Retirement Financial Audit — ColdBerry Wealth

Section 1 of 6 · Income & Savings Readiness

How prepared are your savings for retirement income?

This section evaluates your current savings trajectory, income replacement, and retirement timeline.

What is your approximate current age?

Your Age

Target Retirement Age

How would you describe your current retirement savings rate (% of gross income saved annually)? Critical

Less than 5% — I'm struggling to save consistently

0 pts

5–10% — Saving something, but probably not enough

5 pts

10–15% — On track with general guidelines

10 pts

15% or more — Maxing accounts and investing aggressively

15 pts

Do you have a written retirement income plan (i.e. a documented strategy for where your income will come from)? Important

No — I haven't thought this through in detail

0 pts

Informally — I have a rough idea but nothing documented

4 pts

Yes — I have a general income plan

8 pts

Yes — I have a detailed, advisor-reviewed written plan

12 pts

What percentage of your pre-retirement income do you expect to need in retirement? Standard

I'm not sure / haven't calculated this

3 pts

Less than 60% — I plan to live lean in retirement

6 pts

60–80% — Comfortable estimate, some cutbacks

9 pts

80–100% or more — I want to maintain my lifestyle fully

9 pts

How confident are you that your current savings rate and portfolio are on track to meet your retirement income target? Critical

Not confident — I suspect there's a significant gap

0 pts

Somewhat confident — probably okay but not certain

5 pts

Fairly confident — I've run basic projections

10 pts

Very confident — I have a detailed, stress-tested plan

14 pts

Please answer all questions before continuing.

Section 2 of 6 · CPP & OAS Strategy

Are you maximizing your government pension benefits?

CPP and OAS timing decisions can be worth $50,000–$200,000+ over a retirement — this section uncovers whether your strategy is optimized.

Have you obtained your CPP Statement of Contributions from Service Canada to understand your projected benefit? Important

No — I don't know what my CPP benefit will be

0 pts

I have a rough estimate but haven't verified it

5 pts

Yes — I've checked my My Service Canada Account recently

10 pts

When are you planning to take CPP? Critical

At 60 (early) — I want income as soon as possible

2 pts

At 65 (standard) — the default timing

8 pts

At 70 (maximum) — I've calculated the breakeven and decided to defer

12 pts

Haven't decided / not sure what's best for me

4 pts

Have you calculated the CPP break-even age to determine the optimal start date based on your health and financial needs? Critical

No — I wasn't aware this analysis existed

0 pts

I've read about it but haven't done the math for my situation

5 pts

Yes — I've done a personalized breakeven analysis

12 pts

If you have a spouse/partner, have you coordinated CPP and OAS timing between both of you to minimize household tax? Important

Not applicable — single / no partner

3 pts

No — we're each figuring it out independently

0 pts

Somewhat — we've discussed it informally

5 pts

Yes — we have a coordinated CPP/OAS income-splitting strategy

10 pts

Are you aware of how CPP/OAS income affects OAS clawback (GIS/OAS repayment threshold) and are you planning for it? Standard

No — I didn't know OAS could be clawed back

0 pts

I'm aware of it but haven't modelled my situation

4 pts

Yes — I understand the threshold and have a plan to manage it

8 pts

Please answer all questions before continuing.

Section 3 of 6 · Tax Strategy

Is your retirement tax plan working hard enough?

Tax planning is where independent advisors deliver the greatest advantage. This section exposes missed opportunities.

Do you have a strategy for drawing down your RRSP/RRIF, TFSA, and non-registered accounts in a tax-efficient sequence? Critical

No — I haven't thought about the order of withdrawals

0 pts

Somewhat — I know there's an order but haven't mapped it out

6 pts

Yes — I have a year-by-year drawdown sequence

12 pts

Yes — with annual tax projections and bracket management built in

15 pts

Are you aware of the RRSP meltdown strategy and whether it applies to your situation before mandatory RRIF conversion at 71? Important

No — first time hearing about this

0 pts

I've heard of it but never evaluated it for my situation

5 pts

Yes — I've assessed it and have a RRSP drawdown strategy in place

10 pts

How much TFSA contribution room have you used? Important

Minimal — I rarely contribute to my TFSA

0 pts

Partially used — some room remaining

5 pts

Nearly/fully maxed — I prioritize TFSA contributions

10 pts

Do you have a pension income splitting strategy with your spouse to reduce household taxes? Standard

Not applicable — single, or equal income

4 pts

No — not using pension income splitting

0 pts

Yes — we income split where possible

5 pts

Yes — with a formal strategy optimized for both of our brackets

8 pts

Do you know your estimated marginal tax rate in retirement vs. today, and is your savings strategy structured around it? Critical

No — I'm not focused on future tax rates

0 pts

Somewhat — I have a general sense but no formal strategy

5 pts

Yes — my contribution mix (RRSP vs. TFSA) is intentional based on projections

12 pts

Please answer all questions before continuing.

Section 4 of 6 · Investment Strategy

Is your portfolio built for retirement income — not just growth?

What worked in the accumulation phase often fails in decumulation. This section identifies misalignment between your portfolio and your goals.

