Video for NAIM conference
Please click above to play. The youtube link is as follows in case you have trouble https://youtu.be/r4qJZZzMkhs
Credit to Marie Engen for writing this down but I so agree!
I see many people who dont live for today and then never see tomorrow or their retirement.
Maybe I am being morbid with an acquaintance at 57 dead within 4 weeks of a cancer diagnosis and my Dad, normally so fit and healthy , a life long bike rider and chemical engineer at 75 not knowing who he is with Alzheimers fogging his brain up.
Its all about balancing now and then , contact me to find out how
We’ve all had times we’ve dreamed about our eventual retirement when we’ll have all the free time available to pursue whatever we want to do.
We don’t have the time to do everything while working full-time, so we have a long list of things we’d like to do later on.
But why wait until you retire? Here are five things you shouldn’t put off until retirement.
Travel is often number one on the list of activities people want to do when they retire. They will finally be free to see the sights they’ve dreamed of all these years.
But, why not make plans to go on that long awaited trip now? Travelling with your family can create a bond and memories that last a lifetime.
Many travel experiences are easier when you’re younger – and cheaper too.
It’s much more difficult to travel when you have certain health conditions and physical limitations. Even if you’re still healthy and in great shape you probably won’t have the same level of energy and endurance.
Older people tend to want more comfort – and that can be costly. You may not have the money if your portfolio takes a downturn, or living expenses are higher than expected.
2.) Downsize your home
One way to trim expenses is to sell your oversized home and move to a smaller, more efficient place now rather than waiting for retirement. Relocating to a more affordable area is also a great option. If your kids are out of the house, you don’t need the extra space, and costly home maintenance it taking over your weekends, why not downsize now?
Check out “active living” or “adult lifestyle” communities where ownership starts as low as age 45.
Not only can this slash your housing costs now, it’ll free up cash for you when you finally do retire.
Exercise is one activity that’s typically put off when we’re busy, but lack of exercise is a major cause of many chronic diseases to which we can become susceptible when we age. Incorporating an exercise program of at least 30 minutes a day leads to a healthier lifestyle once you retire.
Retired life will be more enjoyable if you’re not dealing with health problems, and medical expenses can be greatly reduced.
4.) Living on a reduced budget
Once your major expenses of children and home mortgage have disappeared, why not start living within your future means with a reduced budget that would reflect your lower retirement income?
Run the numbers. You can determine a realistic view of your cash flow and be prepared to make significant changes if you need to.
People tend to put off their hobbies and personal interests. They have a low priority when you’re busy with work.
Try out new hobbies or other activities to see if you find them enjoyable before you jump in whole-hog at your retirement.
If you wait you may find some activities harder to master.
Barry had always been interested in fine woodworking and was looking forward to this new hobby once he retired. But, as he got older, his eyesight started to deteriorate so he was no longer able to see the fine detail work clearly. He became frustrated and quit.
Don’t postpone your life until you retire. Making retirement your lifelong primary goal could end up in disappointment once you get there.
Make the best life you can right now and at retirement you’ll have a different kind of fun.
Kathy Waite Regina Saskatchewan, Fee only financial planner, retirement income specialist , cash flow ninja.
Here she explains how she keeps all the things she reads that are useful to clients collated neatly so they can access them when they want to
What I do is different , thats why people love it! Anything different takes a leap of faith to try sometimes. When you go and buy a car , couch or an ice cream you have something tangible in your hand. When you invest in yourself by buying a service its more unknown. What will this feel like? Will it work? Is this what I need?
Take a look at these comments from families just like you.
I also have a list of references you can contact and offer a money back guarantee.
So whats to lose?
Lets get started making the most of your future together. Youtube
Kathy Waite , Regina Saskatchewan Fee only financial planner on when is it good or not to RRSP
I was interviewed by the lovely Bev Hepting who teaches public speaking and got the chance to talk about what I do for clients , why and how I am different to financial service people who sell things. We had a laugh. Buffers a bit as she was in England but hopefully worth a watch for you. She also asked me for tips to help people be more confident public speaking which I have been doing for 25 years to groups.
My clients are busy busy so I keep lists for the of news, blogs and videos that may interest them. Monthly i send out the top features and also by topic. Retirement income , cash flow ideas but also some about quality of life. After all money is for doing things with so lets imagine!
Why bother having a financial plan?
Kathy Waite Retirement Income Specialist , how to make the most of your RRSPs, TFSAs and pensions. When can I retire?
Well I would be dancing like this! I am self employed so always owe .
Park the cheque into a saving account, not the black hole affectionately known as joint checking .
• RRSP contribution would get you another tax refund next year
• TFSA earns more tax-free investment income.
