“Do I Have Enough to Retire?”  Expert Answers Are Possible

With a flood of baby boomers approaching retirement, cash flow planning is an important issue, which is not surprising. However, what is interesting, is this appears to be more of a problem for the affluent, than for blue collar workers.

A recent Statistics Canada report (Income Security in Retirement Among the Working Population ñ published March 10, 2008) indicates at age 75, most retirees had a family income of 80% of their earnings at 55, which is good news for the affluent; more sobering news for those who are not prepared for life after work. However, adjustment to a lower income after work is often more difficult for those used to earning a lot of money, it appears.

The lower the income, the less change was felt in lifestyle during retirement, according to the report. In fact, many of Canada's poorest maintained 100% of their disposable income when CPP, OAS and GIS kicked in at retirement.

The affluent, meanwhile rely more on their own RRSP investments, private pension, other savings, accounting for nearly 70% of their income during retirement; there is minimal reliance on public pension or OAS.

So what's the problem? In a country where financial literacy is at best, weak, tax efficient retirement income planning is a critical skillset, particularly because the wealthy pay proportionately more tax. For the advisor prepared to meet this opportunity, success is knocking at the door, with this much-demanded skillset.

For this reason The Knowledge Bureau has designed the MFA, Retirement Income Specialist designation program. Available not only to tax and financial advisors who wish to expertly advise on retirement income planning, the program also is of significant interest to clients who want to learn more about taking control of their cash flow when income from their day job diminishes or ends.

This designation program, available conveniently by self study, is made up of six courses designed to teach the ins and outs of retirement income planning from a tax efficient viewpoint. The six courses are:

Tax-Efficient Retirement Income Planning,

Financial Literacy: Relationship Between Risk and Return,

Portfolio Construction and Real Wealth Management,

Advising Family Businesses,

Owner-Manager Compensation Planning, and

The Use of Trusts in Tax and Estate Planning.

ìFor peace of mind, everyone should take the first course in the program,î says Evelyn Jacks, Program Director and co-author of Tax-Efficient Retirement Income Planning. ìA special bonus for our students is the retirement income projectors and tax calculators we have build for you to understand after-tax cash flow and capital encroachment required to fund your lifestyle wants and needs.î

Retirement for boomers is really a ìtransitionî to economic inactivity, rather than a specific event as experienced by our parents or grandparents. Put yourself in a position to be the specialist ñ the one knowledgeable and trusted advisor who can deliver the right solutions and in the process gather more assets and referrals than ever before. For more information call 1-866-953-4768 or visit knowledgebureau.com.