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Preparing for Retirement

Your future starts with a plan. We make it easy.

It's finally happened. Years of working and saving have paid off, and you're gazing at retirement. As your investments mature and your pension kicks in, it’s time for a plan that’ll make the most of your money. Take the stress out of financial planning for your golden years. We'll work with you to make this transition as smooth as possible, so you can start relaxing.

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Starting Retirement

If you own your home, have an RRSP, or have contributed to the Canadian Pension Plan, you'll have options for how your money works for you in retirement.

 
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Canadian Pension Plan (CPP)

Once you hit 18 (and were earning a wage), you started contributing to the Canada Pension Plan, a social insurance program that provides financial protection to contributors like you in the event of retirement, disability, or death. The higher your salary and the more time you’ve worked, the larger your pension will be.

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Chip Reverse Mortgage

Are you more than 62 years old and own your own home? You can take out a loan against your house that you don’t have to pay back as long as you live there. It’s that simple.

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Registered Retirement Income Fund (RRIF)

 

Basically, this is a reverse RRSP. While you were working, you added to your RRSP pot and saved on your taxes every year. In retirement, you'll switch your account over to an RRIF and draw an income from that money.

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Inheritance

It's not exactly pleasant to think about, but everyone needs an estate plan. If you pass away without one, the government distributes your estate according to provincial law. The only way to ensure your wishes are fulfilled and your estate is protected is by planning ahead and making a will.

 
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Creating a Legal Will

Everyone should have an up-to-date plan in place to ensure financial matters are resolved quickly and their loved ones lose as little as possible to taxation. An up-to-date will means regularly adjusting your plan as life events happen, and you acquire new assets and investments. Work with one of our professionals to make sure everything is up to scratch.

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Understanding Estate Planning

This is more complicated than simply picking heirs and dividing your belongings. You can start by determining all of your assets including pensions, investments, stocks and bonds, real estate, personal property, and anything you own jointly. You’ll also need to identify the beneficiaries for your RRSPs and insurance policies.

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Transferring Your Wealth

Protecting and transferring your wealth is a tricky business and we know how important it is to you and your family that it’s done right. We can help you manage your assets and gift them before your death, or establish trusts to protect your assets from taxation.

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Unexpected Events

Obviously, we want your retirement to be all blue skies and rainbows but sometimes life throws you a curve ball. Make sure you and your family are taken care of in case of unexpected events.

 
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Injury

Accidents happen⁠—and injuries can be a major disruption. Let us connect you with the resources you need to get you up and moving again.

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Support for Long-term Disability 

Let’s be frank. Finances are the last thing you'll want to worry about if you find yourself in this situation. Protect yourself with forward planning to mitigate financial setbacks, and let us point you in the right direction for additional support and services.

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We believe buying local and banking local helps us all grow.

You shop locally as much as you can, so why would shopping for a financial partner be any different?

When you sign up with YNCU, you're keeping every dollar you earn in your community - supporting the places where you live and work every day.

 
 
 
 

 YOUR RETIREMENT PLANNING GUIDE

You’ve worked hard all your life. Now it’s time to let your money work for you. Understand your investment options to plan a clear path to a secure retirement.

 

 

UNDERSTANDING ESTATE PLANNING

It’s not exactly pleasant to think about, but it’s important to have an up-to-date will and estate plan in place to resolve financial affairs after your death.