Financial Planning and Wealth Management for Retirees

A Retirement Plan that Works — Even with Assets in the US including IRAs and 401(k)s

The problem many of our clients face is they have accumulated wealth and want to know how to slow down from work, maintain their lifestyle, and not run out of money.

You need to work with an advisor who understands your situation and has a process that allows you to reach your goals during retirement. At SWAN we specialize in helping clients who are 5-10 years from retirement or in retirement. We work with you to create a plan and keep you on track so you feel confident that you and your family are taken care of during this next stage.

We are licensed in the USA and Canada and have gained substantial experience helping clients who are moving across the border. There are additional complexities to a cross-border financial move that we know how to manage and optimize.

Retirement Planning with a Fiduciary

Before you move forward, it is important to determine if your advisor is a Certified Financial Planner and a Portfolio Manager. In Canada, only Portfolio Managers are fiduciaries. This means they are the only ones that have a legal obligation to put a client’s needs first. In addition, as a portfolio manager we are not limited to just investing in mutual funds but can choose holdings tailored to your individual needs.

Essential Retirement Planning Considerations

Our work makes financial planning for retirees easy even if your assets are held on both sides of the Canadian and US border.

Here are some essential considerations:

Time Horizon

You will need to consider your time horizon. How long do you think you will need your savings to last?

Goals

You should know your goals. Are you downsizing or moving to a more expensive area? Do you plan on using your home to fund your retirement? The after-tax rate of return you need is derived from your cash flow needs. Markets over time can produce sizable returns from 5 to 10% per annum but what return do you need to meet your goals?

Savings and Investments

Savings and investment options are not all created equal or taxed equally. For example, dividends from Canadian companies give investors a tax credit which can erase some, and potentially all, of taxes owed. Also, some savings vehicles are fully guaranteed while others are not.

Canadian Pension Plan and Old Age Security

The Canada Pension Plan (CPP), Old Age Security (OAS) and any foreign entitlements help supplement income and reduce the need to draw from savings.

Insurance

Insurance can defer or eliminate tax and protect your loved ones from hardship. Corporately held policies create special tax treatment that is efficient and can be drawn upon at any time.

RRSPs and RRIFs

Optimize your RRSP and RRIF to make the most of the investments held. Some holdings are tax efficient in the RRSP while others are more beneficial in other plans.

Power of Attorney and Your Will

Protect yourself by updating your will, power of attorney and having an emergency fund amounting to at least three months expenses. We work closely with lawyers and accountants to ensure a proper transition of our client’s final wishes.

At SWAN Wealth Management, we help you create a vision of where you want to go and the financial plan to get you there. Every aspect of your financial picture will be covered when you work with our team.

To get started simplifying your cross-border finances and investments, schedule a call below.

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