Welcome to "Today's New Retirement"
Where your last day of work no longer means the beginning of your last phase of life.
Lifestyle Planning – Do you have a clear picture of what your retirement life will look like? What are your goals and interests? How will you fill your day? Do you have to retire? Will you pursue new opportunities such as volunteer work, travel, a new business?
Living Arrangements – Where will you retire? Will you sell your home and downsize to help finance your retirement? Will you buy a vacation property and move to a different climate? Have you thought about the costs of private retirement homes? What can you afford? Are you protected against risks such as the need for long term care?
Income Security – Will you have enough income for your lifetime when you decide to stop working? Should you apply for CPP early? Will your OAS benefits be subject to the clawback? Have you considered your pension options? Can you split your pension income with your spouse? Could you outlive your income? Do you have a lifestyle plan and an income plan in place that will allow you to retire when and how you want?
Investment Strategy – Are your investment objectives appropriate for the retirement phase of your life? How is your investment strategy affected by your ongoing income and expenses? How does your risk tolerance impact your asset mix and how does this affect your future income stream? How will you diversify your retirement income from a tax perspective?
Physical Health and Care Planning – Have you considered the impact of a life-altering medical event? Do you have adequate insurance coverage to protect you from the financial impact of being diagnosed with a serious illness or the future need for long term care? If you or your spouse should die or become disabled, what would by the financial impact for you and your family? Could you continue to have the same lifestyle? Have you reviewed the death benefits and survivor’s benefits available on your death?
Incapacity Planning – do you have an enduring Power of Attorney to ensure that your assets are administered according to your wishes, even if you are no longer able to make the decisions?
Wealth Preservation and Transfer – Will you continue to accumulate assets during your retirement? Can you afford to gift assets to your children during your lifetime? Do you have a properly planned and prepared Will to ensure that your assets will pass efficiently to your intended beneficiaries with a minimum of tax? Have you considered what assets in your estate will be subject to income tax at death? How much income tax will be payable at your death, and is there enough liquidity to pay that tax?
Important Causes and Charitable Giving – Is your planning consistent with your values and goals? Have you considered donating assets such as publicly – listed securities, life insurance or registered plans to improve tax efficiency for your estate?
Succession Planning – If you are a business owner, have you developed a plan for the sale of your business, or for the transfer to family members? Have you taken into account family dynamics and how the transfer will impact all of your family members? Is your succession plan tax efficient? Is an estate freeze appropriate in your circumstances? Do you have a family trust?
Asset Protection – Is there potential for family disputes or disagreement in settling your estate? Are your assets exposed to potential claims of creditors and others? Have you reviewed the ownership of your assets and your corporate structure in light of potential business risks? Have you considered asset protection strategies such as re-organizing your corporate assets and family trusts to provide that protection?
Call for information: 604-859-9966