Capitalize on your peak earning years

Do you have less than 10 years until you leave the “daily grind” behind? Now is the perfect time to capitalize on those peak earning years to make sure you are on track to achieve the retirement lifestyle you want.

The bucks are rolling in

As you head into your last decade of work, you are likely to be making more money than ever before. If you are an entrepreneur, you have built a loyal client base. Executives have climbed the corporate ladder. Union workers have reached top seniority pay rates.

And there’s more good news: Many of the expenses you’ve been carrying for years have diminished or even disappeared. For example: chances are your home is paid off and your kids are (hopefully) increasingly independent.
All of this adds up to more disposable income that you can put aside for your future. The next step is to put those extra dollars to the best use possible.

Cue the reality check

Start with a reality check: Where are you now and where do you want to be when you retire? By assessing how long you expect to continue working, how much you will earn, and how much you have already saved, we can identify how much further you have to go.

This is also the time to review your tax position, both what it is now and what it will be when you retire, to see whether you might be able to implement income splitting strategies or benefit from a spousal Registered Retirement Savings Plan (Spousal RRSP).