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Retirement projection

Planning for retirement is more important than ever.  Yet, many Quebecers simply aren’t planning well-enough to secure the necessary income to sustain their lifestyle and make for a comfortable retirement.

In fact, 40% of Quebecers don’t contribute to an RRSP or an employee pension plan. This situation is alarming. To tackle the issue, the Laurentian Bank proposes a step in the right direction: the Retirement projection.

A smart game plan for a well-planned retirement

A Retirement projection allows you to determine the amounts you should be investing today in order to successfully meet your retirement objectives. It takes into account all of your sources of income, including your current investments (registered and unregistered), your employers' pension funds as well as the amounts you can expect to receive from public plans (Old age security pension and the Quebec Pension Plan). It will also factor in the objectives you provide us with respect to your intended retirement lifestyle, the age at which you retire as well as your desired income at that age. This custom plan will accurately reflect your needs and objectives with respect to your current financial situation. Upon completing the Retirement projection, you'll receive an action plan, including expert advice on the measures to take now so that your retirement meets your goals.

Why do you need a retirement projection ?

A proper Retirement projection holds many advantages for you. First, it’s a thought-provoking exercise intended to establish the following:

  • What are your retirement objectives?
  • Do you have specific plans in mind?

Further, a Retirement projection prompts you to implement strategies as soon as possible in order to reach your retirement objectives. In fact, you will be in a position to control your financial future, and will enjoy peace of mind by the same token. The Laurentian Bank’s R etirement projection is a first step toward a complete financial plan.

Remember to bring key documents to prepare an accurate custom report.

DOCUMENTS TO BRING TO YOUR MEETING
  • Notice of assessment from the Canada Revenue agency (CRA);
  • Statement of Participation in the Québec Pension Plan;
  • Up-to-date statements of your investments;
  • Detailed statements of your pension funds.

If you don’t have your QPP statement, you can obtain it easily by dialing the following numbers:

  • Montreal area: 514-873-2433
  • Quebec City area: 418-643-5185
  • Toll-free: 1-800-463-5185

When you call, have your social insurance number handy.  Your QPP statement will be sent to you within two weeks.

Also, use the ClicSEQUR service to view your statement online at: 
http://www.rrq.gouv.qc.ca/en/services/services_en_ligne/Pages/releve_participation.aspx.
Click on the button "Go to the service".


When is it appropriate to devise a retirement projection ?

The sooner the better! In fact, the sooner you plan your retirement, the more likely it will be to meet your expectations. However, even if you’re only a few years away from retirement, it can be very beneficial for you to take stock of your situation and determine the likelihood of meeting your future retirement objectives. You still have wiggle room, and it can make a difference. Therefore, it’s always wise to establish a retirement plan, regardless of your age!

Summary

A Retirement projection is suited for you if:

  • You understand the importance of planning your retirement;
  • You wish to establish an action plan and learn how much you should invest today in order to reach your retirement objectives;
  • You’re searching for security and peace of mind with regard to your retirement projection.

A Retirement projection is not suited for you if:

  • You are already retired;
  • You already have a complete retirement plan in place that will help you meet your retirement objectives.
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