If you are like most people you receive two paycheques a month. If you are 45 years old you have approximately 20 years until retirement – that means you have 480 paycheques left! 20 years sounds like a very long time away, however, 480 is a finite number to work with. How much would you want to save from each of your next 480 paycheques in order to live on that money for the rest of your life!? If you are 35 you have 720 paycheques left If you are 55 you have 240 paycheques left If you don’t have a monthly savings plan in place we can set up a plan that works for you. We can provide you a written report showing you how much you will have based on what you are doing now.
Retirement Planning Elanda Kowalchuck Financial
Remember the formula:

Time + Amount Saved + Your Return = Your Result

Lack of one requires overcompensation by the other two. We will show you what those numbers look like for your personal situation so you feel in control of your future retirement.

Prepare for Tomorrow

How do I prepare for a seamless transition into retirement?
The key is creating a comprehensive plan that accounts for all your goals across the important areas of your life, with clear steps to accomplish each goal. Going through our “Fit For Life” discovery process will help you identify, understand and confirm your goals, as well as provide direction.
Am I emotionally ready to retire?

Being financially prepared for retirement is only part of the journey. Paying attention to your emotions and maintaining an open line of communication with the people you trust most — your family, close friends and professional advisors — is the other part.

Ask yourself this one questions to start:

What will you do to stay happy and engaged in retirement?

What are my potential sources of income?

As we mentioned there are several sources that make up your retirement income and knowing how they fit together will help mitigate the taxes you pay.

The Canada Pension Plan (CPP) and Quebec Pension Plan (QPP) are pension payments available to all working Canadians, funded by mandatory contributions from employers, employees, and self-employed Canadians.

Old Age Security (OAS) is generally based on Canadian citizenship or legal residence, as well as the period of Canadian residence. If you have an income over the threshold ($79,054 in 2020), your benefit will be “clawed back” (reduced).

You may have other sources of income such as RRSPs, TFSAs, non-registered investments, and more.

We will help to identify the sources and develop a tax efficient strategy that fits your retirement lifestyle.

How do we arrange our investments to help minimize taxable income and address short-term market risk?

There are ways that you can generate tax-efficient income. The first is to structure your investments in the appropriate accounts (RRSP, Non-Registered, TFSA , Whole Life) and then look at securities that provide capital gains or Canadian dividends.

Investing in lower volatility investments and having a broad diversification strategy for your portfolio may be good ways to reduce short-term market risks, but it’s always a good idea to keep the long-term in mind — even though you’re nearing retirement.

We will help you decide the best approach to managing these key concerns.


You made it! Travel, Beaches, Golf, what you always dreamed of, but did you know that it doesn’t stop there? Planning continues into your retirement.

Here are a few things that you will need to know.

How do I convert my RRSP into a RRIF?

For most, it is simply a matter of converting to a RRIF by the end of the calendar year that you turn 71, and then taking your minimum withdrawal amount the following year.

If you require more income than you had planned for, you can increase the amount you withdraw from your RRIF.

How do I draw down on my investments once I’m retired?

Things to consider:

  • Your anticipated tax rate in the current year and in future years
  • The type of income you’ll receive
  • How using these sources of income will impact your overall financial situation
How do I plan to pass my estate to my family?

Thinking about your estate can be challenging because estate issues often bring up many difficult emotions.

We can help you create an estate plan that includes gifting to relatives and charities, and asking if your Will and Powers of Attorney are up to date.