| Our
Financial Achievement System™ is a systematic approach
to attaining your financial goals. These goals may include both
Education Planning and Retirement
Planning.
To begin
your Financial Achievement program we need to start with accurate
data.
Step 1:
Achievement Checklist
Some information
we will require includes:
- Current
savings and investments statements. Remember to include:
Savings accounts, Canada Savings Bonds (CSB's), mutual funds
and stock holdings.
- Copy
of your Will and Powers of Attorney.
- Copy
of your prior year's income tax return.
- Summary
of your current income and expenses.
- Tax
cost summary of your investments (so we can estimate any
potential tax liability).
- Summary
of your current debt including interest rates, renewal dates
and monthly payments.
- RRSP's
/ RRIF's details.
- Pension
Plan details.
- Copies
of your current life insurance and disability insurance
coverage / policies.
- Some
background information on adult children. I.e. Birth dates,
marital status and general financial status.
Financial
Achievement Goal: A Successful Retirement
Retirement
is a journey we only undertake once. It makes sense to have
a guide and plan for it. Our role is to provide these two
essential elements: the planning and the guidance.
Actually,
there are two elements to the planning on which we work with
our clients: One is the financial and the other is the emotional.
The financial
entails accumulating assets and spending them wisely.
The emotional
ensures you are ready to retire and understand the gap retirement
can represent when you no longer go to work each day.
How much
will you need to retire? From where will this income come?
How will inflation and taxes impact planning? Will my spouse
have enough? What am I going to do when I retire?
We have
a fact finder that will identify the information we need to
guide you in this important area.
Please
contact
us and we can help you get started.
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Financial
Achievement Goal: Education Planning
It's been
widely demonstrated the direct relation to higher education
and future earning potential.
Do you
want your children (or grandchildren) to benefit from post-secondary
education? With a projected cost of around $60,000 for today's
young children to attend university, you may want to move
this planning up on your priority list.
Essentially,
there are four ways to pay for a university or college education:
1. Save.Let
the power of compound growth make your investment work for
you.
2.
Borrow. When needed, you borrow the funds and pay them
back over time. This would be similar to choice number 1 except
compounding and time is working against you.
3. Pay as you go. The tuition comes in and you write
a cheque. This works great if you have many thousands of dollars
just sitting around waiting to be spent. If not, go back to
methods 1 or 2.
4. Let the kids pay. While there is a great deal of
value in having your children take ownership of their education,
they will have trouble covering the cost and will graduate
with substantial debt to repay.
The Registered
Education Savings Plan (RESP) is a tremendous vehicle to assist
us with our education savings. The growth accumulates tax
deferred and the government provides a 20% incentive to help
us save.
Please
contact
us and we can help you get started.
The informational
links below will provide you with additional details on the
RESP program.
Human
Resources and Social Development Canada RESP
Human
Resources and Social Development Canada - RESP FAQ
AIM
Funds RESP Product Page
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