Less than half of Canadians have pension coverage and most of those are defined contribution pensions, which are subject to the whims of the market. The numbers for law firms are even bleaker — most have no pension arrangement at all. 

Annuities provide guaranteed income for life. In that regard, they are one of the most effective ways to eliminate investment risk in retirement.

The quick answer to the question, “Can you save too much for retirement?” might seem like an obvious, “No. You can never have too much money.” But another way to ask the question might be, “What are you giving up by saving too much for retirement?” 

After settling on an advisor you feel you can work with, it’s time for you to get down to the business of setting financial goals. 

This requires a whole new set of questions:

You shouldn’t be afraid to interview advisors before settling on someone you can work with.

“It’s never too early to get a financial advisor,” says Dawn Marchand, Chief Executive Officer of Lawyers Financial. She adds, “professional advice will help you to both build and protect wealth as you move through your career.”

Meghan Hicks, a Lawyers Financial Advisor in Kelowna, British Columbia, helps many female lawyers manage their finances and plan for the future. After more than a decade working with a wide variety of clients, she has some valuable advice to share.

You’ve watched other professions enjoy the enviable benefits of a guaranteed pension for life while you’ve likely been left on your own to save what you can for retirement.

The deadline to make a contribution to your Registered Retirement Savings Plan (RRSP) is March 2, 2020.