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Financial strategies must be organized categorically

It is critical to take responsibility and save for retirement

In the information age we are inundated with data, to such a degree, we can get distracted from our principal wealth creation goals. Neuroscientist, Dr. Daniel J. Levitin points out in his book, The Organized Mind, with regard to a never-ending stream of social media, news, and career info, that “our brains are hungrily soaking all this in because that is what they’re designed to do, but at the same time, all this stuff is competing for neuro attentional resources with the things we need to know to live our lives”. And one of the key things we need to know is how to get our finances on track for retirement!

Why people fail to plan A recent article in CNN noted after surveying 1,000 people about retirement that “many people spend more time researching which car to buy or where to go on vacation than they spend on their investments — more than half said they had spent five hours or more doing research the last time they bought a car, and 39% said they spent more than five hours exploring vacation possibilities. Meanwhile, a mere 11% said they had spent that amount of time evaluating investment options”. Levitin makes a case for the need for categorical thinking if we are to wade through the information best suited for our lifestyle. Applying his wisdom, the secret is to determine how you break down your financial strategies categorically speaking, and then determine how you prioritize your processes in relation to your goals. By asking how you organize your finances it forces you to look at and list the most pertinent categories with a realistic application for financial survival:

Organize categories as retirement priorities.

There are many factors to consider in the cycle of ongoing, systematic strategic financial organization as you can see in the diagram above. However it is vitally important to apply your powers of concentration to organize strategy in the following key categories, areas within which financial advisors are trained to assist you:

Net worth Add up all your assets and subtract your liabilities to get your financial net worth.
Retirement income resources Within your assets of your net worth, determine the specific amount earmarked as saved for retirement from which to draw an income for a lifetime. Bear in mind that some of your assets will be fixed (not liquid for cash) such as your residence.
Weigh debt interest against investment interest Debt accumulation must be mastered as it will drain any good retirement plan.
Expiration potential of income resources Based on how long you might live – your life expectancy – calculate just how much cash the funds can deliver for your lifetime per month. Then based on how much you determine you will realistically need to cover expenses per month, calculate when the money would run out or if you have enough saved to last a lifetime. Add in pension income sources. Income resource planning needs to accommodate reasonably achievable long term goals while considering your risk tolerance.
Investment action plan You must have a systematic method of investing in order to beat the ravages of time and inflation.
Invest with a mind to save tax Utilize all the tax planning strategies available with the government’s registered accounts.
Invest for wealth creation If you have five or more years left you must invest if you haven’t reached your necessary accumulation from which to draw an income. Seek investment advice from a professional advisor.
Invest for wealth preservation Once you have accumulated your nest egg, develop strategies to protect against losing capital, yet remain invested in suitable vehicles for your age. The following graph will denote how much money is necessary for a prolonged period of time in retirement.
Get good investment counsel Here is the need to use a financial advisor who daily works in the realm of financial calculations while looking at your future income needs. An advisor will review your plans and investment performance periodically to help keep you on track.

Successful people delegate, so can you

Dr. Levitin points out that “successful people – or people who can afford it – employ layers of people whose job it is to narrow the attentional filter. That is, corporate heads, political leaders, spoiled movie stars, and others whose time and attention are especially valuable have a staff of people around them who are effectively extensions of their own brains, replicating the functions of the prefrontal cortex’s attentional filter”.

In the same way, in order to be successful at retirement planning you may need to engage the help of a professional advisor, someone who often does not charge for his or her services (some advisors are paid via other means), as well as fund specialists and/or investment managers trained to help you achieve financial success.

An advisor can help organize and govern your finances

Again, the logic of The Organized Mind, when applied to finance is simply to get financial guidance – applying the resources of fiscal counsel available. Levitin summarizes this concept of getting someone to handle the daily distractions of life – and unfortunately many view financial organization as a distraction lumped in with all the other media distractions, when it comes down to getting through a basic day, month, or year! Little wonder most people procrastinate when it comes to their finances.

These highly successful persons–let’s call them HSP–have many of the daily distractions of life handled for them, allowing them to devote all of their attention to whatever is immediately before them. Daniel J. Levitan Ph. D. – The Organized Mind -published by Allen Lane

We all want to be successful in our career and workplace as well as in our investment planning. Why not talk to your financial advisor about implementing an organized financial plan – bearing some of the burden to help you get on track – after you study the graph below depicting the capital needed on which to retire. And ask yourself, “is it time that I get help?”

