Reach your retirement goals

Learn more about:

  • How to save in your 20s, 30s, 40s, 50s, and 60s
  • Saving and investing in retirement
  • Insurance during retirement
  • How to maximize your pension
  • Preparing your will and estates

Planning for retirement can be overwhelming. But no matter what age or stage of life you are in, there are many options. Your personal retirement plan depends on factors like your age, goals and expectations, but here are a few guidelines that will help you develop a plan that makes sense for you.

We can help you craft a plan that will get you closer to reaching your retirement goals.

Saving for retirement at every age Expand/Collapse

20s: Never too early

If you are in your twenties, saving for retirement is probably the farthest thing from your mind. Buying a home seems a million years away, let alone retiring. While you probably still have a student loan, now is typically the time when you start a salaried position and begin to earn regular paychecks. If you have any debt, paying that down should be your first priority, especially if you have anything owing on your credit card.

However, your twenties are also a smart time to start contributing to RRSPs because time is on your side. The power of compound interest means that your hard earned money can grow exponentially. And contributing isn’t as daunting as it sounds.  If you can afford to buy a $4 latte a couple times a week or part with $40 on a night out on town, you can afford to contribute to an RRSP. Every little bit counts!

30s: Settling into A plan

In your thirties, you are probably thinking about settling down. You have a steady income but you might also have more expenses – a new home, a new car or even a new baby! If you don’t already have a financial plan, now is an important time to create one. Still using one from your twenties? Now’s the time to revisit it to see if it is still serving your needs.

While you might have more pressing expenses, don’t let that be an excuse not to contribute to your retirement plan. Pay yourself first by setting up automatic deductions from your paycheck and you will hardly notice a difference at the end of the day. Now is also a good time to assess your overall investment risk tolerance and think about incorporating higher return investment vehicles. You have plenty of years until retirement so you don’t have to worry about short-term market fluctuations.

40s: Halfway there

If you are in your forties but don’t have a retirement plan – don’t panic or give up. It is not too late; you still have over two decades left to save and invest.
That said, now is not the time to hit the snooze button. You should now have a clear idea of how much you can reasonably expect to contribute every year, and how much you will need in retirement to maintain the lifestyle you desire. If you act now and invest wisely, you should be able to contribute enough to live your retirement years in comfort.

When it comes to RRSPs, always take advantage of an employer matching RRSP plan (that’s free money!) and reinvest any tax returns back into your RRSP.

50s: Crunch time

Finally, your expenses are starting to decrease, and you’re entering your peak earning years. For these reasons, your fifties are an excellent time to ramp up your retirement contributions.

It’s also time to pay closer attention to your Return on Investment (ROI) to make sure your investments are accumulating as they should. It is also wise to diversify your assets – don’t place all your eggs in one basket. Do you need to rebalance your investment allocation? Real estate, your RRSP, and other investments should all come together to create a balanced portfolio, thereby reducing your risk.

60s +: Home stretch

Your sixties typically mark you final working decade and is the time to seriously assess your retirement plan. How close are you to reaching your goals? Do you have enough to retire comfortably in the next few years? Will you be retiring at 65, 67, or older?

Once you are close to retirement, it is important meet with a financial expert to come up with a withdrawal plan. Any amount that you have in an RRSP must be transferred into a Registered Retirement Income Fund (RRIF) at 71 years of age. Remember that any money you withdraw from your RRIF will be taxed based on your overall income, so it’s important to take it out incrementally to reduce your total tax amount.

What’s the best age to contribute to your RRSP? The answer is now.

Saving and investing in retirement Expand/Collapse


A RRIF is basically a RRSP in reverse. You put money into RRSPs while you were working to save on taxes every year. When you eventually switch your money over to RRIFs, you'll be drawing money out, and paying taxes on that money as you do.

Reverse mortgages

This is simply a loan against your house that you don't have to pay back as long as you live there. To qualify you must be 62 years or older and own your own home.

Find out more

G&F Financial Group can help you learn more about reverse mortgages RRIFs, and other retirement investment plans and products. Our experts will work with you to select the financial options that make sense for you and your specific retirement goals. 

