1. Let your beneficiaries know that they’ll be receiving an inheritance. Create an information package and share it with your loved ones. By having conversations years before there’s a critical need, you’ll ensure a smoother transition of your wealth to your heirs. What should you discuss? There is no right or wrong answer here. Topics will vary from family to family, including wills, location of important documents, even advance care planning and funeral and burial preferences.
Small businesses account for 71% of the total labour force in Canada.1 That’s a lot of people who are experiencing the new normal workforce – no pension plan, no group RRSP, and no employer helping you manage your obligations back to CRA. As independent business owners, we live these issues every day. We can help you manage fluctuations in your income so you can sustain your lifestyle while also saving for retirement.
Connecting with friends on the patio, taking a dip at the cottage, or boarding a plane to discover a new favourite hideaway are all things we savour during the lazy days of summer. What if you could elongate that summer into a six-month mini retirement, or even an entire year off?
Your team at Watermark Wealth Management participated in the 8th annual Pedaling for Parkinson’s event (July 13-15) in Parry Sound. It was a fantastic 3 days of riding with perfect weather and the most riders ever for this charity event.
16 riders made up the Watermark Wealth Management team this year!! Our team collectively cycled over 2500 kms during the 3-day event and raised over $7,000 in donations!! As in years past, Watermark Wealth Management also sponsored the snazzy water bottles that were given to every registered rider.
I am a Trekkie. When you walk into my office you are greeted by Jean-Luc Picard and Lacutus of Borg peaking out from behind the ivy on my credenza. My favourite Star Trek episodes feature shifts in the spacetime continuum. Being able to move within time to see past or future selves appeals to me. That’s why the article “Save More Money By Meeting Your Older Retired Self” featured on forbes.com intrigued me.1
How do I open a RRIF?
When you want to begin pulling money from your RRSP you turn it into a Registered Retirement Income Fund (RRIF). While you are able to do this at any time, the federal government requires you to do so when you turn 71. The year after you turn your RRSP into a RRIF, and every year thereafter, you must take the minimum annual withdrawal from your RRIF. Is it taxed? Yes, you pay tax on money you withdraw from your RRIF.
Know what you want
Before you go out and find a contractor, make sure you have specific goals for your project. Make a list of “must-haves” and “nice-to-haves” and stick to it. If you’re planning during the summer months make sure you think about how the spaces in your home are used in the winter months, and vice-versa.
Remember back in February when you received a pile of mail from HollisWealth? Some of those envelopes that are sitting unopened on your kitchen counter contain the new brokerage statements that investment dealers like HollisWealth are now required to send you annually. The reports are part of a project (called Client Relationship Model) crafted by industry regulators to help folks like yourselves understand what you are paying for the advice you receive, and how your accounts are performing.
Your financial plan is a living, breathing, document. As your life changes and you experience different life events and stages, it will need to be updated. Every year you should meet with your advisor and ask these four questions:
1. Am I on track?
There are two main portions of a financial plan; savings and growth. You are in charge of contributing the agreed upon amount of money to your investment accounts. Did you meet your savings goals? Your advisor is responsible for managing the investments in your accounts. When you put your plan together you agreed upon a rate of return you need in order to reach your goals. Did you reach your growth goal?
Review your plan. You may need to make changes when you:
You divulge an incredible amount of information to your investment advisor and should expect certain things from your relationship with your advisor. What may surprise you is that your advisor also expects things from you. After all, you’ve given them your life’s savings and often told them that your retirement is in their hands.
7 things you should expect: