The retirement planning strategies that make sense when you’re 45 may not always be the right fit when you’re 55, 65 or over. If you’re already retired, you may be looking for advice and strategies to help increase your retirement income, ensure your savings last and provide a legacy for your family.

At Investco Financial, we can create a holistic plan to anticipate and meet the needs of each stage of your life—including retirement. Our customized solutions and services may be ideal if you:

• Need in-depth financial advice tailored to your retirement needs and objectives

• Earn a high annual income and are looking for tax-efficient ways to save beyond a traditional Registered Retirement Savings Plan (RRSP) and Registered Retirement Income Fund (RRIF)

• Can benefit from enhanced retirement plans, including Individual Pension Plans (IPPs) for incorporated professionals and business owners

Wealth-transfer solutions

Are you looking for a way to transfer some of your wealth to your children or grandchildren? We can show you how buying a life insurance policy to provide them with coverage may help you do this.

For people with assets that are challenging to split—such as a vacation property or cherished jewelry—a life insurance death benefit may help create an equal share of the estate for those who don’t inherit the asset.

Tax-deferred growth in life insurance

You can reallocate a portion of your fixed-income investments to purchase a tax-exempt life insurance policy. The premiums, less the insurance costs, will accumulate tax-deferred, generating no annual tax slips.

The estate can then use the death benefit proceeds to fund capital gains or income tax liabilities, create a personal legacy for children or other dependants, or provide a social legacy for charities, trusts or foundations.

Building and boosting your retirement income

As you’re enjoying retirement, we can help you balance your financial needs for preservation and security with your desire for higher income.

To help you maximize your retirement income, we offer strategies for enhancing your income stream. These may include:

• Choosing investments with the potential for higher income, such as corporate bonds and dividend-paying stocks that protect the core of your savings

• Investing in income trusts that distribute most of the cash earned from underlying assets directly to investors

• Choosing the RRSP maturity option that’s right for you, including an RRIF to maximize the tax-deferred growth it provides

Defining your legacy

At Investco Financial, we understand this can be a delicate and emotional topic, requiring thoughtful, personalized planning to preserve family harmony and create the legacy you envision.

We can help guide you in addressing these questions:

• Do you want to pass down wealth during your lifetime, through your Will or both?

• Have you put your potential needs first?

• What are the most appropriate ways to transfer your wealth based on needs and goals?

• Are there family circumstances to consider in your plans?

• Are you charitably inclined or do you have a vision for lasting philanthropy that extends beyond your lifetime?

• What do your heirs need to know about as it relates to your plans?

By integrating elements of financial, tax, charitable giving and Will and estate planning, your advisor—supported by a team of specialists—can help you define and plan for your legacy.

Planning with a multigenerational focus

We take the time to understand you and your family—and your goals. Our approach puts that multigenerational relationship at the forefront.

Depending on your circumstances and wishes, we can involve family members as part of the discussion or planning, providing education and guidance when appropriate. We also proactively focus on younger generations, helping to ensure they have the resources and tools needed to be confident and capable as they gain financial independence.