Retirement Tax Layering: Partial RRIF/RRSP Conversion
Authored by Jack Lumsden, MBA, CFP®, Financial Advisor, Assante Financial Management Ltd. Additional editing by ChatGPT. For your FREE Copy of Preserving Wealth, CLICK HERE Introduction Retirees contemplating their financial strategy often find value in strategically converting a portion of their RRSPs to RRIFs before reaching the age of 71. This proactive approach allows individuals […]
Appendix B: The Four Essential Family Conversations
For your FREE Copy of Preserving Wealth, CLICK HERE The Estate Documents Conversation The estate documents conversation is a conversation you should have with your parents, children, executors, and powers of attorney to review and discuss the following key issues: With your parents: With your children: With your executor and powers of attorney […]
What are the Retirement Income Planning Options?
Retirement Income Planning Options Excerpts from the Book – Preserving Wealth – written by Jack Lumsden, MBA, CFP® For your FREE E-Copy of Preserving Wealth, CLICK HERE “There are five main options to achieve the cash flow you desire from your own assets: income only investing income-focused investing. guaranteed income: life income annuity/guaranteed income products total […]
Annuities Update for Retirees: Creating A Personal Pension Plan
For your FREE E-Copy of Preserving Wealth, CLICK HERE In recent years, annuities have gained renewed appeal for retirees due to the shift in interest rates. This article explores annuities and why they could benefit your retirement income strategy. Understanding Annuities – Your Personal Pension Plan An annuity is a contract with a life insurance company […]
Exploring the New FHSA: A Savings Plan for Your First Home
Written by Jack Lumsden, MBA, CFP®, Financial Advisor, Assante Financial Management Ltd. Additional editing by ChatGPT. Are you a Canadian resident dreaming of owning your first home? (unfortunately, with housing prices and mortgage rates today, often it is only a dream.) As of April this year, a new savings plan has been introduced to help […]
The Retiree’s Initial Tax Decision
Written by Jack Lumsden, MBA, CFP®, Financial Advisor, Assante Financial Management Ltd. Additional editing by ChatGPT. In the recently released 2023 Fidelity Retirement Report, retirees’ top concerns were identified as follows: Unsurprisingly, many retirees aim to reduce their tax burden while striving for a tax-efficient estate transfer to the next generation. This situation often […]
Chapter Ten: The End of Summer
For your FREE E-reader Copy of Preserving Wealth, CLICK HERE I could hardly believe it was already the Labour Day weekend. We had all arrived at the cottage on Friday night, and this would likely be the last time we’d all be together until Thanksgiving. It was easy to tell that summer was almost over. […]
What are the Risks to Retirement Income Planning?
Excerpts from the Book – Preserving Wealth – written by Jack Lumsden, MBA, CFP® The following is an excerpt that describes some of the risks to retirement income planning. “That’s a great analogy, Uncle Wayne. I can see how it’s important to make sure you have a great plan as you transition to retirement, but […]
How Much Are You Spending? A Hack to the Inevitable Question Everyone Wishes to Avoid from a CFP® Professional
Written by Jack Lumsden, MBA, CFP®, Financial Advisor, Assante Financial Management, with additional editing by ChatGPT. This question often induces unease as it delves into a reality many prefer to overlook. Before retirement enters the picture, the majority tend to align their spending with their earnings. If the inflow of money surpasses the outflow, tranquility […]
Optimal Timing for Initiating Old Age Security Benefits
One of the pivotal questions frequently encountered by retirees is, “When should I start Old Age Security (OAS) benefits?” Should OAS be commenced at age 65, or would it be more advantageous to delay starting OAS to age 70? Understanding Old Age Security (OAS) Old Age Security is a monthly pension accessible to Canadian citizens […]
