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.
Book Review: The Naked Investor A great read I recommend is The Naked Investor, by John Lawrence Reynolds. It’s a must for every investor’s library. This book details real-life stories on the dark side of the investment world where unscrupulous advisors have taken advantage of the investor, for their own personal gain. It’s a tough […]
Annuities: The Unsung Heroes Annuities are an under-utilized product for those seeking consistent stable income, regardless of stock market conditions. In simple terms, an annuity can be thought of as the opposite of a mortgage for a home. With a mortgage, a financial institution gives you a specific amount with which to purchase a home and in […]
The Insured Annuity Strategy – Options in a Low Interest Rate Environment. In a previous article, I introduced the concept of annuities. In this article, I’ll introduce a very intriguing concept, the “insured annuity”. It took me a few times seeing this concept presented to fully understand it, so if at first glance it seems complicated, […]
Service Canada – Canadian Retirement Income Calculator With RRSP season having just ended and tax season ramping up, the last thing on most people’s minds right now is planning for their retirement. Whether you do your own investing on-line, use your local bank, broker, or a financial planner do you know your “Number”? Experience shows […]
The New Kid on the Block…the Variable Annuity! The variable annuity of commonly referred to as a GMWB is on the horizon. In June 2006, I attended the Morningstar Investment Conference, which focused on “Retirement Income Planning”. One well-known speaker, Moshe Milevsky, introduced the concept in retirement planning of not just how to generate retirement […]