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Estate planning goes hand-in-hand with retirement planning. For many, their RRSP may be their largest asset. Apart from the estate planning considerations associated with this asset such as who bears the tax on the deemed disposition and the merits of designating a named beneficiary rather then one’s estate, it is important to consider the more encouraging prospect that you actually get to enjoy all your money before you die.
Key objectives to consider when planning one’s retirement include:
Money – Will you be able to afford life and live your dreams after employment? State Farm estimates that the average person will need 70-80 per cent of his or her income to maintain their present lifestyle.
Health – Will you be physically able to enjoy your time in retirement? While the answer to this question is often entirely out of our control, we are all aware that maintaining a healthy diet, making regular visits to a physician, and an exercise regimen can increase your prospects for good health in retirement.
Housing – If you downsize to, say, a condo, there will be an emotional transition to a smaller space after living in a large home.
Your Time – There is a big transition to having free time after a life of labour. Consideration may need to be given to volunteering, consulting, hobbies or a part-time job. Read Toronto Estate Law Blog