David W. Hood, FMA, CIM, FCSI
When you Retire…. will you have enough?
Financial planning involves many complexities. It is not just saving enough for retirement; it is also the preservation of capital. My role as a financial advisor is to make the complex simple and understandable. Whether you are retired, own a business, are self employed or you are an employee, we deal with complex financial situations and design a plan that can be easily implemented once complete.
For most of us, our basic financial goals throughout our lifetime will consist of the following:
- Enjoy life today while making sure that enough is saved to provide an adequate retirement income.
- Ensure that your family members are financially stable in case of premature death or injury.
- Help family members to afford the high costs of education.
- Provide a comfortable retirement income for the rest of your life.
- Create favourable relationships with CRA - Pay as little income tax as legally allowed.
- Be in position to provide financial support to those who require assistance.
- Ensure your assets are passed down to your family or Charity in a tax-efficient manner (Did you know that parts of your estate could be subject to up to 53% income tax at death?)
The creation of a financial plan provides the building blocks to help you meet your financial life goals throughout all stages of your life. A plan identifies where you are today, where you want to be in the future and the strategy needed to succeed with the plan. The plan must be monitored to ensure you are on track and to adapt to changes that occur in your life.