Retirement

Don’t simply retire from something; have something to retire to.

Retirees

We recognize the importance of planning for retirement, and the need to provide quality of advice. This generation of baby boomers will have retired by 2031. Furthermore, 22 percent of financial advisors will be retiring over the next decade, creating a demand for quality planning.

Our team will provide clarity where there is complexity, present an easy to understand quality financial plan with built-in solutions to your needs while maintaining harmony in your family circle when planning their legacy, or charitable giving.

We believe that all clients are unique and deserve a well thought out, and comprehensive road-map which we will review regularly and update all as needed.

Retirees

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Even if you are considered high net worth, you will face uncertainty over how much you can afford to spend in retirement. The retired business owner or professional(s)often do not have a source of guaranteed pension income which may present you with the challenge of determining a sustainable draw on your investments. Additional factors, such as market volatility, inflation, and taxes create financial planning challenges.

Whether you’re already retired or planning to exit your business, here is a guide to help put you prepare for retirement.

  1. Create a personal checklist – How much per year,  and frequency of withdrawal, Income you will need after-tax, the withdrawal rate from your investments held within RRSP, RRIF, IPP, TFSA,  and other income-producing investments depends on several factors:
  2. What is your Investment Risk Tolerance? If you are considered a  conservative investor, you would expect a lower return with less volatility, whereas, a more aggressive investor could expect higher returns with more pronounced market adjustments.
  3. Your longevity? Retirement could span thirty-five plus years and, generally, a more extended time-frame requires a more specific withdrawal strategy.
  4. Your income requirements – will you need to draw on investment income every month or can your defer or decrease income to offset periodic declines in portfolio value?
  5. Know your income sources –  Your retirement income will come from sources such as the Canada Pension Plan (CPP), Old Age Security (OAS) and company pension plans. Add them all up.
  6. Know your expenses  Add up your expected costs – both fixed and discretionary.
  7. What is the gap? For example, If you need Sixty Thousand dollars, 60,000.00, before tax, calculate the difference between total CPP / OAS, and your other income streams. A couple receiving maximum CPP & OAS totals receives about 30,000.00 before-tax per year. The difference will leave a shortfall of Thirty-Thousand to fill the gap. Your income from all other combined sources will be needed to fund your fixed and discretionary expenses.
  8. What is your drawdown rate? What is your number? Determine the amount or percentage you need to withdraw from your retirement savings and investments.

Stress Test your adjustment Strategy?   Many use a 4% drawdown rate; however you must account for taxes, inflation, and capital gains. When drawing down on a registered source of investments, Non-Reg, or sheltered investment vehicles, your advisor should adjust to keep pace with your needs.

Peters Wealth Management does not charge a fee for building a holistic financial plan. Consultations provided at No Cost, No obligation to all. Full financial disclosures provided transparently, and at the time of any transaction executed at the request of the client. Work with your professional advisor to develop a personal plan that takes into account all of these factors and provides peace of mind. Very often, a high net worth individual will discover that they can afford to spend much more than they thought.

 

5/5

An amazing group of professionals that has your best interests at heart. William Peters is truly a master of his craft and PWM is best in class when it comes to personal wealth, succession planning, tax planning, and risk management. Thank you for all that you do!

SR

5/5

I am very pleased with Peters Wealth Management. William Peters genuinely cares about people. He has years of experience investing. He actually listens to my concerns and gives recommendations based on my goals. I receive regular reports and personal phone calls. If you are tired of the banks not caring about you or your investments, I would highly recommend giving William Peters a try.

CL

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Our commitment to face-to-face relationships, a proven investment approach, the breadth of our products, and the depth of our management are what make a relationship with us so rewarding.

We look forward to working with you to help you achieve your lifelong financial goals.

5/5

I have known William for many years. Gives great personal service and goes out of his way to help you with any personal issues that might arise in your life – positive or negative! Always stays in touch and goes that extra mile! I have recently switched to Williams’ new company and they absorbed my transfer fees for me! This was very much appreciated. Keep up your great service Will! 🤗

BK

5/5

A strong team that will help you reach your goals. I’ve worked with William and his team for the last few years and I feel confident that our financial plan is the best for my family. He’s always just a phone call or email away!

OG

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