Gwenn: Executive - Public Service
"I'll have a great pension but I want to travel. Will my pension be enough?"
Gwenn: I really enjoy my position with the Department of Foreign Affairs but I work very hard and usually don't get out of the office until well after 6. But I reward myself twice a year by taking nice trips to new countries. I really enjoy cycling tours in Western Europe.
Affording travel is easy now because I earn a very respectable income, but I don't want to stop traveling when I retire. In fact, if anything I want to travel more. I know my pension will cover my daily expenses but will I need more to keep up my traveling?
I can afford to save about $2,000 monthly but I'm only allowed to contribute $600 annually to my RSP. I've thought about opening a Tax Free Savings Account but the one offered at the bank is paying such a low rate of interest that I don't know if it's worth it. Wealth Strategies showed me some strategies that could create what I was looking for tax efficiently.
I need an advisor to plan how much retirement income I'll need to travel and how I can invest my money outside my RSP tax efficiently.