Have you ever wondered how long you might live? 

Understanding life expectancy is crucial for planning a secure and fulfilling future. 

In my latest podcast episode I explore the dramatic changes in life expectancy over the past century, why it's expected to continue increasing, and how this impacts your retirement planning. 

You'll learn:

• Has life expectancy actually doubled since 1900?
• How fast life expectancy is increasing.
• Why life expectancy is expected to increase.
• How long you can expect to live from today.
• How long you should expect to be retired.
• What age should you plan for to be confident you will never run out of money.
• Why is it important to invest for growth AFTER you retire.
• What you need for an awesome retirement.

Deciding between a Tax-Free Savings Account (TFSA) and a Registered Retirement Savings Plan (RRSP) can be one of the most challenging financial decisions you'll face. 

Each has its benefits, and the right choice depends on your unique financial situation. 

In this post, I'll guide you through understanding the factors that determine whether a TFSA or RRSP is better for you and how a financial plan can provide you with the precise answer.

In my latest video I talk about: 

• The secret to minimizing your lifetime tax.
• Understanding how tax brackets differ before and after retirement.
• Specific examples when a TFSA is better and when an RRSP is better.
• When non-registered investments might be better than an RRSP.
• Common errors in tax planning, like focusing on current-year tax savings instead of lifetime tax savings.
• The impact of government income program clawbacks on your tax bracket in retirement.
• The importance of knowing your future taxable income to make informed decisions.
• Strategies for planning your retirement income to stay in lower tax brackets.
• The benefits of combining TFSAs, RRSPs, and non-registered investments for tax-efficient retirement planning.
• The role of a financial plan in optimizing your RRSP and TFSA contributions and withdrawals.

How long should you expect to be retired?

You want your money to last the rest of your life. How long will you live?

What quality of life will you have? What will your lifestyle cost you when you are older?

What if you could:

1. Live longer (long lifespan).
2. Be healthy longer (long healthspan).
3. Have financial freedom longer (long wealthspan).

In my latest podcast episode I talk about:

• Why it's smart to plan for a longer life.
• New thinking in medicine to help you live long & be healthy..
• New thinking in personal finance to keep you financially free for life.
• What is wrong with mainstream medicine & personal finance.
• Create your own "Centenarian Decathlon".
• Why "First, do harm" is wrong for doctors. What did Hippocrates actually say?
• How to create plans for a long lifespan, healthspan, and wealthspan.

I recently worked with Kornel Szrejber, host of Canada’s #1 financial podcast “Build Wealth Canada”, on his family’s financial plan, so he could feel confident about his retirement.

Kornel retired in his 30s, but he was starting to feel anxious because he wanted to make sure he wasn’t overspending.

This podcast interview is a Q&A between the two of us where we talk about Kornel’s situation, as well as other situations people may go through when they are saving for retirement.

We talk about what makes a good financial plan, tax planning, and understanding how to foresee how much you can spend on things you love in your life like vacations and entertainment.

After watching this interview you’ll realize that when you know the lifestyle you want to live, you can live the life you want in your retirement.

Here are some points we touched upon:

• Why it’s so critical to track and itemize your household expenses (so you aren’t stressed about your retirement).
• How to know how sustainable your lifestyle is when living off your portfolio.
• In which order should Kornel withdraw from his accounts for a tax-efficient retirement?
• Why a personalized financial plan is key to having a successful retirement.
• What is lifestyle creep?
• Why you should view expenses as discretionary and non-discretionary.
• Why investing is only 20% of the financial plan.
• The 2 overall tax strategy choices to minimize tax in your retirement.
• How should you plan if you earn income for a few years in your retirement.
• Do you retire with more peace of mind with Active or Passive investment strategies?
• Tax planning for a higher Canada Child Benefit.
• How the CCB can put you in a high tax bracket with income as low as $17,500/year.
• How many hours does it take to do a financial plan?
• Planning for long-term financial success.

Enjoy!

Ed

You know the basics about the Smith Manoeuvre. 

It’s one of the most effective wealth building strategies if done by the right people in the right way over the long term.

My latest podcast episode can be found on Sean Cooper’s “Burn YourMortgage” podcast on YouTube and his website www.BurnYourMortgage.ca, and you can listen here too.