Graph Source: Adviceon

Legal Terms of Use Agreement

LEGAL TERMS OF USE AGREEMENT

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Where any initial website build, or special update, or design work, or website refurbishing or website design switch has occurred to a different designed website from the original website, and a three year period has not evolved from the date of completion of said work, Adviceon reserves the right to charge fees commensurate with any of these said services as noted above, plus the inclusion of retroactive normal monthly fees from the beginning date of said work for an initial website build or date of update, plus any associated administration transfer fee, prior to a release of any domain under Adviceon’s payee jurisdiction.

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The legal information supplied online in this website is activated for a minimum term of agreement for three years and is confirmed, agreed upon, and actualized by an order or request for services via email or letter or an applied payment to initiate Internet website building or to initiate access to any other Internet service offered by Canadian Financial Publishing Group or by the trade name of Adviceon. Upon activation, all established set-up fees and monthly access fees shall be due for a minimum of three years, or more if a contract is extended, and subsequent renewal periods apply and are due upon renewal where there is a continuance after the anniversary date of the initial purchase, and shall be prolonged for a minimum of three years. This entire legal agreement of terms of use may change or have additions applied and is openly and wholly accessible via direct links on your website and Adviceon articles for review and is incontestable.

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Adviceon reserves the right to demand full payment for all work directed by and rendered for a company and this is the only agreement operative where there has not been a signed formal agreement, and this entire Copyright & Legal Terms of Use Agreement set forth herein shall prevail in all disputes.

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The Internet copyright content URLs can be set up on an individual website or corporate website insofar as no page served from the servers of Canadian Financial Publishing Group (Adviceon) is rearranged or copied. All URLs must be accessed from websites or servers owned or leased by Canadian Financial Publishing Group. No other server is allowed to serve the content offered by Canadian Financial Publishing Group.

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All E-Newsletters, E-Magazines, E-Pages, Internet Pages, or any url offering up information created by Canadian Financial Publishing Group must be paid for in advance and only be sent from launching systems that Adviceon or Canadian Financial Publishing Group has approved. If any other system is used to deploy copyright information of Canadian Financial Publishing Group it must be pre-approved by email prior to use. Canadian Financial Publishing Group url pages are not to be sent in tandem with any other document, other than a simple introduction by a paying Adviceon client.

Website Readiness

Canadian Financial Publishing Group will not be responsible for premature advertisements or promotion by any user or client to anyone, by any method presenting their website as ready to view, until all configurations are proven to be working to the client’s total satisfaction as it often takes more time than anticipated to configure a website for multiple reasons. Adviceon may access monthly payments as soon as the architecture of the website or pages of the website are formed.

Financial Content Data URLs

Where Adviceon’s content is linked to a website by a paying client, such urls should be checked to see if more urls have been added, or if some have been changed or discontinued, and such management is the responsibility of the user.

General Disclaimer

All online statements and statistics set forth on any online page as offered by Canadian Financial Publishing Group are intended for educational purposes only and are believed to be true and dependable, however accuracy of content is not guaranteed, nor will Adviceon or a Financial Advisor or a company associated with the Financial Advisor or any party contracting the services of Adviceon assume liability for Financial applications or a securities trade or investment decision or life insurance purchase based on any article, graph or statistic on this website, even where an error or omission occurs. The reader is advised to seek additional professional advice and to evaluate strategies applicable to each individual’s objectives.

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General Mutual Fund Disclaimer

Only registered representatives of a Mutual Fund Dealer offer mutual funds; and segregated funds are also offered by life insurance representatives.

Before investing in any mutual fund, it is important to read the specific fund’s simplified prospectus. Commissions, trailing commissions, management fees, tax payable, and expenses may be associated with mutual fund investments. Mutual funds are not guaranteed. Their values change frequently and past performance may not be repeated. Any indicated mathematical return, including those set forth on graphs or tables in this online publication, is used only to illustrate the potential effects of the compound growth rate and is not intended to reflect future values of returns on any specific investment or any other financial product. It is strongly recommended that you seek professional advice to inform yourself regarding mutual funds or any other financial product as it relates to your circumstance.

Borrowing for investment purposes can magnify the risk as well as the reward of investing. All precautions regarding mutual funds also apply to segregated funds. You should not make any personal decision or act on any information in this online publication because it is meant for educational purposes only, and it may not be currently accurate or applicable to your circumstance. The publisher (and Canadian Financial Publishing Group) will not be held liable in any way for any financial planning application, or inaccuracies, or errors, or omissions in relation to the information in this online publication. Trademarks and registered trademarks are owned by the publisher (and Canadian Financial Publishing Group). Reproduction by any means without written permission of the Adviceon is strictly forbidden.