Is your investment portfolio's asset allocation (stocks/bonds/cash) appropriate for your retirement timeline? Critical

Not sure — I don't know my current allocation

0 pts

Probably not — I haven't adjusted it in years

4 pts

Roughly yes — I've made some adjustments recently

9 pts

Yes — I have a documented target allocation with regular rebalancing

13 pts

Do you understand and have a plan for sequence-of-returns risk in the first 5–10 years of retirement? Critical

No — I'm not familiar with this risk

0 pts

I've heard of it but don't have a specific strategy for it

5 pts

Yes — I have a cash bucket or income floor strategy to protect against it

12 pts

Are you aware of the fees you're paying on your investments (MER, advisor fees, trailer fees)? Important

No — I don't know what I'm paying

0 pts

Roughly — I know it's "somewhere between 1–2%"

4 pts

Yes — I know my exact all-in cost and have benchmarked it

9 pts

Do you work with a fee-only or fee-based advisor who is legally required to act in your best interest? Important

No — I manage my own investments without professional advice

0 pts

I use a bank advisor or commission-based representative

3 pts

Yes — I work with a fee-based advisor with a fiduciary standard

8 pts

Does your investment strategy align with evidence-based principles (low-cost, diversified, tax-efficient) rather than market-timing or active stock picking? Standard

No — I (or my advisor) actively trade and pick stocks/funds

0 pts

Mixed — some passive, some active elements

4 pts

Yes — I follow a passive, evidence-based investment philosophy

8 pts

Please answer all questions before continuing.

Section 5 of 6 · Risk & Protection Planning

Are you protected against the risks that derail retirement plans?

Longevity, inflation, health care costs, and loss of a spouse are the silent killers of retirement security. This section checks your exposure.

Have you planned for longevity risk — the risk of outliving your money if you live past age 90? Critical

No — I haven't modelled my finances beyond age 85

0 pts

I've thought about it but haven't done formal modelling

5 pts

Yes — my plan models income to age 95 and beyond

12 pts

Have you factored in a realistic estimate for healthcare and long-term care costs in retirement? Critical

No — I'm assuming government health care covers most of it

0 pts

Partially — I have some savings set aside but no formal estimate

5 pts

Yes — I have a dedicated reserve or insurance strategy for this

11 pts

Is your retirement income projection inflation-adjusted? (3% average inflation can halve purchasing power in 24 years.) Important

No — my projections are in today's dollars without inflation adjustment

0 pts

Somewhat — I've considered inflation but haven't modelled it

6 pts

Yes — my projections use real (inflation-adjusted) returns

10 pts

Do you have adequate life insurance to protect your spouse/dependants if you were to pass away before retirement? Important

Not applicable — no dependants or spouse

3 pts

No — I don't have life insurance or it's very limited

0 pts

I have some coverage but haven't reviewed it in years

5 pts

Yes — I have reviewed it recently and it's appropriate for my needs

9 pts

Have you stress-tested your retirement plan against a market crash (e.g. -30%) in years 1–3 of retirement? Standard

No — I haven't done this type of scenario testing

0 pts

Informally — I've thought about it but not modelled it

4 pts

Yes — I've stress-tested and have contingency strategies in place

9 pts

Please answer all questions before continuing.

Section 6 of 6 · Estate & Legacy Planning

Will your estate transfer to the right people — efficiently and without conflict?

Ontario estate and probate rules create predictable traps. This section reveals gaps in your legacy plan.

Do you have a current, valid Will signed in Ontario? Critical

No — I don't have a Will

0 pts

I have one but it's outdated (5+ years) or untested

4 pts

Yes — I have a current Will reviewed in the last 3–5 years

10 pts

Do you have a valid Power of Attorney for Property and Personal Care (Ontario)? Critical

No — I haven't set up a POA

0 pts

POA for Property only

5 pts

Yes — both POA for Property and Personal Care are in place

10 pts

Have you reviewed beneficiary designations on your RRSPs, TFSAs, insurance, and pension recently? Important

No — I set them up years ago and haven't reviewed them

0 pts

Some accounts reviewed, others not

5 pts

Yes — all beneficiary designations reviewed within the last 3 years

10 pts

Do you have a strategy to minimize probate fees and estate tax when assets are transferred to heirs? Standard

No — I haven't considered probate planning

0 pts

Somewhat — I know it's an issue but haven't formalized anything

4 pts

Yes — I have a documented estate transfer strategy

8 pts

Have you had a conversation with your intended heirs/family about your estate wishes? Standard

No — it's not something I've discussed with family

0 pts

In general terms, but nothing specific or documented

4 pts

Yes — my wishes are clearly communicated and documented

8 pts

Please answer all questions before continuing.

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ColdBerry Wealth · Registered with CIRO · Kitchener-Waterloo, Ontario

Your Retirement Financial Audit

How prepared are your savings for retirement income?

Are you maximizing your government pension benefits?

Is your retirement tax plan working hard enough?

Is your portfolio built for retirement income — not just growth?

Are you protected against the risks that derail retirement plans?

Will your estate transfer to the right people — efficiently and without conflict?

Get Your Retirement Audit Results!

Your Retirement Readiness Score

Key Findings & Recommendations

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