You’ll learn:

• Why should you consider the Smith Manoeuvre?
• How to know if the Smith Manoeuvre is right for you.
• Managing the risks. Avoiding the common errors.
• Tax tracking & Capitalizing.
• Dealing with CRA.
• How the Smith Manoeuvre can fit into your retirement plan.
• What happens if you move?
• What happens once your mortgage is paid off?
• What happens after you retire?
• Options – The 7 Smith Manoeuvre strategies.
• Effective investing with the Smith Manoeuvre
• Implementing the Smith Manoeuvre.

You may have heard that we just had a new budget here in Canada, and increased the taxes on capital gains. 

Canadians with a rental property, cottage or investments and their tax advisors are scrambling to figure out what to do before the deadline of June 25, 2024.

Here are the questions we’ll cover in this latest podcast episode:

What is the new higher capital gains tax?

• Who is affected?
• Why is it mainly a real estate tax?
• How to avoid or minimize the higher capital gains tax.
• Is investing inside your corporation still worthwhile?
• Will the higher exemption for small business help?
• Are rental properties or cottages still profitable?
• Why are only 50% or 67% of capital gains taxed, instead of all gains?
• 3 nasty aspects of the new tax.
• Why do they say only 0.13% of Canadians are affected?
• Will this hurt our economy?

You may be thinking – what difference can I make in the world?

As a financial planner I talk a lot about money, however, it’s not really about the money itself, but what it does for your life – how to live well, retire comfortably, and give back.

In my latest podcast episode, I give you some ideas to help you choose causes that matter to you, as well as talking about financial & tax planning for donating effectively.

Listen to find out:

• How do most people donate?
• What is a Donation Plan & how does it benefit you?
• How to donate tax-efficiently.
• Donation tax credit by Province.
• Advanced donation tax strategies.
• What is a “Donor-Advised Fund”? 
• How do you decide where to donate?
• How do billionaires donate?
• What are the most effective charities or causes?
• How do we increase the prosperity of all humans? 

It’s easy to outperform financial advisors.

Why?

Conventional wisdom is they underperform because of fees, but there is a bigger reason.

They don’t even try to outperform. They try for: “Reasonable return with less risk”.

Financial advisors are mainly salespeople, not financial planners. 

They are more likely to lose a client because of a 30% 1-year market decline than 10 years of lagging the index. So, they focus on market fluctuations, not your life goals.

This makes them do the “4 performance drags” that typically reduce their returns by at least 3%/year, which is more than their fees.

In my latest podcast episode (under 4 minutes!), you’ll learn the four performance drags and how to get the maximum reliable long-term return. 

You’ll also discover exactly how to EASILY outperform financial advisors.

Divorce is never financially smart!

As a financial planner, I don’t recommend divorce. It’s bad for your finances!

However, you can go through it in the most financially smart way – to leave both of you in the best possible position.

We have seen quite a few people go through divorce.

We’ve seen some total disasters, fighting for years through lawyers with monstrous legal costs.

• A wife hiring one lawyer after another for years to keep going after her ex.

• A dentist declaring bankruptcy to avoid paying alimony.

We have helped clients go through it amicably while talking & agreeing on what to do.

• We can help identify the financially best way to divide assets.

• We can show how to minimize or avoid tax when dividing assets. Paying tax means you both get less.

I am a financial planner – not a lawyer. My insights here are based on experience about how to be as financially smart as possible.

In my latest podcast episode you’ll learn:

• Why an amicable divorce is better.
• What to be aware of with lawyers.
• Working effectively with your lawyer.
• How to divide your assets the most effective way.
• Should you keep the house?
• What happens to the Smith Manoeuvre in a divorce?
• Should you split a pension?
• What options do you have with spousal & child support?
• What studies say about life after divorce.

Many people today feel they have no choice but to be a tenant, however, what if you actually choose this? 

You can choose to be a tenant forever and it can be a great life!

I’m going to introduce you to the concept of “Tenant Freedom,” to show you how great of a life it can be.

Watch my latest podcast episode to find out:

• Advantages & disadvantages of owning vs. renting your home

• What you need to buy a home.

• How to be much wealthier as a tenant.

• 5 steps to a great life with Tenant Freedom.

• What is the “Tenant’s RRSP”?

• Do tenants have a Smith Manoeuvre option?

• The growth mindset for Tenant Freedom.