From Marie Navarro, Communications Coordinator, Communications and Marketing, SISIP Financial Services
When releasing from the Canadian Forces (CF), either to retire or start a new career, consider reviewing your release and retirement options, along with your life insurance needs: there will be a number of questions and considerations you may wish to ponder:
How can I know if I will have enough money to retire?
Being adequately informed and prepared for your release or retirement is what Financial Planning is all about; its ultimate purpose is to help you meet your specific retirement needs, goals and dreams. Assessing those needs is a crucial step in this process which takes an all-encompassing look into your personal finances to tailor a plan specifically for you and your family, in order to help secure your financial future.
What can a financial planner do for me?
A financial planner can help you begin the process by completing a Release Projection to assess your financial status at time of release, considering but not limited to the following:
- Your after-tax income for the year of your release and beyond;
- How much of your severance pay can be transferred to your RRSP;
- Your CF pension and other sources of income; and
- *Your investments (* Mutual funds provided through FundEX Investments Inc.)
If simply retiring, a Retirement Projection will help determine how much you will need for your actual retirement and show you how to plan adequately to that end, as well as estimate your life insurance needs. The sooner you start planning for retirement, the better off you will be.
Speaking of insurance…
Do I still need life insurance after release?
- Completing an Insurance Needs Analysis will help determine your specific insurance needs, so your family or your loved ones, will have sufficient money to live on;
- As a CF member, your SISIP Financial Services (SISIP FS) insurance coverage is transferable to Insurance for Released Members in a seamless process where coverage and premiums remain the same, and if transferred within 60 days of release, no medical disclosure is required;
- Alternatively, you can apply for new coverage, as well as increase it to a maximum of $400K subject to approval by the insurer.
Releasing from the CF is a major change in your life. Be sure to consult a licensed SISIP FS professional (financial planner, insurance representative) to help you prepare for the next stage in your life, and secure your financial well-being and that of your family.
Not yet a SISIP FS client?
Our services are available to you for as little as $5.00 per month, for recruits to Master Corporals inclusively, and to Officer Cadets, Second Lieutenants and Lieutenants. All other ranks, and former CF members, are charged a rate of $10 per month.
For more information on our financial planning services:
Helping you achieve Your Financial Independence for Today...and Tomorrow!
This article is for general information purposes only and reflects solely the opinion of the writer
