Retirement checklist for baby boomers By Sarah Kingdon

Congratulations, you have retired, but will you have enough money to support your lifestyle?

As you transition into retirement, consider the most important financial tips:

Plan your retirement years

Figure out what's important to you and how you can afford to make it happen.

“Minimize stress in retirement by creating a well laid-out plan with the help of a financial advisor,” said Roland Chalupka, chief investment officer of Fiduciary Trust Company of Canada.

Be tax efficient

At the age of 71, you must transfer your RRSP to a RRIF or annuity by the end of the year. Tax applies to amounts withdrawn from a RRIF.

Diversify and know your risk tolerance

Be sure to re-balance you portfolio and don't take on too much investment risk in your retirement years.

“Take time to consider how much risk you are willing to assume, build your asset mix and re-balance your portfolio accordingly,” said Chalupka.

More information on retirement planning is available at www.fiduciarytrust.ca.

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