image77

Retirement Planning

Retirement has a different meaning for everyone. For some, retirement means spending time with their grandchildren, travelling or lowering their golf handicap. Others may prefer to keep working or perhaps start a new business venture they’ve always dreamed of. 


Business owners tend to work longer than those who are employees, perhaps because the business is their baby and they don’t want – or know how – to let go. Succession Planning,  transition of the business management, or the outright sale of the business, are all elements that may need to be considered for the retirement of a business owner.  As the business owner starts to consider options with respect to retirement from their business, it may also be prudent to understand what they need financially from the business to reach their retirement goals.  For those who are interested in securing their retirement independent of their business, other plans may need to be considered.


For many business owners, there are also concerns about how to recreate their income stream after they are no longer working in their business.  It can be confusing trying to navigate the various options that exist to withdraw money from various registered savings accounts (RRSPs, RRIFs, LIRAs, TFSAs, etc.), non-registered accounts (personal and corporate), and government pensions. When presented with these options and decisions, it can seem as though saving money is easier than spending it!


Whatever your goals and aspirations are for retirement, we can help you get there. Our team approach has proven to provide our clients with peace of mind over their retirement planning needs.

Case Study

One family we work with seemed to be stuck on the idea that they were going to retire “in 5 years”. As each year passed, their retirement date was always 5 years down the road.  In addition, the amount they thought they needed from the sale of their business increased each year.  The reason?  Uncertainty.


Using our financial projection software, we were able to determine what level of retirement income they could expect based on their current savings and then determine what amount they required from their business in order to attain their ideal retirement.  Once this information was in hand, we could work with them and other professionals to identify ways to increase the value of the business to the amount needed for them to retire comfortably, while also working to make the business attractive to a third party purchaser.


Having this information in hand gave this family the peace of mind they needed to commit to a plan and work towards implementing that plan to exit their business.