To Discuss Strategic Relationships

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Life Insurance is the foundation of your net worth

Life insurance has been called the foundation of net worth planning. If you have a spouse or children, the initial stages of your financial plan should include adequate life insurance coverage.

There are two types of life insurance You can either buy pure term insurance coverage, or a plan that can last a lifetime with various investment vehicles that can gain value and enjoy tax advantages while the policy remains in force. You can also mix pure term insurance with an investment in one policy, with certain types of whole life.

The cost of lifetime insurance coverage is higher. Yet the tax-free death benefit can solve estate-planning problems such as paying an estate’s tax liability on capital gains.

However, if you can’t afford the premium for lifetime coverage, consider term insurance or a combination of both. Term plans are quite affordable.

Ask your advisor to do a capital needs analysis You may want to replace the income of the life insured—either yourself or your spouse. It is easy to calculate the capital needed over any short or long period of time in any situation if the life insured were to die. There are many professional calculators that allow advisors to prepare accurate life insurance assessments.

Review your life insurance during these life stages As we journey through life, our circumstances change dramatically. So do our needs for life insurance. It may be time to review your life insurance and verify beneficiaries, policy amounts, any riders associated with the plans. As you evolve financially, so do your life insurance needs.

When you have a young family When you are newly married and starting a family, life insurance is purchased to provide tax-free capital in case one of the parents should die. A young mother would not be forced to go to work, reduce her lifestyle, or leave her children to cared for by others.

When your children are going to college When children go to college, many of us tap into our savings to help meet their tuition and housing expenses. We may purchase a child’s first car, or pay him/her an income for one or more years. If you die without providing continuing support, your young adult child may need to quit seeking a higher education due to a shortage of funds.

When your estate will face a large tax bill As you approach retirement, you may have accumulated assets that will be taxed on capital gains: such as a cottage, a business, large equity mutual fund holdings, or a stock portfolio. Life insurance can help pay the income tax due in your estate. This can include paying for taxes on remaining RRSPs or RRIFs, as these funds are fully taxable to the estate (where there is no surviving spouse or dependent child). It can also pay off large business debts that may be left as an ongoing liability, weighing on a surviving spouse’s financial security.

PRODUCTS AND SERVICES

From saving for your child’s education; to planning a vacation, setting aside funds for retirement income, or managing your finances during retirement, I can help you create an investment portfolio that meets your needs.

• Mutual Funds Mutual funds offer long, medium and short term investments that many investors use as part of their overall financial security plan. Mutual funds allow individuals to pool their savings in a diverse portfolio of investments managed by professional money managers.

• Guaranteed Segregated Fund Policies Segregated fund policies are long-term investments that offer capital guarantees.

• Life Insurance Our firm brokers life insurance to ensure you get an excellent rate plus the right product to meet your needs.

•Tax Planning Using Investments

I also offer tax-advantaged strategies, including:

Registered education savings plans (RESPs)
Registered retirement savings plans (RRSPs)
Registered retirement income funds (RRIFs)

• Disability Insurance

Accidents and illnesses are unfortunate facts of life. Disability insurance coverage is designed to help protect your most valuable asset – your ability to earn an income, which can be jeopardized if tragedy strikes.

• Critical Illness Insurance

A critical illness or condition, such as a heart attack, cancer or stroke, can turn your life upside down. It can affect you physically, emotionally and financially. Insurance can protect both you and those close to you from the financial effects of a critical illness.

GROUP BENEFIT CONSULTING

Our team of benefits specialists has the experience and qualifications you expect. With experience in the insurance industry, our senior team members have developed an in-depth understanding of corporate benefits plan design, health and welfare plans, underwriting concepts, and cost-saving approaches.

Benefits as Unique as You Are

Simply put, your benefits should be as unique as your business. Therefore, you need the specialized expertise we can deliver. We work effectively as an extension of your human resources department. Unlike a generic, off-the-shelf plan, your benefits program is designed with your objectives in mind.

What Group Benefits Services Do We Provide?

• Monitoring and communication of industry trends
• Benefits plan assessment, design, and monitoring
• Plan renewal
• Brokering your plan
• Managed healthcare initiatives

Communication of Industry Trends

With the changing face of the insurance marketplace, it’s reassuring to have our firm on your side. We work hard to keep you informed of all the latest trends and products, both domestic and international. We communicate with you in a variety of ways:

• Client relationships—open communication with our team
• The Informer—bimonthly information bulletin
• Client seminars—scheduled periodically throughout the year

Benefits Plan

Strategic Planning for Benefits

We discuss and analyze key factors that may affect your benefit planning.

