With RRSP season ramping up, the Financial Planning Standards Council is encouraging Canadians to take a more comprehensive planning perspective for retirement and other lifestages.

According to the FPSC’s Value of Financial Planning study, 61% of Canadians who engage in comprehensive financial planning feel confident they will be satisfied with their financial situation upon retirement, as compared with 27% who receive no planning advice and 46% who seek only limited advice.

The FPSC has compiled a list of questions for Canadians to discuss with a financial planner:

1. Do I have a comprehensive financial plan that addresses my unique life goals and needs, including retirement?

2. How can I balance saving for retirement without sacrificing today’s priorities and goals?

3. When do I plan to retire, and what will that lifestyle look like?

4. Where will I live? Will I make changes in my primary residence? What about vacation properties?

5. What are my expected sources of income in retirement (pensions, savings, inheritances, other sources)?

6. What do I want to leave to my loved ones or favourite charities?

7. How will I handle unforeseen health risks and/or other scenarios?

8. What about the tax considerations of all my financial choices? How do I take advantage of government tax breaks and ensure my hard-earned savings don’t get eaten up by too much tax?

9. Given all of the above, should I invest in RRSPs, TFSAs, and /or non-registered investments? What should the proportions be, and what kinds of investments in each? How does my investment strategy fit in with my overall comprehensive plan?

10. Do I have the right financial planning professional to help me with all my unique financial planning needs? What questions should I be asking?

IE