Ogden Financial Planning (News)
Did you know...
RESP: Did you know you can get an immediate 15% Rate of Return for free on maximizing your Grandchildren or Children’s RESP accounts? How many times have you looked for gifting privileges for your family? By setting up an early Estate Giving Program into our RESP program, the government will give you a maximized grant of 15% of the funds you deposit. There are also other applicable grants if you qualify. TALK to us about this.
TFSA: What amount should you have? MAXIMUM ALLOWABLE CONTRIBUTIONS up to this year are $46,500.00 and that’s what your combined contributions should be “per person”. TFSA accounts should still be used as a form of medium to long term income strategies. Short term vacation funds should be your personal bank accounts. Our managed TFSA accounts still perform between an average of 3 to 6%. LOOK AT THE BENEFITS of using these TFSAs for future loss of income and retirement funding.
INSURANCE: Many individuals cannot qualify for Life Insurance! This means you qualify for Guaranteed Simple Issue Life Insurance up to $50,000.00 maximum age 80 permanent coverage without a single medical! TALK TO US.
RRSP: Are you young and starting? “why an RRSP”. Simple, almost all companies do not have a pension plan for you. The RRSP should be called a REGISTERED SAVINGS PENSION not savings Plan. Start your savings as young as your earnings commence and look at it mandatory. If you are thinking to use your home as a future retirement income source consider this: Pretend you are age 70 retiring today. Pretend you have a $0 balance mortgage and you are going to sell your current home and buy smaller. Or take out a line of credit on your home to supplement your income. Now; what is the amount after you buy the smaller home, or use the LOC to provide you an income? Can you live on these funds up to age 90? After taking this into consideration are you living comfortable? Is your Estate looked after? Are your children and grandchildren in a good position to receive your blessings or debts? Insurance is a key element of tax free estate dollars if this is the case. Insurance is not only a mortgage eliminator but the insurance proceeds on death are tax free and can set up a lifetime income for your surviving spouse. There are Insurance solutions as part of your savings strategy that also pay you a Critical Illness benefit at time of sickness.
“OR”, RRSP Continued: Are you reaching the finish Line of saving and getting ready for the change to live on your savings and government benefits? Is the mortgage eliminated, have you secured your MANU ONE LOC? Do you have a guaranteed income strategy? Do you know your taxes owing? Talk to us about making your income stretch farther.
Our clients continue to have the guaranteed 5% annual return or income programs, and these are contractually secured to guarantee these returns or incomes for your entire life! Add in the benefit of some sort of government subsidies like CPP and OAS and you are beginning to live comfortably.
DO YOU HAVE GIC SAVINGS ELSWHERE? Did you know that GIC accounts still underperform safe segregated fund savings accounts? GIC’s are losing money, and while our GDP cost of living keeps increasing higher than your GIC accounts this means you’re losing money. Segregated funds provide unlimited amounts of principle guarantees; market resets protecting both the death benefits and market values, Estate transfer protection and named beneficiaries for simple ease at time of family inheritances. If your GIC accounts are used for any of these purposes please discuss with us the option and benefits of setting up your family inheritance segregated fund accounts.
PLEASE SET UP YOUR ANNUAL YEAR END REVIEWS
We ensure a practice of meeting all our clients during the beginning of fall to the end of the year. Parts of our recommendations involve adding into your 5% guaranteed savings contracts to ensure you can increase the 5% bonus into your accounts before Dec. 23 of each year. This is a successful strategy that has helped build your wealth in these accounts. If you are now living on the income during the retirement phases of your life, please look at the value of adding back into your TFSA each year what you do not use as income.
In closing we have been servicing and managing a great number of Canadians and still have room for more. With our legacy succession plan there is always a team of advisors here working for you and your children and those millennial grandchildren? Please help reach out to your families and refer them for a future that they too can create and benefit from. If you have a will please ensure we have the conversation to review this with you as a service to keep the inheritances equalized. Changes that occurred in Estate Laws may affect your inheritance transfer.
Please note we can be reached in the office and emails:
See our Blog located on our website, www.ogdenfinancial.com, videos for retirement, and our new Manulife Solutions bulletin for your quick reference to financial planning solutions and tools. Also enjoy Brian’s selections of art, all located at our website.