TORONTO - As Willi Fleerakkers’ retirement date approaches at a time of inflation and higher interest rates, it’s hard for her not to worry — but when she reviews her plan, it helps to ease those concerns.
She paid off her mortgage last year, just in time to avoid a nasty shock from the steep rise in interest rates. “I think that’s one of the challenges many Canadians face,” said Ryan Gubic, a certified financial planner and founder of MRG Wealth Management. “They don’t have a plan. So they get close to retirement, and that creates a lot of stress for them.”
Upon retirement, you may have several different sources of income, said Maiorino. He recommends looking at the Canada Pension Plan to see whether you can afford to take it later in order to get a higher monthly payment.Anyone who is considering pushing back their retirement age should consult an expert first, said Gubic. The same goes for determining when to take CPP or the Old Age Pension, he said.
Gubic recommends working with a financial professional who specializes in retirement, to help you in the lead-up to retirement but also in the years to come.