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.
In 2019, I expanded my financial planning offering to include all residents of Ontario, Canada. Using the internet, we hold meetings using online video conferencing. This is referred to as non face-to-face and you can read more about it here.
Don’t forget to see what others say about their experiences in having a financial plan prepared.
Not sure where to start? Enter your name and email in the box on the right to complete the Goal Planning Checklist. Instantly identify the strengths and weaknesses in your current financial plan.
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In September 2020, I began a quarterly report on “Annuities”. In a nutshell, I’ll show the change in annuity payments over time, when all other parameters are held constant. Since I began reporting, interest rates have increased slightly, and so did annuity payouts. Methodology Every three months, I update the default annuity quote (using the Cannex […]
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