See how we help maximize retirement income so clients can worry less and enjoy more! Meet Mark and Gloria (age 60 and 59), have 3 grown children (ages 25, 27, 32) and were 3 years from retirement.   Mark had worked for the same employer for over 20 years and had a pension plan.  Gloria worked part time at a law office and did not have a pension.  They both had RRSP savings, some additional funds in a Tax-free savings account (TFSA) and some non-registered money (from an inheritance). They had no mortgage but their line of credit had a balance of $31,000 (from their home renovation last year).

Mark and Gloria’s Concerns:

  • Should we start taking CPP early or wait until age 65?
  • We have a line of credit should we pay that off before we retire or should we wait? 
  • Will we have enough money in retirement to do the things we want to do?
  • Will our money last our entire retirement?   

Solutions for Mark and Gloria:

We spent a lot of time in our first meetings really understanding what “retirement” meant to Mark and Gloria.  Finding out how they wanted to spend their time, what was important to them, and understanding their financial objectives was an important first step.

Next we did a comprehensive review of their FULL financial picture.  We reviewed all their sources of income in retirement as well as their expenses. This process provided Mark and Gloria a report that clearly showed them what they could afford in retirement (and not as scary as they thought it would be!)

The question regarding CPP comes up often and given Mark and Gloria’s situation, we showed them that it would be in their best interest to wait until retirement to collect CPP.

Their investment analysis revealed that because Mark and Gloria had assets at various institutions and with various advisors, their scattered approach meant they were taking on too much investment risk.  We were able to amalgamate their assets (saving them money) and more properly diversify and position these assets as they get ready to transition to retirement.  

We were also able to suggest strategies to maximize their Tax Free savings account and invest those funds more suitably for short and long term growth.   The short term provided access to funds for their daughter’s wedding next year and the long term ensured they would have some tax-free money they could access in retirement.  

Peace of mind, less stress and “an easy retirement” was important to them, so it made sense to use some of the funds from the inheritance to pay off the line of credit.   In Gloria’s words “It’s one less thing to worry about!”

By restructuring their investment portfolio and developing a well thought out and long term income strategy, we were able to show Mark and Gloria that they would have enough money to last in retirement and still be able to do the things they wanted to do!