|1. Living much longer than what you expected||Click for details|
For a couple age 65 today, there is a 50% chance
one of them will live to at least 92.
Source: Annuity 2000 Mortality Table, Society of Actuaries
Given healthier lifestyles and ongoing medical advances,
Canadians are living longer.
The cost of maintaining a comfortable retirement
will continue to increase over time.
Historically, from 1915 to 2013, the Canadian Inflation
Rate averaged 3.23%
In 1970, the cost of a week vacation
in London, England was $500.
Today, it can cost $5,000.
The bottom line:
Prepare to live and maintain your lifestyle
for a long time.
|2. Carefully managing your tax bill||Click for details|
|3. Creating a reliable and
tax-efficient life-long income
|Click for details|
In 1960, almost all workers could rely on a Defined Benefit pension. Today, just 26% have one.
Source: Bureau of Labor Statistics (US)
The savings strategies that got you to this point are not necessarily the ones that will see you through. Lower interest rates, volatile markets, self-managed pensions, new tax rules, new investment products and accounts, all combine to make generating a reliable, tax-efficient income today different than for our parents' generation.
Common questions your peers ask us include:
It is also wise to consider your home and cottage equity. These may be an important source of income or be part of your strategy to leave a legacy.
4. Diversifying your portfolio to
maximize gains while minimizing losses
|Click for details|
During this next phase of life, your savings need to continue working for you. Research has shown that:
However: 60% of your retirement income is expected to come from the growth that occurs during your retirement.
|5. Leaving a meaningful legacy||Click for details|
At The Farwell Group, we believe that estate planning is about life – now and in the future. Most importantly, estate planning is about the life of your family, your loved ones and the causes about which you care most.
You may share some of the common concerns voiced by your peers:
Whatever your situation, there are tried and true strategies available to leave your legacy to your family and favourite charities. The tax-efficient retirement income and estate plan we will create for you, help to ensure you have the choice to leave a meaningful legacy.