Retirement Planning

Whether you have accumulated retirement savings or not, the ECU Wealth Management professionals will work with you to develop the retirement plan that is right for you by providing guidance regarding the best ways to start saving for your retirement, the types of investment choices available, how much you will need to save, and how to protect the assets you have accumulated. If you are already saving for retirement, let ECU Wealth Management’s professionals evaluate your plan to see if you are on track.

Retirement planning doesn’t stop when you retire. We can help you with strategies for maintaining good returns on your investments, utilizing your accumulated savings more tax efficiently, and can assist you with maintenance or development of your estate plan.

Employer pension plans are one of the most convenient ways to prepare for retirement. The money is contributed pre-tax, and the earnings are not taxed until you start withdrawing the funds during retirement. These plans are generally well diversified and professionally managed.

An RRSP may be used to supplement your employer-sponsored plan, or as your primary retirement savings program. An RRSP is a government-sponsored plan which assists you in saving money for your retirement. Your contributions, within limits, are tax deductible, and the income earned is tax-sheltered. You can contribute into your own personal RRSP, or into a spousal RRSP, to maximize your current tax situation and the taxation of your retirement income.

RRIFs are generally similar to continuing an RRSP with the exception that you must take some taxable payments from them. You may choose any payment level annually as long as the total each year is at least equal to the mandatory minimum amount. In a RRIF, you may increase your payments above the minimum; there is no maximum payment level. RRIFs can continue for the lifetime of the holder or their spouse.

A TCA 90 (Term Certain Annuity to Age 90) provides regular payments with a fixed rate of return, which can continue until age 90. If your spouse is younger than you, the TCA 90 can be purchased to continue to your spouse’s 90th year. Some issuers offer a TCA 90 where the yield and payments are periodically adjusted in accordance with changes in interest rates.

A Life Annuity provides a series of regular payments that will continue for the rest of your life, no matter how long you live. There are two basic forms of Life Annuities:

  • A Single Life Annuity has no guaranteed period and gives the highest initial life annuity payments, but only for you.
  • Joint and Last Survivor Annuity provides payments that will continue for the longer lifetime of either you or your spouse.

*Mutual funds are offered through Credential Asset Management Inc. Mutual funds and other securities are offered through Credential Securities Inc. Credential Securities Inc. is a Member of the Canadian Investor Protection Fund.


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