Are you thinking about hanging up your work boots, or packing away your briefcase? Or have you already made the leap into retirement? This exciting phase of life opens up a whole world of possibilities: more time with your family, the freedom to travel even more than you probably already do, and time to dig into hobbies that your busy work life may have previously pushed to the sidelines. Proper retirement planning is crucial to ensure that you can fully embrace and enjoy these golden years without financial worry.

At McKenzie, Hoover, McPhee, Russell Private Wealth Management, we are more than just Vancouver financial advisors—we are financial planners who can help affluent Canadians and business owners like you check all your retirement boxes:

  • Ensuring your estate is in order?
  • Creating a stress-free financial future? 
  • Minimizing your tax obligations? 
  • Offering a full, vivid view of what your post-retirement life will look like?

We've got you covered.

Personalized retirement planning

As Vancouver financial advisors and financial planners, we steer clear of cookie-cutter strategies and “one-size-fits-all” approaches. Whether you're beginning to think about retirement or are already reveling in your newfound freedom, our team is committed to crafting a personalized plan tailored to your specific needs and goals.

Retirement planning services

Our retirement planning process starts with a thorough evaluation of your current financial situation, aspirations, and priorities. This comprehensive assessment forms the foundation of a strategy focused on achieving your specific retirement goals. We consider key factors such as your desired retirement age, expected lifestyle costs, potential income sources (including RRIFs and defined benefit pension plans), and tax-efficient strategies to maximize your financial efficiency. 

Planning for retirement in Canada

Navigating retirement in Canada presents unique opportunities and challenges due to the country's diverse financial landscape and varied climate of investment possibilities. Our strategy includes a focus on optimizing your assets through Canadian-specific vehicles such as: 

  • Registered Retirement Savings Plans (RRSPs)

    RRSPs serve as a powerful tool for retirement savings, offering tax-deferred growth which can significantly compound over time. Utilizing RRSPs in your strategy allows you to reduce taxable income now while planning for a financially secure retirement.

  • Individual Pension Plans (IPPs)

    IPPs are ideal for business owners and incorporated professionals, allowing higher contributions than RRSPs for those over 40. This plan not only facilitates larger tax-deferred savings but also provides enhanced retirement benefits tailored to high earners.

  • Tax-Free Savings Accounts (TFSAs)

    TFSAs are essential for creating a tax-efficient income stream in retirement. Contributions are not tax-deductible, but withdrawals, including gains, are tax-free, providing flexibility in managing retirement income without impacting other benefits.

  • Registered Retirement Income Funds (RRIFs)

    A RRIF is a continuation of an RRSP post-retirement, requiring minimum withdrawals that provide a steady income stream while still allowing the remaining funds to grow tax-deferred, adapting to your evolving financial needs.

As life expectancy increases, our planning also considers the long-term, preparing you for a potentially longer retirement period than previous generations, thus ensuring your financial stability well into the later stages of life. By continuously monitoring and adjusting your plan, we help safeguard your financial future against inflation, changes in pension legislation, and shifting economic conditions.