Getting your retirement plan right is crucial; you need to be confident that your money will last throughout your retirement, while giving you the standard of living you need. That’s why it’s important to have a solid financial plan and also dependable advice. There have been a number of myths about retirement planning circulating for years that can have a negative impact on your retirement plans. Let’s take a look at some of the more common ones and the reality that lies behind them.
As the March 1 RRSP deadline nears, many Canadians will, as they do every year, stash a last-minute lump-sum of cash into their retirement accounts. While it’s better to contribute before the deadline than not contribute at all, investing under pressure isn’t the best way to maximize your savings. “For a lot of a people, it’s a bit of a scramble at this time of year to make an RRSP contribution,” says Todd Sigurdson, IG Wealth Management’s Director of Tax and Estate Planning.
As the March 1 RRSP deadline nears, many Canadians will, as they do every year, stash a last-minute lump-sum of cash into their retirement accounts. While it’s better to contribute before the deadline than not contribute at all, investing under pressure isn’t the best way to maximize your savings. “For a lot of a people, it’s a bit of a scramble at this time of year to make an RRSP contribution,” says Todd Sigurdson, IG Wealth Management’s Director of Tax and Estate Planning.
If you are heading toward retirement with a well-balanced portfolio of assets and/or guaranteed income sources such as an employer pension, you may already have enough anticipated resources to create a life-long income stream.
Each June, we honour National Indigenous History Month and National Indigenous Peoples Day. However, these observances cannot be recognized without acknowledging the atrocity of the remains of 215 children discovered in unmarked graves at a former residential school in Kamloops, B.C. This news has deeply saddened all of us at IG Wealth Management, and it is a sombre reminder of our country’s past and the injustice that continues today.
With an increasingly aging population, issues around providing services, including financial advice to seniors, are becoming more important. While attention is often focused on funding retirement and wealth transfer to the next generation, susceptibility to fraud often goes unnoticed.
One important lesson from the COVID-19 upheaval of the past year is just how ill-prepared many Canadians are for any disruption to their finances. That has opened up a significant opportunity for the financial advisory industry to enhance its relevance and value by adopting a more holistic approach to financial planning and ensuring investors consider all aspects of their financial well-being.
One of the most important documents you should have as part of your estate plan is an up to date power of attorney, otherwise known as a protection mandate in Quebec. This is a document that gives someone else the power to make financial decisions on your behalf if you are unable to. Needless to say, you need to give special consideration to whom you appoint as attorney or mandatary.
An important part of financial planning is making sure that you have an estate plan that meets your personal needs. A key component of any well constructed estate plan is to make sure that you have an up to date power of attorney for financial decisions (referred to as a “protection mandate” in Quebec).
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