Your Custom-Designed Plan

We create custom benefits plans (traditional, flexible benefit designs, or healthcare spending accounts) based not only on our consultation with you but also on the latest industry products that best meet your needs.

Employee Communication

We help you develop employee handouts and other communications materials.

Monitoring Your Plan

We monitor your benefits program, actively making recommendations, so it continues to serve the needs of your business and reflects the latest industry trends.

Monitoring Your Claims Experience

Each quarter, we complete an assessment of your claims to give you an accurate picture of how your benefits plan is being used by plan members, so there are no financial surprises for you, the plan sponsor.

Saving You Money

As with all of our services, when it comes to ways to save you money, we give you options, including the most up-to-date and innovative solutions available internationally—before they become commonplace.

Plan Renewal

Annual Plan Review

At least once a year, we analyze the financial arrangements for your benefits plan. We assess the competitiveness of your current benefits arrangement to help you take advantage of the latest domestic and international developments.

Negotiations with Insurers

Our in-depth knowledge of the providers and their approaches to underwriting allows us to negotiate the best possible arrangements for you. In addition, you benefit from the negotiating leverage that we have built through our more than 100 clients.

Brokering Your Plan

We broker your plan to a large selection of providers, ensuring that your current arrangements are the very best the industry has to offer you. The advantage for you comes in the higher number of responses our tendering receives—you gain more choice.

Preparation

We have the technical expertise necessary to ensure quoting carriers are aware of the complexities of your plan. The resulting proposals are more competitive—and more useful. We

• Analyze carrier proposals
• Develop a report to make it easier for you to make an informed decision about your provider
• Help you schedule presentations by the leading quoting carriers—personal contact between you and the provider is critical to a good working relationship

Pension Administration

We have assembled an impressive team of pension professionals with over 100 years’ combined experience in the pension benefits field.

Proactive Defined Benefit Pension Administration Services

Qualified experts meet your special pension administration needs

We offer a wide range of services and solutions, including

• Providing support in the development and implementation of pension program objectives and design
• Preparing pension plan texts and amendments stemming from changes in plan rules and government regulations
• Responding quickly to your questions and concerns
• Maintaining employee records using the latest CPAS/db pension administration system technology
• Processing benefits on termination, death, or retirement
• Preparing annual member statements, member benefits summaries, and government compliance reports

Pension Adjustments (PAs) and Pension Adjustment Reversals (PARs)

Our on-site actuarial team will meet the technical demands of your plan in a professional, cost-effective manner. Our clients have convenient access to the following actuarial services to develop and present effective employee communications material, review and update your investment policy statements and trust agreements; monitor and report on the relative performance of your fund investments; and provide plan wind-ups and conversions to money purchase plans.

Comprehensive Actuarial Services

• Funding and solvency valuations
• Legislative and Canadian Institute of Actuaries compliance
• Plan design liability and service cost review to support benefits upgrades or labour negotiation sessions
• Pension valuation and expense calculations
• Cash flow projections and asset/liability matching
• Marriage breakdown valuations
• Plan wind-up and conversion valuations

SEGREGATED FUNDS

What is the investor sentiment towards Investment Funds?

Investment funds offer investors a superior means of accumulating wealth through a broad range of investment solutions based on professional investment principles in a regulated environment.

There are eight benefits of Investment Funds which the investor appreciates:

Professional portfolio management
Manage risk through diversification
Opportunities for foreign and domestic investment
Oversight by professional managers
Low entry investment amount
Solutions meet a wide range of needs
Easy to buy and sell
Convenient administration

The rapid growth in the investor confidence of using investment funds escalated to over a half trillion dollars. This indicates the validity of using investment funds in an investment portfolio.

Wealth Management and Tax

Most successful investment strategies hinge on holding investment funds. Ten important wealth management tactics can help maximize your long-term investment returns. These tactics, in particular, have stood the test of time for investors interested in building a powerful investment portfolio.

Here is a list of ten investment tactics to help you achieve financial independence.

1. Deduct interest. If you plan to borrow money to finance your expenses, consider arranging your financial affairs so you can borrow to purchase investments. Interest on this type of borrowing remains fully tax-deductible for as long as you continue to hold income-generating investments (outside of an RRSP).

2. Consider income splitting. Income splitting is the idea of moving income to family members who are in a lower tax bracket than you. To split family income with your spouse, you can invest the lower-earning spouse’s income, while the higher earner pays family living expenses and taxes. You may also want to contribute to a spousal RRSP. If you own a business, where applicable, pay your spouse a salary for work performed on behalf of your business. To split income with children, you can give them cash or any other assets (if they are over 18).

