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Retirement – Are you Prepared?

Whether you are decades away from retirement or if it is just around the corner, being aware of the planning opportunities will take the fear and uncertainty out of this major life event.

Blue sky your retirement plans to get clarity

As you approach retirement, preparation and planning become extremely important to help ensure that this period of your life will be as comfortable as possible.   If you are like most, you have spent considerable time contemplating the type of retirement you wish for yourself.

  • Is extensive travel your dream?
  • Do you have an expensive hobby or two you want to take up?
  • Will you stop working totally or continue to do some work on your own terms using your life experience and skills to supplement your income.
  • Will you remain in your house or will you downsize to smaller, easier to care for premises? Or perhaps housing that will be more compatible with the challenges of aging?

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A Lifetime Gift for Your Grandchildren

The Cascading Life Insurance Strategy

If you are a grandparent wishing to provide an asset for your grandchildren without compromising your own financial security you may want to consider an estate planning application known as cascading life insurance.

How does the Cascading Life Insurance Strategy work?

  • The grandparent would purchase an insurance policy on his or her grandchild and funds the policy to create significant cash value;
  • The grandparent would own the policy and name their adult child as contingent owner and primary beneficiary;

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Canada Pension Plan – Should You Take it Early?

The new rules governing CPP were introduced in 2012 and they take full effect in 2016.  The earliest you can take your CPP Pension is age 60, the latest is 70. The standard question regarding CPP remains the same – should I take it early or wait?

While you can elect to start receiving CPP at age 60, the discount rate under the new rules has increased.  Starting in 2016, your CPP income will be reduced by 0.6% each month you receive your benefit prior to age 65.  In other words, electing to take your CPP at age 60 will provide an income of 36% less than if you waited until age 65.

CPP benefits may also be delayed until age 70 so conversely, as of 2016, delaying your CPP benefits after age 65 will result in an increased income of 0.7% for each month of deferral.  At age 70, the retiree would have additional monthly income of 42% over that what he or she would have had at 65 and approximately 120% more than taking the benefit at age 60.  The question now becomes, “how long do you think you will live?” Read More

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Recent Posts

September 4, 2017 at 2:19 pm | By Alex Preswick

The Duties of an Executor

The Duties of an Executor

An executor is an individual or institution that is named in a will whose duty is to distribute estate assets according to the testator’s wishes. Acting as an executor can be stressful and time consuming so it is a good idea for a testator to make his or her choice wisely, and for someone who is asked to be an executor to investigate and review exactly what the job entails. Often the executor is the spouse of the deceased. That tends to make the role somewhat more straightforward than it would be for a family member, friend or other acquaintance. In any event, this article covers the duties and obligations of an executor.

August 3, 2017 at 2:00 pm | By Alex Preswick

Donating to Charity Using Life Insurance

Donating to Charity Using Life Insurance

If you are interested in creating a legacy at your death by making a charitable donation, you may wish to investigate using life insurance for that purpose. There are different ways you can structure life insurance for use in philanthropy. The most common are:
Getting an Existing Life Insurance Policy
If you currently own a life insurance policy, you can donate that policy to a charity. The charity will become owner and beneficiary of the policy and will issue a charitable receipt for the value of the policy at the time the transfer is made, which is usually the cash surrender value of the existing policy.

July 3, 2017 at 2:16 pm | By Alex Preswick

Index Funds vs Actively Managed Funds: what are the main differences?

Index Funds vs Actively Managed Funds: what are the main differences?

There are significant differences when it comes to Index Funds and Actively Managed Funds. Deciding between the two will depend on various factors including your risk appetite, the ROI you are looking to achieve and the timeframe in which you are looking to achieve this. When weighing up these factors it’s useful to know what each type of fund entails, what the main strengths are as well as some of the potential drawbacks of investing in them.

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