Are Your Clients Thinking of Retiring in 2023: Think Again?

Ashley Redmond

There’s an argument to be made with high inflation, a shaky economy and possibly lacklustre returns – that this year is the worst year to retire.

Retirees NEED to know how long their assets are going to last. High inflation makes that tricky as retirees must draw down more income to pay for basics like groceries and gas. 

And the economy is depressing: Global growth is forecast to slow from 6.0 percent in 2021 to 3.2 percent in 2022 and 2.7 percent in 2023. This is the weakest growth profile since 2001 except for the global financial crisis and the acute phase of the COVID-19 pandemic.

Portfolios did OK – depending on what they held. 2022 was an ugly year for bonds, but Canada's main stock market index did better than many of us expected, all things considered.  Overall, the S&P/TSX Composite Index posted a negative return of 8.5 per cent year-to-date to investors, which outperformed our U.S. neighbours.

What About the Canadian Retirement Landscape?

Not ideal. Canada faces record retirements from an aging labour force with the number of seniors aged 65 and older growing six times faster than children 0-14-years-old.

According to Statistics Canada, never before has the number of people nearing retirement been so high. More than 1 in 5 (21.8%) persons of working age are aged 55 to 64. This is an all-time high in the history of Canadian censuses and one of the factors behind the labour shortages facing some industries across the country.

Is There Any Good News?

Tax-efficient planning makes a difference. Once you understand what tax bracket, you’ll be in during retirement it’s easier for an advisor to map out a plan. Include: Old Age Security (OAS), CPP or QPP, RRIFs, annuities etc. The full list is here.

And here’s the updated: Quarterly Canada Pension Plan and Old Age Security benefit amounts and related figures – January to March 2023.

Advisors – NOW is the Time to Be a Confident Financial Knowledge Leader

Now, more than ever, clients need you. Clients need professionals who can guide them to accumulate, grow, preserve and then withdraw tax efficient retirement income throughout their lifetime and that of their survivors.

Kickstart your career, earn more with new credentials and maximize your potential as a confident financial knowledge leader.  Become a Distinguished Master Advisor by taking the new DMA^TM Retirement Income Services Specialist. 

The Benefits.  Gain the skills to provide the process and structure your clients will need to effectively plan for their retirement. Differentiate yourself, attract new clients and increase profits by providing a high value service as a trusted advisor to your clients.

The Ideal Student. This is program is especially important for:

• Financial Planners
• Accounting and Tax Practitioners
• Wealth Managers
• Insurance Advisors
• Owner-Managers

The Outcomes. Qualified retirement income services specialists provide an extra layer of support for their clients. Take a bold step now to meet that demand: overview the 6 certificate courses in the program each of which will provide you with new professional credentials and a beautiful Certificate of Achievement.  Earn your Certificate of Distinction – and save on tuition fees - by enrolling in the entire 6 course program. Check out the chapter-by-chapter details in the links below or download the detailed Program Guide.

1. Tax Efficient Retirement Income Planning
2. Advanced Family Businesses
3. Introduction to Trusts
4. Succession Planning for Owner-Managers
5. Personal Pension Planning
6. Behavioural Finance Risk Management

Study Online, Anytime, Anywhere. You can start anytime and study at your own convenience and in your own home or office.    Everything is included - even access to personal instructor support by email.  You have three months to complete each 30-hour course. Extensions are available for $149. per additional month.

Tuition Fees Qualify for Tax Relief. Eligible students may also reduce tuition fees by claiming a tuition fee amount and a Canada Training Credit on their tax return. Check out the Knowledge Bureau Tuition Guide which includes information on study terms and other school policies.

We’re At Your Side.  Remote learning doesn't mean you're doing it on your own! You will always have the support of your instructors and education team through video calls, discussion boards and more.

Remember, you can study at your own pace and schedule that works for you.  Our Educational Consultants are here to assist with your complete program onboarding including course selection and a virtual campus orientation. If you have questions during your studies, the personal instructor is just an email away.

Your study plan is flexible and self-paced. To learn more or enrol please visit DMA^TM Retirement Income Services Specialist Designation Program.

Make a Difference. You can make a difference helping those with a “side-hustle” to grow their market-driven business. Achieve your DMA^TM Retirement Income Services Specialist Designation and understand that all generations within families are having difficulty saving adequate money in this emerging high interest, high tax, high inflation environment. Become the highly-qualified trusted specialist poised to provide the financial peace of mind they need.

“What surprised me about the courses was the outcome. My new understanding of the mechanics made it significantly easier for other advisors to implement my advice because I was confident I knew how to explain it.“

Ian Wood, RWM™ MFA™-Retirement and Succession Services Speciali

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