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.
Whether you are already retired or planning to retire in the next 10 years, the Variable Retirement Income (VRI) can help quantify how comfortable you are with your retirement income strategy. Over the past decades, companies are shifting their pension plans away from defined benefit (DB) pension plans to defined contribution (DC). Why? Companies no […]
Grandparent’s RESP Strategy The Grandparents RESP Strategy might be one of the best gifts you could ever give to your grandchildren. Are you tired of giving the latest toy that only gets played with and after a few hours, the novelty of it is over? Few other gifts will provide the long term benefit than […]
The Safe Withdrawal Rate, SWR What I have noticed over the past decade is a common client question: “What is the Safe Withdrawal Rate” i.e. how much money can I safely withdraw from my portfolio during retirement such that I don’t run out of money in my lifetime? This article focuses on decumulation of your […]
I read and do a lot of research to stay up-to-date on topics that I think Canadians will find useful with regards to their financial planning situation. I include education on annuities for all my retiring and pre-retired clients and demonstrate how annuities can be used in their personal situation. Annuities are an investment product […]
How much capital do Canadians think they’ll need to retire? On January 13th, 2019 RBC published the results of their 2019 RBC Financial Independence in Retirement Poll. What was the National Average for Private Savings? The study found that the average Canadian felt they needed $787,000 in “private savings” to be able to retire. Private savings […]