Most people save without ever having calculated the target. The result: the gap is discovered a few years before retirement, when few levers remain. Eight questions to situate your savings — real capacity, plans used, protection of capital, and what happens to your investments after you.
Public benefits — Québec Pension Plan and Old Age Security — replace only part of employment income. The gap is filled by personal savings and employer plans.
Contributing is necessary, but that is not the question. The question is what amount you are heading toward, and what happens if life intervenes first.
RRSP, TFSA and FHSA do not have the same effect depending on your current income, your anticipated retirement income and your horizon. An RRSP contributed to at a low income can cost more in benefit clawbacks than it delivers in deduction. The right vehicle depends on your tax situation, not on a general rule.
A two-year disability stops contributions and often forces withdrawals. That is where ten years of saving disappear. A solid savings plan takes account of what could interrupt it — that is the direct link between your savings and your coverage.
The first five situate your savings: real capacity, plans used, protection of capital. The last three help prepare an answer that matches your situation. This test does not replace a retirement income projection.
This question and the next two do not change your result. They help prepare an answer that matches your situation.
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A retirement income projection quantifies the gap between what you will have and what you will need.
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Your advisor is an independent representative registered with the Autorité des marchés financiers (AMF) under certificate number 259457. He holds three titles: financial security advisor, group insurance and annuity advisor, and scholarship plan representative — verify in the AMF register — and a member of the Chambre de l'assurance (created by the merger of the Chambre de la sécurité financière and the Chambre de l'assurance de dommages). Groupe Cloutier acts as managing general agent.
This test is a self-assessment tool with an educational purpose. It does not constitute tax advice, a retirement income projection, or a product recommendation. Scope of the services offered: the investments referred to here are segregated funds, offered by insurers and covered by the title of financial security advisor, along with annuities, RRSPs, TFSAs and FHSAs taken out with an insurer. The public benefits cited are administered by Retraite Québec and by the Government of Canada.