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Retirement Vision: What is Yours
You might be retired, still trying to figure out what will make you happy in this phase of life.
You might be planning for the dream retirement you've always hoped for.
Well, either way, for most people retirement is a lot more than just knowing the magic number that is your "pot of gold".
Here are some key steps every pre-retiree should take.
1)
Identifying your prime motivator to want to retire helps to identify what needs to happen next. It will help you to realize if your looking forward to something, or just trying to get away from something. That is critical to identifying what it will take to maintain (or find) happiness in the next phase.
2)
Deciding how your income sources will carry you through the many years of retirement is also an obvious step. An advisor can show you how your savings actually carry you through. Often things like tax level, longevity, income splitting, Old Age Security clawback, and inflation will have a different impact than you expected.
3)
Identify what you need to live. Yes. What do you actually spend on everything. This is a bit of work, but without this exercise, the estimate is just that and not customized to your reality. Most of us think we spend 1 amount, but actually have a very different amount leave our bank accounts every month. Only a realistic picture will really allow you to understand your true needs. Note: Most of us think we will change our spending habits, but that has been proven to be false. If you love to eat in restaurants 5 nights a week, that won't likely change.
4)
Plan how you will fill your days. There are only so many closets to be cleaned. You need a fulfilling gameplan for once you've past the first phase when you just think youre on an extended holiday. Work filled 8 hours a day, what will replace it. Most of us need more than sitting home. We need stimulation, companionship, and having an activity that has some meaning. Even if its playing competitive bridge, something that provides some sense of connection and accomplishment.
5)
Factor in your spouses needs. You will be spending more time together. That in itself can add stress to the relationship. Therefore, ensure that you both respect the others options, and ensure both have options that help to provide some satisfaction outside the home.
This tips are even more critical for business owners, as many never separate their personal and business life.
Some of the toughest decisions towards a successful retirement are more about preparing the mind and body, and not the bank account. To really ensure you are on a sustainable journey, have detailed conversations with your spouse, and as I always suggest, work with a Financial Advisor to help you find the ideal retirement for you.
Financial Tip
Every person I meet with has a vision of what they want when they retire. Yet many don't think they will ever get there. Why is that? Check this tip video and upcoming ones here
Quick Reminder: Traveling Soon Anyone? If you need Travel Insurance, we now offer a quick and easy solution. Just go to this link on our website and sign up right away.
Travel Insurance . Any questions, please give us a call to help.
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Business Owners:
Looking for some tax breaks in the business, and ensuring you protect the family.
We have set up a number of Financial Tip videos to share some ideas. Let's start with a Tax Free insurance idea for your business.
Want to withdraw money from the corporation tax free to pass along to your heirs?
Check out this video presentation. With regulatory changes coming soon, it's important to review your options now.
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Trustee Fees REMINDER:
Please note that Trustee fees for RRSP, LRSP, RRIF, LIF were charged June 6th.
It was charged to your bank account (coded ACM) or to your registered Assante account.
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Arts and Community
I am pleased to be sponsoring The Richmond Hill Centre For The Performing Arts again in the 2019-2020 season. With a colleague, we will be sponsors of the
OnStage Series, for unique Canadian talent in a more intimate setting.
We will also be sponsors of a number of shows soon to be released, having a little fun with some of our old favourites!
I hope to see you at the theatre this year.
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Markets:
Some interesting commentary is provided this month to help recognize how our markets are impacted longer-term by government intervention. Read on...
The Power of Zeros
Portfolio Managers discuss their observations as a result of central banks globally reducing interest rates to zero and collectively injecting over $10 trillion dollars into the economy in the 10 years following the financial crisis in 2008-09.
The changing way we live and the way business operate
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AMAZING NEW UPDATES:
ShareView allows Assante InvestorOnline users to share account information with one another and access their relevant accounts in one place. Once set up, you can view and share multiple personal and corporate accounts, portfolios, statements, tax documents and trade confirmations with a single log in ID. Users can also manage and edit access as they see fit so you know your personal financial information is always secure.
Here is a guide with more details on the service and set up instructions.
Once set up, your clients will be able to view and share:
- Multiple personal and corporate accounts
- Portfolios
- Statements
- Tax documents
- Trade confirmations
The option is set up using a PIN and access settings are customizable at any time, so investors are in complete control of who has access to their personal financial information.
Want access, go to investor online, or contact us to help you get set up.
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Events:
I'm riding in the Big Bike on Jun 12th. I'm working hard to raise $1000 towards Heart & Stroke in honour of my father who suffered from a stroke, and lived his final 5 years in a very compromised state because of that. Come out and cheer us on, or even better, please donate to help ensure your loved ones have the support in the future.
Thank you to all that have contributed to the charitable cause!
Quotes of the Month
Travel makes one modest. You see what a tiny place you occupy in the world.
- Gustav Flaubert
After having recently travelled to Croatia for a conference, this quote hits home. Seeing the history, culture and new experiences, it gives me great respect for the world, and trying to keep it healthy for generations to come.
Sincerely,
Janine Purves, CFP®, CPCA, CCS
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Assante Capital Management Ltd is a member of the Canadian Investor Protection Fund and Investment Industry Regulatory Organization of Canada.
This material is provided for general information and is subject to change without notice. Every effort has been made to compile this material from reliable sources however no warranty can be made as to its accuracy or completeness. Before acting on any of the above, please make sure to see me for individual financial advice based on your personal circumstances. The opinions expressed are those of the author and not necessarily those of Assante Capital Management Ltd.
Insurance products and services are provided through Assante Estate and Insurance Services Inc. Assante Capital Management Ltd. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada.
Assante is an indirect, wholly-owned subsidiary of CI Financial Corp. ("CI"). The principal business of CI is the management, marketing, distribution and administration of mutual funds, segregated funds and other fee-earning investment products for Canadian investors through its wholly-owned subsidiary CI Investments Inc. If you invest in CI products, CI will, through its ownership of subsidiaries, earn ongoing asset management fees in accordance with applicable prospectus or other offering documents.
Commissions, trailing commissions, management fees and expenses, may all be associated with mutual fund investments. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Please read the prospectus and consult your Assante Advisor before investing.
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Dates to Remember
June 12:
Heart and Stroke Big Bike Tour.
June 15:
Business Taxes Due, 2nd Personal Installment Due
July 1:
Canada Day. National Holiday.
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Janine Purves
CFP®, CPCA, CCS
Senior Financial Advisor
Assante Capital Management Ltd.
Ph (905) 707-5220
Fax (905) 707-1035
9130 Leslie St.,
Suite 302,
Richmond Hill,
ON L4B 0B9
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