Don Maycock...advising you to and through retirement!

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 Licensee 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.

Common Questions

  • 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.

  1. 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)
  2. 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.

 46,950 total views,  168 views today

Latest Articles

Build Your Retirement Savings Faster with an Individual Pension Plan (IPP)

Build Your Retirement Savings Faster with an Individual Pension Plan (IPP) The contributions to an IPP are graduated by age, and as such as the individual grows older, their contributions increases by a rate of 7.5% per year unlike the RRSPs fixed maximum of $14,500. For example an individual who is earning $100,000 per year […]

 1,072 total views,  4 views today

Share

Smoke and Mirrors: Buying a New Car

Smoke and Mirrors: Buying a New Car In general, I keep my vehicles about 10 years, so it’s been awhile since I have been in this game. Some things have changed but the overall process is the same. Last time, I actually researched what vehicle I wanted by test-driving the selected models to eliminate the […]

 871 total views,  3 views today

Share

Taking Care of Business: Buy-Sell Funding

Taking Care of Business: Buy-Sell Funding Business owners face and evaluate risk every day. One tool to consider using is a risk matrix as shown below. The key point is to make sure that your highly critical, low probability risks are minimized i.e. moving from point A to point B. Probability Risk Severity High Medium […]

 1,340 total views,  3 views today

Share

Private Pension Crisis?

Private Pension Crisis? So what is an unfunded liability? It’s the amount by which the liabilities of the pension plan exceed assets in the plan, at a given date. What are some of the factors that affect this unfunded liability and how does it occur? 1. The company is not profitable enough to keep up the […]

 867 total views,  2 views today

Share

Book Review: The Number – What is a Safe Withdrawal Rate?

Book Review: The Number– What is a Safe Withdrawal Rate? Every once in while, a really great book comes out. If you only read one financial book this year, I highly recommend The Number by Lee Eisenburg. In a nutshell, The Number is about formulating your personal retirement strategy not just the monetary nest egg. […]

 986 total views,  2 views today

Share