Primary Goals: Reduce taxes, improve investments, and create a reliable income stream in retirement
Age: 66 & 59
Lois and Mark recently retired from rewarding careers and are excited for the future.
Mark retired from his company after 35 years and Lois is in the process of selling her business. Their children are grown, and they look forward to travel and giving back to their community.
Mark’s retirement package includes a pension, stock options, deferred profit-sharing plan and RRSPs. He is hoping to put these assets to work to support Lois and his lifestyle going forward. He wasn’t sure on how to access and coordinate the various assets and was concerned with running out of money.
Lois is looking to sell her business over the next year so that she can enjoy time with Mark and be more involved in her community. She has a wonderful buyer interested, but needs to navigate the tax impacts and how to receive the proceeds from the sale.
Mark and Lois want to not only ensure their retirement plan provides for the lifestyle they have envisioned, but also that they can have confidence that they will never run out of money.
How we helped – A comprehensive Living Plan focused on addressing their needs
✓ Comprehensive tax analysis to identify any potential tax challenges and how to best navigate them.
✓ Supported on navigating Mark’s company benefits and retirement assets to support the next stage of life.
✓ Improved asset allocation to better align with their goals.
✓ Strategized a reliable and lifelong income stream from investments.
✓ Analyzed business succession scenarios and worked with Lois’s CPA on an optimal tax efficient approach to selling her business.
✓ Reviewed timing of Canadian Pension Plan and Old Aged Security within their retirement plan.
Ultimately, we helped Lois and Mark create a comprehensive Living Plan, get organized, gain clarity on their financial life, and take valuable actions towards improving their retirement success. Understanding their options helped remove a lot of worries and gave them confidence to take action with their retirement plan. They now have peace of mind knowing that their financial plan is sustainable and will support the retirement they’ve dreamed about.