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Retirement Planning Leamington - Pelee Lighthouse Financial

Retirement & Estate Planning

Looking Forward

Wealth Management For You and Your Heirs

 

Retirement Planning:

Retirement Planning is about looking forward to replace your current working income. Retirement planning will occur before you retire,  so it is wise to put a plan in place today. Typically retirement planning is different at all three stages but the focused on how much income is enough and how to structure my investments accordingly. How do I minimize taxes? Whether you are looking for a second opinion on your investments or are looking to get started, we can help you achieve your goals with a financial plan tailored to your individual circumstances.

With so many investment options and account types, we can help you navigate the financial world.

  • Registered Accounts (RRSPs, RRIFs, LIRAs, LIFs, etc)
  • Tax Free Savings Accounts (TFSA)
  • Non-Registered Investment Accounts
  • Registered Education Savings Plan (RESP)
  • GICs and Annuities

Estate Planning:

Estate planning will allow you to be remembered the way you want. To leave a legacy to the ones you love that reflects your wishes and gives purpose to what you’ve accomplished in your life. Without estate planning, that likely will not happen.

Human nature prevents us from talking, even thinking about our own mortality. We don’t like to say to ourselves: “Someday I will die or become incapacitated.” For the sake of our loved ones however, we have to deal with this. And because it can happen anytime, we should deal with it now, regardless of age.

Retirement and Estate Planning Leamington - Pelee Lighthouse Financial

The 4 Main Components to Estate Planning:

Structure:

There are certain legal documents that provide the structure of an estate like the Will, an Enduring Power of Attorney and the Personal Directive. There are also important tools in estate planning like trusts and life insurance.

Preserve Wealth:

Nobody likes to lose money. In estate planning keeping your estate from creditors, the government and expenses will ultimately contribute to wealth preservation.

Distribute assets:

If you have assets left over when you die, whom do you want to give it to? With a little planning you will have all the say. Without a will and a plan, we have seen families get torn apart because there was no proper distribution strategy. The more complicated your estate and the more heirs you have, the more important it is to have an estate plan.

Personal Wishes:

Estate planning is really about carrying out personal wishes. The only way to carry out personal wishes is to make them known to your executor and/or beneficiaries. This involves communication, which can be very difficult because of the difficulty in talking about money and death with close family. You wishes include what you want done with your assets, what you want done with your funeral and what you want done for a legacy.

 

What stage in life are you at? If you are older, chances are you will be thinking about estate planning if you are in mid-life you will be more concerned about getting your retirement plan in order. If you asked your loved ones what they want, I bet they will tell you that they want your personal wishes carried out. In the end estate planning all comes back to you and your wishes.