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 […]
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 […]
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 […]
Appendix A: Uncle Wayne’s Top Estate Planning Tips
For your FREE E-reader Copy of Preserving Wealth, CLICK HERE For more information, refer to Preserving Wealth: The Next Generation – The definitive guide to protecting, investing, and transferring wealth by Jack Lumsden, MBA, CFP®. Buy Preserving Wealth CLICK HERE For your FREE Copy of Preserving Wealth, CLICK HERE Sign up for our Newsletter […]
Simplifying the Timing of Canada Pension Plan (CPP) for Retirees
One question that arises often among retirees is, “When should we start taking CPP (Canada Pension Plan)?” Is it better to begin receiving benefits as early as possible or defer them longer? Understanding Canada Pension Plan (CPP) The Canada Pension Plan (CPP) is a government pension program that provides lifelong income starting at age 65. […]
What is the difference between Saving for Retirement and Creating a Cash-flow for Retirement?
Excerpts from the Book – Preserving Wealth – written by Jack Lumsden, MBA, CFP® The following is an excerpt that describes the difference between saving for retirement and creating a cash flow in retirement. “The key thing is that once you retire, you’ll want to create a strategy to replace the monthly paycheque you’ve been […]
How Business Owners Can Increase Retirement Savings Using an Individual Pension Plan (IPP)
As a Canadian business owner and incorporated professional, you understand the importance of planning for retirement outside of your business value. An Individual Pension Plan (IPP) is a great retirement tool, especially for high-income earners aged 40 and up. What is an IPP? An IPP is a defined pension plan registered with the Canadian Revenue […]
Chapter 6: Estate Planning – Wills and Powers of Attorney
For your FREE Copy of Preserving Wealth, CLICK HERE Sandra and I had just finished the dishes on Friday night at the cottage while Sally was playing with Connor and Paige out on the screened-in porch. We were all waiting for David’s family to arrive, and Sandra was a bit nervous because it was already […]
What Are the Retirement Income Investment Options?
As you transition from your working years to retirement or optional work years, creating a cash flow stream from your investments is critical to retirement planning. There are five main retirement investment options to consider when developing a prudent plan for retirement cash flow: Income Only Investing, Income Focused Investing, Guaranteed Income Products, Total Return […]