• Repaying credit card especially high interest ones
• Slim down a line of credit, mortgage or student loan
• Donating to a charity of choice and get a tax receipt
• Making a Registered Education Savings Plan (RESP) contribution get 20 to 30% grant and helps pay for the rising costs of education.
• Registered Disability Savings Plan (RDSP) for a special needs family member often gets dollar for dollar matching
• Leaving it in your saving account but shop for interest rates ( ask me how to get 2% plus)
• Paying an outstanding bill
•Building the emergency account
• Invest in your business
• Lending it at the prescribed rate to the low tax bracket spouse.
• Help an adult child stop paying rent and own a home
• Add to your retirement planning
• Experiences make memories plan a family trip or event
• Renovate home to save energy or increase value
• Investing in yourself , improving your career or education.
• Save it for the next tax bill!
• Start a Christmas gift fund.
20 ..........not so sensible ............take your sweet heart out for coffee and desert . people are more important than money
Some times automatic is good , saving automatically each month for example, having an investment that runs on a preset algorithm may not be.
Your situation is unique you deserve a custom solution
Depends on who you are! Low income families and seniors are the big winners. The news could have been worse for investors.
Want to know how this impacts on your future plans? Contact me for a review .
A parent : The government claims the new Canada Child Benefit will pay nine of 10 families more than they receive under existing programs. The new child benefit starts in July and applies to people with kids under 18. Benefits are tax free, which means no surprises when filing your taxes.Its likely families making over $ 150,000 will see a decrease in benefits
Try this calculator
Both the children’s fitness and arts tax credits are headed to extinction. Eligible expenses will be cut in half for 2016 and eliminated for 2017. The fitness credit is now worth up to $150 on expenses of as much as $1,000, while the arts credit is worth up to $75 on expenses of up to $500.
An increase in child disability benefits
“To recognize the additional costs of caring for a child with a severe disability,” Budget 2016 will continue the Child Disability Benefit but add an additional amount of up to $2,730 for each child who is eligible for the Disability Tax Credit.
The elimination of income splitting for couples with kids
Income splitting for couples with children under age 18 will be eliminated.
While not referenced in the Budget document this is in direct reference to the prior Conservative government’s introduction of the Family Tax Credit, which allowed couples to income split and save up to $2,000 in taxes each year.
An investment in childcare
The Liberals want to invest $500 million to establish a National Framework on Early Learning and Child Care, starting in 2017 ($100 million of this is earmarked for Indigenous child care and early learning on reserve). This will facilitate how provinces address childcare needs.
A college or university student: The Canada Student Grant, for young people from low-income families, will grow to $3,000 a year from $2,000 for the 2016-17 academic year; students from middle class families will see the grant rise to $1,200 from $800.
A student or parent helping to pay college or university: The education tax credit and textbook tax credit are being eliminated as of Jan. 1, 2017. The education credit is worth 15 per cent of $400 for each month a student is enrolled in school full-time, while the textbook credit is set at 15 per cent of $65 per month.
A recent graduate: No student will have to repay money borrowed under the Canada Student Loan program until he or she is earning at least $25,000 per year. Acknowledging the trouble young people are having finding well paying work?
An investor: The government is cracking down on corporate class mutual funds, which allow people to switch money between funds in the same corporate structure without incurring a taxable gain. This switching will no longer be tax-free after September of this year. Good news! labour-sponsored venture capital funds have been revitalized through the return of a 15-per-cent federal tax credit on purchases of these investments. These funds provide a way for small companies to get financing, but they have produced weak results for investors in many cases.
A low-income single senior: Payments under the Guaranteed Income Supplement top-up benefit will rise by as much as $947 per year. This measure will affect 900,000 single seniors, a group that is at particular risk of living in poverty.
Someone who is looking ahead to retirement: The age of eligibility of for Old Age Security will remain at 65 and not gradually increase to 67 by 2029.
Part of a senior couple that is living apart: If the couple is living apart for reasons beyond its control, say because one partner requires long-term care, then additional GIS benefits may be available, depending on income.
A teacher: A new tax credit will, starting this year, help cover out-of-pocket costs for school supplies at a rate of 15 per cent on expenses of up to $1,000. Early childhood educators are also covered.
Average working person: A reduction in the middle-income tax bracket
As previously announced, Budget 2016 confirmed that the middle class income tax bracket would be cut from 22% to 20.5%, starting this year. That means if your taxable income is between $45,282 and $90,563, you’ll pay less tax.
A single Canadian in this tax bracket will see an average tax reduction of $330 every year, while couples will see an average tax reduction of $540 per year.
According to Budget 2016, nearly nine million Canadians will benefit from this tax cut, which took effect Jan. 1, 2016.
