The Plan by Investors Group^TM

Designing the rest of your life

Raising children is both rewarding and costly. You probably invested a lot of your personal time as you helped your kids grow from dependence to independence. Now that day has come – they're leaving your nest to begin new lives – and it's time for you to focus on the rest of your life. Welcome to the empty nest years.

An opportunity to explore new adventures

Look at the many positives about being an empty nester. You enjoy new freedom, greater control over your finances, and the ability to experience the lifestyle you have worked so hard to attain.

Life is a journey – and being an empty nester is another beginning. Some people even refer to this period of life as, ‘retirement on training wheels' – you're likely still employed, but without the everyday demands of caring for a family. You can now rediscover the life you temporarily put aside when raising the kids was your number one priority.

This is a time to reconnect and pursue your passions. Use your new leisure hours to rediscover things about yourself – to test your limits, find new interests, re-establish relationships with old friends, make new friends and reconnect with forgotten family members.

Take time to get ready for a great retirement

Good planning got you to where you are today – and good planning will get you where you want to go in the years to come. Look forward to retiring with meaning and purpose.

A key component of your new vision, is to consider what you want to do after you retire. The first thing to know is that retirement is no longer an age, it's a lifestage. Today's retirees want a fulfilling lifestyle for the next phase of their lives. They want to find life meaning, achieve a life balance, realize life-long dreams, and have fun! If that appeals to you, the time to get ready for a great retirement is today. Start by looking at all the possibilities and trying them out right now as part of your ‘retirement practice' years.

Reassess your financial life

Your needs and priorities have changed as you moved through life. Now as you enter this new phase, it's time once again to reassess your financial needs and goals. Together with an Investors Group Consultant, we'll review and update your plan to address all of your new goals and dreams.

Retirement income planning. You've worked hard for most of your adult life. Your plan will look at providing sufficient income so you can enjoy your retirement years.

Managing your taxes. We'll work with you to help reduce taxes now so that you can build the investment assets you need in retirement. Together, we'll look at such strategies as TFSAs, RRSPs, income-splitting with spousal RRSPs, annual pension income-splitting and the benefits of investing in tax-advantaged funds.

Protecting against ill-health. Illness or injury can quickly erode your finances – your plan needs to consider protecting your income with lifestyle insurance options such as critical illness, long-term care and disability insurance.

Preserve your legacy. Taxes and other expenses can significantly reduce the value of the legacy you wish to leave behind. We'll help you take steps to preserve your wealth for future generations.

Estate planning. This may be the opportune time to consult your lawyer for a complete and thorough review of your will and powers of attorney for financial matters and health care decisions.

Education planning. You may not have children living under your roof, but you may still continue to support them or even your grandchildren financially in one way or another. If your children are already off to college or university, we'll help you determine the best withdrawal strategies for any existing Registered Education Savings Plans. If you also wish to assist in helping with the post-secondary education needs of grandchildren, an Investors Group Consultant can suggest a number of options.

Growing your investments. Now that the costs of raising children are all (or partially) behind you, you may want to use the additional cash flow to accelerate your savings plan and create more capital for retirement by using income generated through employment or perhaps even using the equity in your home.

Make the next step the best step … for you

As an empty nester, you're embarking on life's next great adventure. You're free from the day to day responsibilities of raising children and able to fully focus on the fruits of your life's work.

Take our Retirement Readiness Quiz today and find out where you stand on the path to a happy retirement. Or contact your Investors Group Consultant to ensure your financial foundation will have the enduring strength to support your lifestyle as it is today and as you dream it will be tomorrow.

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This article, written and published by Investors Group Financial Services Inc., is presented as a general source of information only and is not intended as a solicitation to buy or sell investments, nor is it intended to provide professional advice including, without limitation, investment, financial, legal, accounting or tax advice. For more information on this topic or on any other investment or financial matters, please contact your Investors Group Consultant.