In the News
All investors can benefit from financial advice. Quite simply there is ‘stuff’ that we don’t know. And you don’t know what you don’t know. But there are professionals who do know. There are various types and levels of advice. In this post we will top line what is advice-only financial planning? It can also be referred to as pay-for-service advice.
Whether an advisor develops an ongoing collaborative relationship with an advisor in another country or works on an ad-hoc basis with various experts outside Canada, it’s critical to choose international partners with care.
Emily, 66, will work full-time until the spring, then continue part-time until mid-2021, at which point she would retire fully. When should she draw on government benefits, what should she use to pay off the remainder of her mortgage and when should she sell her home?
Planning financially for retirement requires taking many uncertainties into consideration. One of the greatest is the cost of health care. Although some health-care costs are covered in Canada, there are many – ranging from medications and massages to nursing homes or at-home care – that need to be paid out of pocket.
“Many people are struggling with the decision of how much to pay – and the degree to how that impacts their future,” says Rona Birenbaum, a certified financial planner in Toronto. “This is creating financial tension around education.”
Financial planner Rona Birenbaum is so busy that she’s been turning away an average of two clients a day over the past couple of weeks. “We are slammed right now,” said Ms. Birenbaum, whose Toronto-based firm is called Caring for Clients. “There are more people wanting our services than we have capacity. I have a waiting list of 20 fantastic people.”
Having multiple retirement savings accounts can make it tough to monitor the mix and returns on all of your investments, and it may be costing you more than you realize. Here’s how to bring them all together.
For most of your adult life, one of the challenges of managing money is slicing off a piece of your paycheque and adding that to investments that will, hopefully, grow your nest egg over time.
It’s been a little more than a decade since the former federal Conservative government introduced the tax-free savings account (TFSA) as a financial planning tool to help Canadians increase their net worth. However, recent research shows the TFSA has been used more as a piggy bank than a tax-efficient investment vehicle – and financial advisors believe this is a missed opportunity for investors.
The Agenda with Steve Paikin welcomes financial planner and tax estate expert Rona Birenbaum about how low interest rates effect personal financial decisions.