Rubach Wealth, a top-tier financial planning firm in Toronto, published an article on the use of Personal Pension Plans for succession planning

Saving strategically for retirement

The old cliché about the only two certainties in life being death and taxes are almost inevitable in any discussion on pensions. In particular, our prevailing preoccupation with financial security at retirement is rooted in the realization that we are in fact living longer coupled with the uncertainty surrounding the adequacy of our retirement savings in relation to our specific needs at retirement. How does one strategically save adequately for retirement while minimizing the taxes they pay? While actuaries can, using sound actuarial principles and assumptions, make pretty accurate estimates of the amounts needed to fund a comfortable pension, variances in actual realities such as life expectancy and interest rates do exist. This is what makes reaching a comfortable retirement destination challenging. The answer? Careful planning is required to charter a route that effectively marries your retirement expectations with the right savings and tax sheltering strategies to get you to your destination. At issue to consider are: How much is enough savings to satisfy your projected retirement needs? What tax sheltering strategies should you employ in the accumulation stage? How will your pension be taxed on payment? What retirement savings vehicle is best suited to your plan? These are the thoughtful questions that ought to be considered when planning for your retirement. In fact, it is at this juncture that the INTEGRIS Personal Pension Plan (PPP) would be introduced into and benefit this conversation.