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The conversation with clients about retirement income planning is much different from those conversations that occur over the years while they are building retirement assets using vehicles such as pensions, RRSPs, LIRA's, TFSAs and so on. Often, their focus is on being “conservative” because their understanding from public sources suggest that this is the appropriate approach to managing their money during retirement.
It doesn't take long after receiving your first paycheck to realize that all of your money is not your own. The Canadian government is an active partner in your earnings, and the more money you make, the larger it takes.
A better understanding of taxes and how they apply to you can result in hundreds of dollars of savings back into your pocket each year.
Is it Christmas again already? Time passes too fast when you achieve grandparent status, and George and Grace are wondering once again what to give their grandchildren. Some years ago they realized they had no idea what toys were suitable, so started giving them cash. It seemed to get frittered away on things that soon became boring or obsolete.
Canadian couples rely upon Government pensions, CPP and Old Age Security (OAS) for a significant portion of their total retirement income planning, which can equal 20% to 50% or more, of their actual or projected total retirement incomes. Corporate and personal pensions (such as RRSPs and TFSAs and other savings) are other sources of retirement income from a planning perspective.
We've all read or heard about the unlucky family that is wiped out by a house fire and didn't have any fire insurance. All too often, people mistakenly believe that it won't happen to them. The reality is that bad things CAN happen and there is nothing that guarantees they will be immune from disaster. Insurance is simply an economical way to protect ourselves from the financial loss a tragedy can bring.
Joint ownership is used by millions for various reasons. When problems arise, they are usually unintentional and it can be too late to remedy them. For example:
Jane wants to avoid probate with as much of her estate as possible. She also wants her daughter, Sally, to have easy access to her cash at death to take care of last expenses. Jane thinks...she can do this by naming Sally on her bank accounts jointly.
On the surface, this looks like a quick and easy way to accomplish what she wants. It's what lies below the surface that can sink her financial ship.
