Author: Andrew Gordon, CFP® – Certified Financial Planner® “It was the best of times, it was the worst of times.” If you’re a fan of Charles Dickens, this line might ring a bell. It was taken from “A Tale of Two Cities” which was published in 1859. Although it doesn’t compare to the current marketplace; it does […]

Are RRSPs overrated?

For many years RRSPs (Registered Retirement Savings Plans) were viewed as the best option available for retirement savings. However, the truth is that there are several variables to consider for your best investment options.

Here is a short list of questions to ask yourself:

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The Registered Disability Savings Plan (“RDSP”) is one of the least talked about Registered Savings Plans on the market today.  To be honest, this plan is becoming more recognized because the Government of Canada is marketing the plan for Canadian’s with a disability.  In the past, RDSP’s have flown under the radar; however, throughout the past year, more and more people have been asking about it.

It is a little more complicated than your typical RRSP or RESP.

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How to safeguard your retirement…

Have you ever been scuba diving? With scuba diving, you need to plan your dive, how long, what depth, do you have the right gear, etc. If you make a big mistake there are no do overs, it could cost you your life. Retirement planning is similar, you only get one shot at it and the difficulty is, people will only do it once in their lifetime. Fortunately, as a planner we get to experience retirement many times over as we walk alongside our clients.

For people that are in the building phase (ages 30-55) and those that are in their final approach to retirement (ages 55-65), it is crucial to make sure that certain key elements have been looked at. Read more

For most Millennials, the thought of retirement can seem like light years away.  While a lot can and will happen between now and then, ignoring it or putting a plan on the back burner is a major mistake.  In a constantly evolving society, Generation Y faces unique challenges compared to those faced by previous generations. For this age group (18- to 34-year-olds), gaining an understanding of their financial situation and potential hurdles is critical.

When it comes to the question of being able to retire one day, the biggest advantage Millennials have on their side is time. They are generally considered to be anywhere from 30 to 45 years away from retirement. The most important benefit to their age bracket is the opportunity to take advantage of compound interest.  Defined as interest on top of interest or earnings on earnings, compound interest is in direct correlation with time, and understanding its power is key for Millennials hoping to retire one day.  In other words, when it comes to saving money, the sooner the better.

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To Split or not to Split…That is the question.

Income Splitting Strategies                        

So what is Income Splitting, and who is eligible to quality for the benefit?

Income Splitting is a way for families to split up their income so that if one spouse earns more than the other, the higher-earning spouse can allocate some of their income to their lower-earning spouse’s tax return. Since our tax system has graduated tax brackets, Income splitting is a great strategy to pay less household tax, and keep more money in your pocket!  Read more

Financial Difference Makers…

How can I build wealth? How can I save enough for retirement?

As a financial planner I hear these types of questions on a regular basis. People in general want to know, what is the secret to success?

I find that I like to look at clients that we have that are already in retirement to see the traits that have led to their financial success. We can learn a lot from our history, and I find it interesting to hear about people’s lives. Read more

How technology has made a difference…
Remember that great invention, the magic eight ball? You ask it a question, shake it and then turn it over to reveal the answer. If only all of life’s difficult questions could be answered so easily!

When it comes to retirement planning, people have a lot of questions but often times they do not know how to address them. Our goal is to help our clients have a clear understanding of where they are at financially, where they want to be in the future and how to get there. Sounds simple and yet so many Canadians are not prepared for retirement. Read more

It’s Not That Much Anymore…
Is a million enough? It used to be that having a million dollars was a big deal, right? You were set for life with no cares or worries financially. When did that change?

Have you ever made any statements such as; I remember when gas was only 25 cents per litre. As my kids remind me, yes I am getting older but it also means that inflation is slowly affecting the cost of living.

If you had a million dollars saved to provide for retirement, how much income would you have? Read more