Are you wondering, “Do I have enough for an abundant retirement?” If so, you are not alone.
Pursuing financial freedom and security has always been a challenge. With recent events, it has become an even more complex and daunting task, fraught with many new challenges.
One particular challenge may not be on the front burner for many retirees: who will pay for the recent pandemic support and stimulus packages?
We will. And “we” means those who are financially successful.
Being in the top 10% of earners in Canada doesn’t necessarily mean you are wealthy. In fact, in 2017, any Canadian making $96,000 or more was in that group. And it is that group, the top 10%, that has historically shouldered the bulk of the tax burden.
How high will the tax rates have to rise to pay for the billions of dollars of stimulus?
When I ask people, “What’s the largest cheque you will write over your lifetime?” most will say their mortgage.
Nope. TAXES.
I am often asked, “Am I missing out on any tax benefits? Is there anything else I can do to protect my money from taxes?”
My answer is, “I don’t know, unless…
“… unless I know your specifics.” Of course. It’s like asking a doctor, “Is there anything else I can do to protect my health?”
I can’t tell you for sure without having specific details about your situation and spending some time with you.
There are, however, some guidelines to help you self-assess whether you may be paying too much in taxes, whether you are unnecessarily exposed to unknown wealth pitfalls, and whether you may have missed opportunities to upgrade your lifestyle.
The three factors that will affect your financial independence are:
- Your lifestyle experience
- Your wealth game plan
- Your financial advisor
The questions you need to be asking in these three areas are as follows:
- Is your lifestyle experience marginal or abundant?
- Is your wealth game plan off-the-shelf or fully customized?
- Is your advisor a tactical generalist or a strategic specialist?
It’s time to take stock. Socrates said, “The unexamined life is not worth living.”
To learn more about these three areas, register for our next seminar or call our office to request a copy of our Special Report, “Is Now the Opportune Time to Upgrade Your Lifestyle.”
First published in the Living 55Plus Fall 2023 edition
