Are You in the Retirement Risk Zone?
Are you in the Retirement Risk Zone? The Retirement Risk Zone is the five to 10 years just before and after your retirement date. It’s the critical time when short-term losses can have negative long-term effects since there’s little time left for investments to recover.
As a CFP for nearly 20 years, I meet many individuals, families and business owners and what I find most common is that they don’t have a written financial plan. The most common goal that they want is an assessment of their current Retirement Income Plan to determine if it’s on track and if it’s not what needs to be changed. That is the focus of my company, Advantage Wealth Planning.
- Am I saving enough for retirement?
- When can I retire?
- How long will my money last?
- When to convert RRSPs to RRIFs and how quickly should RRIFs be drawn down?
- Should we buy an annuity to fund retirement?
- What are my Canada Pension Plan benefits? When is it best to start CPP?
- What are my Old Age Security options and when is it best to start?
- How do I setup a proper investment portfolio for my risk tolerance?
- Am I invested in the proper products?
- Will my investments last my lifetime?
- Are my investments suitable for my risk tolerance?
- How is my income taxed?
The list is virtually endless!
Types of Financial Plans
Advantage Wealth Planning offers two choices of Financial Planning solutions for clients.
- A Full-Service Financial Plan is what many clients would refer to as the traditional financial plan. All six-steps from goal setting to implementation and monitoring (including an annual review) are desired by those who don’t have the time nor expertise to do it themselves. The advisor compensation in this ongoing relationship is based upon your assets-under- administration (AUA).
- A Fee-for-Service Financial Plan is most suited for someone who wants an assessment of their situation but is comfortable making their own decisions, implementation and monitoring of the results going forward. The advisor compensation in this case is a flat fee (some advisors charge an hourly rate) for the one-time analysis.
As rising interest rates continue, annuity payouts have increased too. Below I have a table showing how annuity payout rates have increased substantially since the when I started this blog, September 2020, almost three years ago. Methodology I update the default annuity quote (using the Cannex system). The default client is as follows. 65 year […]
Canadians Travelling Outside of Canada Whether it’s an overnight trip to the USA or a longer vacation, travel insurance is highly recommended. Please see the attached real life story for the cost encountered by a Canadian on a trip to Florida. You can purchase travel insurance up to six (6) months ahead, so if you need a […]
May 25, 2023 – Toronto, Canada – Assuris, in partnership with our member life and healthinsurance companies, is pleased to announce higher levels of policyholder protection. Assuris’mission is to protect Canadian policyholders if their life and health insurance company fails. Ourindustry is committed to the financial wellbeing of all Canadians and the increased protectionlevels provide […]
Here’s a great resource for 2023 retirement planning financial facts. The downloadable PDF was produced by Empire Life and is updated yearly. So what am I often asked about that is on this two page pdf? What is the annual TFSA limit both cumulative lifetime and for 2023? If you withdraw a lump sum from […]
Open a high-interest Advantage Account for your everyday banking and savings needs. You’ll enjoy great features, plenty of flexibility — and an exceptional rate on all your money! Applying for an account should take about five minutes. Please have the following items ready: ● Your contact information ● Your Social Insurance Number (SIN) You must […]