Retirement Income Projections Spur Thought

By all accounts, the newest Distinguished Advisor Workshop, “Retirement and Estate Planning”, recently completed in Winnipeg, Calgary, Vancouver and Toronto was a resounding success. “Who knew there was more to retirement planning than just saving money” stated one participant.

A morning full of retirement income planning to build the perfect retirement funding for “Ralph”, our fictitious client, resulted in identifying the opportunities and pitfalls of an employee while he worked his way from the beginnings of his working career, using all available options and controlling taxation at the same time, to build his retirement nest egg.  Knowledge Bureau Toolkit and Calculators were used extensively to identify opportunities and forecasts for Ralph as different scenarios were examined.

The afternoon sessions brought into play some of the variables and additional options available to self-employed Owner/Managers using a Canadian Controlled Private Corporation to build retirement wealth through an active business. Equity freezes, asset sales, share sales, and additional options available to the self-employed person were examined in depth and all designed to “get the money out” of the business in order to fund the retirement needs of the self-employed person.

As with all individual taxpayers, as “Ralph” moved further into retirement, medical issues and incapacity set in requiring a review of the Disability Tax Credit and the multiple different incapacity and medical issues that can surround the family unit.

The highlight of the day – Retirement Ends – and retirement ends with death and an examination of how income taxes are treated at death even with a perfectly constructed retirement and wealth retention plan.

The end result – Financial Advisors, regardless of their area of specialty, recognize the benefits of a multi-stream specialization and the use of inter-advisory groups in their ongoing endeavours to assist their clients in the accumulation, growth, preservation and transition of wealth, after taxes, after costs and after inflation is a benefit to advisors and their clients. That after all, is Real Wealth Management™.