Let us help

At G&F Financial Group, we understand that not everyone falls into these typical age stages. Whatever your situation, there is a retirement plan that is right for you. We can help you find it. Ask us about our RRSPs and Term Deposits.

Insurance in retirement Expand/Collapse

Be protected

All your life you were a wage earner and you made sure that if anything happened to you, your family would be able to continue living the same lifestyle that they were used to. But once you retire, it's still important to think about protecting your assets. G&F Financial Group can help you ascertain whether or not you have the right type, and amount, of insurance so you and your family can rest easy.

Life insurance

A good life insurance policy will cover many of the expenses and concerns that will arise when you die. It will protect your assets for your heirs and continue any income for the people who depend on it. It will also cover funeral costs, legal and executor fees, as well as pay any taxes you owe at death.

Health insurance

Just as with life insurance, you'll benefit greatly from obtaining a health insurance policy early. This type of coverage can be a great help if you become sick and need special medical care. A good policy can help cover the costs of prescription medications or any medical supplies you need. It will also cover extended hospital stays and any special home care that you may require.

Know your needs

Make sure you choose the policies that are right for you and your family, and don't get talked into getting more than you need. G&F Financial Group can help you find good insurance coverage you can afford.

How to maximize your pension Expand/Collapse

Canada Pension Plans

Every Canadian over the age of 18 that earns a wage has contributed money toward the Canada Pension Plan. This is an earnings related social insurance program designed to help people and their families financially after they retire, become disabled or die. It ensures that all contributors are protected.

Pension credits

How much money you'll receive from the Canada Pension Plan depends on the amount of pension credits you build up. These credits are based largely on the total amount of money you contribute. The higher your annual salary and the more years you work between age 18 and retirement, the larger your pension will be.


In the event of divorce, the pension credits earned as a couple can be evenly split, even if one spouse or common-law partner did not pay into the Canada Pension Plan. A retired couple can also share pension credits for tax purposes, if one of their pensions is significantly higher than the other.

Receiving payment

You will begin receiving pension payments when you retire, or any time you become disabled and are no longer able to work. If you choose to retire in another country, you are still able to receive your pension, paid in Canadian dollars, anywhere in the world.

Other benefits

If you're over 65 you may qualify for the Old Age Security Act. If you're between 60 and 65 and married or widowed you may be eligible for an Allowance. If you're living on a low-income, you may also be able to receive a Guaranteed Income Supplement. Information on these and other federal and provincial programs is available through Human Resources Development Canada.

Prepare your will and estates Expand/Collapse

Organizing your estate

Everyone should have some sort of estate plan in place to ensure their financial matters are resolved quickly and expediently, and their family and loved ones lose as little as possible to taxation.

The importance of a will

The most important part of estate planning is ensuring that you have a valid, up-to-date will. If you die without a will, the government will distribute your estate in accordance with provincial law. Only a will can ensure your wishes are fulfilled.

The best and safest way to create a will is to work with an expert, as many do-it-yourself will packages can leave details open to legal interpretation. Your will should be updated periodically and in consultation with your professional advisor, especially as you acquire new assets. You should also update your will if you go through a lifestyle change, such as entering a new marriage or having a child.

How to distribute your estate

Distributing your estate is more complicated than simply dividing things among your heirs. You'll need to determine all of your assets from pensions, to investments, stocks and bonds, real estate and personal property. You'll also need to note which assets you own jointly as well as who the beneficiaries are for your RRSPs and insurance policies.

Once this is done, decide on your goals. You'll obviously want to maximize the value of your assets and protect them as much as possible from taxation. You'll also want to make sure you have enough liquid assets to handle your liabilities so your heirs won't have to sell off physical or investment assets.
Gifting assets before your death and establishing trusts are two good ways to help protect your assets from taxation. However, keep in mind that both strategies can be complicated by the individual tax circumstances of your survivors.

We understand that no one looks forward to planning their estate. We also know how important it is to you and your family that it's done right.