If you wish to hire a financial planner, you may want to contact the Financial Planning Standards Council, a not-for-profit organization that certifies financial planners in Canada. The Council can give you the names of certified financial planners, including elder planning counsellors in your community. You can visit their Web site at https://www.fpcanada.ca or call them toll free at 1-800-305-9886.

Increase your fiscal knowledge. The Government of Canada has many resources to help you with financial planning, including an online program called the Canadian Retirement Income Calculator.

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