Retirement Planning

Category Archives: Retirement Planning

Canadians worried about retirement.

May 27, 2013
Retirement Planning | Odette Morin

Retirement-Planning3

I read a lot these days about how unaware, unprepared and even worried Canadians are about retirement. There is no need to be concerned. Knowledge is power. There is lots of professional help out there ready to shed some light on the future and help you effectively plan. Find a good financial planner (like us!) and get a plan made for you. If you save and invest with the professional, the advise is included in the service. If you do not currently get thorough advise with your current adviser, change. You are paying for a service you are not getting. Find someone else you have a natural fit with who will be there for you as needed with every life event.

Here is what you need to do to plan properly and what your adviser should be helping you with. Cash Flow Planning will shed light on the future and alleviate the stress of not knowing what the future hold.

Read our previous blog post about the Art of Retirement Cash Flow Planning here Part 1

Cash Flow Planning Part 2

Don’t hesitate to give me feedback!

How much of an RRSP contribution should you make?

March 9, 2013
Retirement Planning, Tax Planning | Odette Morin

There is always the tax saving angle and the retirement planning angle. Make sure to consider both. Too many just look at whether they are getting a refund or not and will make just enough RRSP to cancel the tax owing if any. Look at how much you need to save to be on track with your plan first, make sure your total contributions were at least that amount this year and then decide if you should make more. That is the proper planning process. Email, call or come in for a meeting. We are there to help you do what is best for you given your individual circumstances this year.

GettyImages_88621296 If you are always scrambling to make an RRSP contribution, set up an easy monthly pre-authorized contribution now for 2013, enjoy the tax refund next April and a comfortable worry free retirement!!

You did not have money to make a large enough RRSP this year? Not a problem. Set up a monthly contribution now and enjoy the refund next year.

March 8, 2013
Retirement Planning, Tax Planning, Uncategorized | Odette Morin

Do deadline sneak up on you? Do you find it hard to save enough for that RRSP contribution you know so well you need to make?It can be difficult to come up with a few thousand dollars all at once in February.RRSP season does not have to be a scramble. If you act now, you will never have another RRSP deadline. The solution is simple. Contact us now to set up a pre-authorized chequing plan (PAC) that will make regular RRSP contributions for you every month or every pay.

Retirement planning isn’t simple. You need to work with a financial adviser like us to determine how much you should be saving, and where it should be invested. But if you have determined that there is a place in your plan for RRSP contributions, take the stress out of RRSP season and set up a monthly PAC.

It is a lot easier to make 12 contributions of $200 each than scramble around for a $2400 lump sum in February. Many studies of behavioural changes show that it is the small steps that make the biggest difference. Introducing small changes over time assures long-lasting results. The rule of thumb for saving is to put away at least 10 per cent of your income every year. How many of us do that?

The famous Wealthy Barber, David Chilton, wrote about the importance of Paying yourself first. If you can’t afford 10 per cent, start with 5 per cent. Savings over time harnesses the power of compounding as your money is working for you all year. Investing directly into the market? PACs will also take advantage of dollar cost averaging.

If you are always scrambling to make an RRSP contributions, set up an easy monthly pre-authorized contribution now for 2013 and enjoy the tax refund next April! Just contact us. email hidden; JavaScript is required">We are only an email away.

RRSP deadline is March 1st for cheque but February 25th for pre-authorized purchase from your bank

February 21, 2013
Retirement Planning, Tax Planning, Uncategorized | Odette Morin

The RRSP deadline to make your 2012 RRSP contribution is March 1st. We can accept cheques until 2pm Friday March 1st but if you want to make a Pre-Authorized withdrawal from your bank account or secure an RRSP loan, you must contact us as soon as possible and before noon Friday March 2nd to be sure the contribution will be made on time.

Contact Anthony today to make arrangements! email hidden; JavaScript is required

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Nine money myths that hamper retirement

February 21, 2013
Financial Planning, Retirement Planning | Odette Morin

older look for work Great article on the excuses people make to avoid saving enough for later. The ones I hear all the time are:

I will inherit
I will never retire…I love to work!
I might be dead by then

Don’t fool yourself. The only sure thing is the plan you make. Be smart, responsible and secure. Make a plan now and implement it. It is so much easier and fun than most think!!

Click here for the full article

Do you have a spouse? Stop and think before making your RRSP contribution

February 21, 2013
Financial Planning, Retirement Planning | Odette Morin

Before making your RRSP contribution, Stop & Think “planning”! If you have a spouse, don’t make that RRSP contribution yet!! Did you make sure you figured it out properly first? You need to direct the contribution to the higher income spouse first, equilize the RRSP plans and direct it to a Spousal RRSP if this is better for planning purposes. There are so many things to consider. Seriously, can you do this on your own? Contact us for proper planning.

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