The Liberals also made good on their promise to introduce a new 33% tax bracket for people who earn more than $200,000 each year.
Kathy Waite Regina, Saskatchewan, Fee only financial planning, how to retire, when can I retire, investment second opinions, retirement income specialist
Some of the most common questions we get asked
There are so many aspects to financial planning people often struggle to know where to start which leads to never starting!
We use four broad categories: running a surplus, heading off disasters , making debt work for you (not against) and saving and investing.
This is based on Maslows Hierarchy of Needs. If we dont get the basics in place and rush off to invest , disasters happen and blow up our investment plans and we are back to square one.
Net Worth Management is the art of making the most of what you have.
What do we actually do?
We start with the end in mind. Lets be clear what we are trying to achieve, assess progress so far, all the stuff you have gathered in your lifetime ( good and bad ) learn what options we have, find ways to move forward and get results for you.
You know the hard part? Its getting started , stopping the procrastination!
Don't know what you want? Where you want to be in the future? I bet you know where you DO NOT want to be though!
Your Tax Manager Announcement
I believe in plans before products but there is a saying that nothing in life is certain except death and taxes. We don't like thinking about either very much so we have teamed up with Lorie Giddings to help clients with tax preparation for families and small businesses at a super competitive rate , a friendly smile and extreme efficiency .
We are building on the family office concept which means you go to a Net Worth Manager , financial planner, for an unbiased check up and then we bring in specialists if you need them . This is the opposite to most of financial services who start with what can we sell you today?
We work together as a team for your best interests saving you time, money and stress not having to deal with sales people or trudge round looking for help.
We now have Your Investment Manager, Your Tax Manager, Your Insurance Manager and are working on banking and mortgage support for our families
Who needs a cash flow plan?
It doesn't matter what we have done in the past its what we want for our future thats important.
Kathy Waite Certified Cash Flow Specialist , money ninja, money coach and cheerleader when you lack motivation
A fiduciary standard unlike our Canadian suitability standard would protect your cake!
If your investment advisor uses the title Vice President ...run away..very fast
When is a title not a title but a sales gimmick?
Have you noticed how many investment and insurance sales people use a title that dresses up what they do?
(Sell stuff to make them a commission and a profit for the company they represent.)
The problem is that you do not know that these titles are simply marketing tools, i.e. a means to convince you you are dealing with a superior , more experienced than average sales representative.
In reality these honors are bestowed based on sales volume and in recognition for the volume of commissions.
You therefore believe you have a "very special" and "eminently acknowledged" due to the title of "vice-president" or "vice-president and director" and what you have is the most skilled salesman they can wheel out. Hence why they are let loose on the high net worth.
Titles create a false feeling of trust, comfort and prestige, flattery.
Do you really want to work with some one who starts off by trying to pull the wool over your eyes?
Click on the picture above to see some of the cases before the courts regarding this and make your own mind up.
Should I take my CPP at 60?
Lists of Kathy in the news, January news round up and books to read
Click on the web page below to go to my listly
Please add your own!
Don't make decisions when you are under stress or feeling very optimistic about the future, either can skew your judgement.
University of Cambridge research confirms successful investing is about controlling what you can. You can’t control what the market does, but you can control what you do in response.
People on testosterone supplements compared to placebo took more investment risks because they thought things might be better in future and so took more risk.
The majority of fund managers are young , male and competitive so what does that tell us about their decision making?
A good advisor knows as much about the psychology of finance as the math
Is your advisor keeping up to date and growing their practice or just treading water until they can retire?
Will they retire before you? Who will look after you?
Click on the article below to read the scoop on some of the most progressive practices in Canada
Click on the article below to read in full
My favourite types of clients are those who view this as team work , we get great results working together! Kathy Waite Saskatchewan
Kathy in Canadian Family Magazine family money make over : "Teach your children about money , how to spend. save and donate. If theres any left over have some great family vacations before your kids are teens and you are too embarrassing to be seen with"
Click on the magazine cover below to read the full article
An extra 10% for children in Saskatchewan is going unclaimed .
Since 2013 children who have RESPs in Saskatchewan get an extra 10% on top of the usual 20% grants called SAGES
A significant number are not getting it.
The deadline to claim for January 2013 grants is Jan 2016. Many companies are NOT claiming it for you. Look at the list below and click on it to follow the link and see if your provider is , contact me. email@example.com
Investors Group are not on it and Freedom 55 usually do theirs though Mackenzie and they are not on it.
None of the discount brokerages like Qtrade , Virtual Brokers or alternative banks like Tangerine & PC Bank
TD looks like miss the deadline and families forfeit 2013 grants
This is worth thousands to you and because they don't want to update systems for few kids you are probably missing out
Pass this on to people who should know please