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Canada 1. Don’t Let Timing Ruin Your Retirement
Canada 2. Is A Tax Free Retirement possible?
A question we’re commonly asked is, is it possible to drastically reduce taxes in retirement or even eliminate them? It is possible, but you must start planning before you retire. Many people don’t realize that when you contribute to a Registered Retirement Savings Plan to accumulate savings, and then begin drawing out money through the Registered Retirement Income Fund, it is fully taxed upon withdrawal. So, the key is to diversify your retirement income. You can do that by opening a Tax Free Savings Account that allows savings to accumulate tax free up to certain limits, while you’re still working. Once you’re retired, it’s all about monitoring your adjusted gross income to control your tax bracket. You can limit the amount of taxable income you need to withdraw by pulling income from your tax-free accounts. Also, by withdrawing from non-taxable accounts, instead of selling investments that trigger taxable income, you can reduce the taxable income that can affect your OAS benefits. At about $75,000 taxable income your OAS benefits start to get clawed back and are eliminated at about $130,000 taxable. To find out how you can reduce your taxes in your retirement years, call us or visit our website today.
Canada 3. When is the Best Time to Retire?
Canada 4. How Do You Create a Simple Retirement Income
Canada 5. Is Estate Planning Only For The Rich?
Canada 6 – How to Allocate Assets Within Your Portfolio When You Retire
Canada 7 – 5 Common Mistakes to Avoid in Retirement
You’ve been saving for your retirement for decades. Don’t undermine your own plans by making these five common mistakes when you retire.
First, don’t retire too soon. Lifespans are increasing and many retirees underestimate their life expectancy when calculating the money needed to live on. The second mistake to avoid is spending too much in the first years. It’s easy to overspend while playing with your newfound freedom, but it can cause shortfalls later in life. Budget accordingly and stick to your plan. The third mistake is underestimating medical expenses and over estimating OAS benefits. Avoid surprises by factoring in enough money to supplement OAS and consider buying added health insurance, like Long Term Care to fill in any gaps. Another mistake is taking OAS and CPP benefits too early. CPP can start at age 60, but OAS starts at age 65. But, the longer you wait, the higher your monthly benefit will be. Lastly, don’t fail to do estate planning. Having an estate plan and a will maximizes the chances that your wishes will be followed and your assets will go where you dictate. It’s easy to make mistakes in the beginning stages of retirement. For more information on retirement, please give us a call or stop by our website
Canada 8 – Should I Invest In Stocks or Bonds?
Stocks and Bonds are two of the most common investment asset categories. When you invest in more than one category, you reduce your overall investment risk. So, many people add a mix of both stocks and bonds to diversify their portfolio. The right mix depends largely on your financial goals, because these two asset classes play different roles. Stocks are a form of ownership. A company sells stocks to raise money. When you purchase a share of stock, you’re purchasing an ownership stake in the company. Bonds represent debt. A government or company issues a bond or an I.O.U to raise money, with a promise to pay back your original investment, along with regular interest payments. The volatility of stocks makes them riskier than bonds, but they also offer the greatest potential for growth, especially in the long term. Bonds may offer more modest returns, but are typically less volatile than stocks and are also advantageous for their income from the interest payments. For more information on the right investment mix for your financial goals, please give us a call or visit our website today.
Canada 9. What’s Your Risk Tolerance?
Canada 10. Why Is Asset Allocation Important to Investing?
Canada 11. How To Make Your Retirement Tax Free
Canada 12. Do You Know The Silent Killer for Retirees?
Here are some simple strategies you can use for your goals to create – and maintain – personal wealth. The first is to spend less than you make, and to maximize this effect, find ways to earn more while cutting expenses. Another strategy is not to leave savings sitting in a bank account earning little to nothing, but instead put your hard-earned savings to work. People who save consistently often underestimate the power of compound interest, where you can earn interest on your money… and then interest on the interest! If you invested $100,000 and received 10% return on your money, you will have at the end of year one $110,000. After year two, you will have $121,000, because you will have earned a return on your principal … and the interest. At the end of year ten, you would have a total of $259,374.25 of which $159,374.25 was a result of compound interest … your money making you money. Referred to as passive income, this is how wealth creation works… allowing you to spend more time enjoying life. To find out more about creating wealth, call us today.
Too many Canadians want financial instant gratification and succumb to FOMO… the fear of missing out. Others are obsessed with keeping up with the Joneses by spending money to impress people they don’t even like. That’s why most Canadians lack the discipline required to be become a millionaire.The first secret to achieving financial success is deferred gratification, because it’s critical to spend less than you make. The second, is that most Canadians don’t save enough – only an average of 7.81% of their income over the past 80 years. The third is that they fail to leverage the power of time. For example, if you save $1,500 per month, in the first 10 years, this will become $195,019.37 based on an 8% interest rate. Continue to save that same $1,500 a month for 20 years and it becomes $423,760.95. In 40 years, that initial $1,500 would become $1,006,743… you’re a millionaire! To find out more about building wealth, call us today.
Are you a HENRY? A HENRY is a term for a high-income earner, a great saver… but not rich yet. Are you putting the next dollar you save into a Registered Retirement Savings Plan or into a Tax-Free Savings Account? Why not consider doing both? You may be thinking, “I don’t have the money to do both.” But you can… and here’s how. Let’s say you earned $115,000 gross annual income for the year and you managed to save 14% of your gross annual income or $16,100. If you take that $16,100 and contribute to a Registered Retirement Savings Plan, given the current margin tax brackets, you defer tax at 38.5%. That will provide you with a tax refund of $6,198.50. Contribute the $6,000 to your Tax-Free Savings Account, assuming you earn 8% a year, and repeat this strategy every year. After 20 years, you will have amassed over a million dollars in retirement savings! If you’re a HENRY, call us today.