3. Structure your investments for tax. To avoid paying high taxes on income from earnings or interest, structure your investments to earn primarily capital gains outside your registered accounts.

4. Defer the tax. If you are investing in non-registered holdings but have not maximized your RRSP, you may be losing the opportunity to deduct up-to-the-maximum contributions from income. You also miss out on the pre-retirement tax deferral during all the time that elapses until you retire. You could be deferring these tax liabilities on investment income until you withdraw the funds held within your RRSP or your RRIF.

5. Create trusts. Trusts are ideal if you hope to transfer income and/or capital gains to a beneficiary. If you own a business, you can even use trusts to pass the business to your children for tax purposes while still retaining some control. Make sure you obtain expert advice.

6. Donate. Charitable donations are effective wealth management tools because they provide you with a tax break while making a real difference for a cause important to you.

7. Develop a plan. As with all things in life, good intentions are seldom enough. A professional investment plan can ensure you reach your financial goals while not depending on Canada Pension Plan (CPP). Begin to envision independent financial success.

8. Start early as time adds value to money. Habitually pay yourself first every pay-cheque before you pay your bills. Due to inflation (now running at 2.8% over 12 months), you may need well over $1.5 million to retire 30 years from now. At 10%, $9,000 invested annually over 30 years will amount to $1.5 million. If you delay investing for just 10 years, you need to invest $26,000 annually over the remaining 20 years to achieve the same result. Wait another 10 years, and you will need to invest approximately $90,000 per year over 10 short remaining years to achieve the $1.5 million total. Time will work against you if you procrastinate.

Source: Statistics Canada: On a 12-month basis, the All-items CPI rose by 2.8% in January, up from the 2.2% rise in December.

The Rule of 72: divide your annual percentage rate of return (yield) into 72. The answer will tell you how many years are necessary to double your money.

9. Maximize your RRSP contribution. As long as one earns an income (or where an individual has unused contribution room), an RRSP contribution creates the biggest tax break available to most Canadians. Canada Revenue Agency (CRA) allows you to contribute up to 18% of your previous year’s earned income up to a maximum threshold, minus pension adjustments reported by employers.

Note: The tax savings are calculated at a compound annual rate of 10%, without income tax deducted. Taxation is deferred until income is withdrawn from a registered investment. Conservative calculations can also be run at 5%, which may be safer, given the recent market decline.

10. Invest with a global perspective. Different economies worldwide can experience market gains at differing times or at the same time depending on where each economy is in its own distinct market cycle. Markets such as Canada and the USA influence one another closely in their market cycles. Canada’s stock market capitalization is less than 3% of the total of the entire world. Therefore, it makes sense to invest in foreign funds investing in foreign securities. This can be accomplished by purchasing Canadian-managed foreign mutual funds that invest in foreign equities—and your RRSP can hold up to 100% foreign content.

INVESTING AND RETIREMENT

You will spend many years working. One day you will need to retire with a good income generated from your accumulated investments. Retirement planning is never finished. You will need to manage your investments carefully to maximize their return through life’s various stages as you move closer to, and during, retirement.

Through good markets and volatile markets, we help individuals, families, and business owners with their financial needs. We realize one program doesn’t fit all investor needs, so we will take into consideration your changing goals—for example, if you have other short-term needs, we will help you tailor an investment plan to suit your specific goals.

We can help you to re-evaluate your investment strategy and advise you as we develop a balanced plan that is best suited to your overall investment needs. Retirement planning must ensure the best use of capital with minimization of tax during the investment growth stages, as well as during the period when you will depend on your investments to create wealth as it transfers to income.

GROUP RETIREMENT CONSULTING

In addition to specialized knowledge of pension and retirement vehicles, our Group Retirement Consulting Services team has extensive experience in the financial services industry, including the following areas:

Strategic Planning for Retirement

We discuss and analyze key factors that may affect your corporate retirement program.

Communicating with Your Employees

At least once each year, we coordinate, develop, and deliver seminars for your employees.

Monitoring Your Program

We monitor your program so it continues to work optimally for you with respect to:

• Pricing (is it appropriate for your needs?)
• Investment fund selection and ongoing performance
• Technological advancements that ease your administrative duties
• Communication with you and your members

Marketing Your Program

Every four to five years, we tender your program to the entire market of providers, ensuring your arrangements continue to be the best the industry has to offer. We highlight all technical aspects of your program to appropriate carriers. We complete an analysis of competitive quotes and prepare a report with our recommendations. We then schedule presentations for leading potential providers to present their services directly to you.

GROUP EMPLOYEE BENEFITS