Afleveringen
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What are testamentary spousal trusts?
We break down the complexities of this legal arrangement established by wills to benefit surviving spouses. From defining what a spousal trust entails to exploring its various purposes, including asset protection, wealth transfer, and safeguarding against potential remarriages or incapacity, we have practical examples and considerations for choosing trustees and managing assets.
This episode offers listeners a comprehensive understanding of testamentary spousal trusts and their role in ensuring families' financial security and peace of mind.
Read the full show notes and find more information at EP 88 Show Notes.
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In this episode, Joe and Regan navigate through the various income streams available in retirement, including pension plans, government benefits like CPP and OAS, investment portfolios, annuities, and even rental income.
They emphasize the importance of intentional decision-making, stressing the need for individuals to assess their expenses, maintain emergency funds, optimize taxes, and consider their net worth goals to ensure financial stability throughout retirement.
Read the full show notes and find more information here: FF EP 13 Show Notes
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Zijn er afleveringen die ontbreken?
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The sandwich generation - where individuals find themselves caught between supporting aging parents and adult children. Several areas require careful balancing including financial planning, healthcare coordination, and legal and estate planning to navigate the challenges of caregiving effectively.
Emphasizing open communication and setting clear boundaries, we discuss strategies for promoting financial literacy, encouraging education and career development, and preparing for life transitions.
Read the full show notes and find more information here: EP 87 Show Notes
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Here are the 8 common mistakes retirees and retirement savers make with their Tax-Free Savings Accounts (TFSA). We cover mistakes like over-contributing, misunderstanding withdrawal rules, day trading within the TFSA, and not naming a successor holder or beneficiary.
We provide actionable advice to help you avoid these common pitfalls and help you implement sound strategies so you can optimize the benefits of your TFSA for long-term financial security.
Read the full show notes and find more information here: EP 86 Show Notes
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We look at the various types of debt retirees might carry and the profound impact they can have on your financial well-being. You’ll gain an understanding of how mortgages, lines of credit, car loans, and credit card debt can shape your retirement lifestyles and long-term financial goals.
We emphasize the importance of integrating debt reduction strategies into retirement planning, providing actionable insights such as debt consolidation, refinancing, and accelerated payments.
Read the full show notes and find more information here: EP 85 Show Notes
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Joe and Dr. Sally Chivers-Storey explore the dynamics of aging, retirement, and intergenerational collaboration.
They delve into the complexities of navigating workplace tensions arising from different generational perspectives and caregiving responsibilities. Dr. Chivers emphasizes the importance of valuing the wisdom and experiences of older adults, challenging ageist beliefs, and fostering intergenerational spaces where individuals of all ages can learn from each other and contribute meaningfully to society.
Read the full show notes and find more information here: EP 84 Show Notes
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We discuss seven key actions to take in the five years leading up to retirement. We want you to get clear on retirement goals and cash flow requirements. We advise you to get clear on your current financial standing and bridge any gaps well in advance.
We look at the importance of creating a shared vision for retirement, understanding future income sources, optimizing taxes, and conducting a cash flow audit to eliminate unnecessary subscriptions. We also stress the importance of maximizing employer benefits and gradually shifting towards a retirement-appropriate investment portfolio to ensure a smooth transition into retirement.
Read the full show notes and find more information here: EP 83 Show Notes
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This month Joe and Regan dive into how to educate grandchildren about money. They use real-life examples like grocery shopping and budgeting exercises. They look at how grandparents can make meaningful contributions, such as gifting money with a purpose, like for a car or post-secondary education while instilling lessons about financial responsibility.
By engaging in open conversations and setting positive examples, grandparents can play a crucial role in shaping their grandchildren's financial literacy and long-term financial well-being.
Read the full show notes and find more information here: EP 12 Show Notes
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We explore the top five non-money mistakes in retirement planning. We look at how retirement isn’t just about financial readiness but also about finding fulfillment and direction in life post-career.
We look at the significance of social engagement, staying physically active, maintaining a growth mindset, and transitioning from a savings to a spending mindset in retirement.
Read the full show notes and find more information here: EP 82 Show Notes
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In this podcast episode, hosts Joe Curry and Lindsay Wilson discuss common mistakes in retirement planning, cautioning against relying solely on advice from friends and family who may lack expertise in financial matters. They emphasize the importance of seeking professional guidance tailored to one's unique situation, highlighting scenarios such as CPP payment timing and asset allocation during market downturns.
The hosts stress the necessity of comprehensive planning, including considerations of retirement income sources, tax strategies, risk management, and estate planning. They advocate for conducting a "dress rehearsal" for retirement expenses and budgeting for potential cost increases in future projects or expenses, underscoring the multifaceted nature of retirement preparation and the need for careful analysis and professional assistance.
Read the full show notes and find more information here: EP 81 Show Notes
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In this podcast, Dr. Daniel Crosby joins Joseph to discuss the impact of behavioral biases on retirement planning. They delve into overconfidence as a key bias, emphasizing its role in risk-taking behavior and decision-making. Dr. Crosby advises automating financial processes and seeking professional guidance to bridge the behavior gap. The conversation also previews Dr. Crosby's upcoming book, "Soul of Wealth," which explores 50 essays on mind, money, and meaning, offering valuable insights for those navigating the psychological challenges of retirement.
Read the full show notes and find more information here: EP 80 Show Notes
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In this engaging podcast discussion, the speaker delves into the widespread shift towards subscription models, exploring how businesses and consumers alike benefit from this trend. The conversation underscores the convenience for consumers and improved cash flow management for companies, emphasizing the seamless experience subscriptions offer. However, as the subscription landscape becomes increasingly saturated, the challenge of tracking and managing numerous subscriptions arises, prompting the speaker to highlight the average American's significant monthly spending on consumer subscriptions. The discussion touches on the subtle tactics some companies use to make canceling subscriptions cumbersome, shedding light on the importance of values alignment, simplicity in offerings, and transparent communication in fostering successful and long-lasting subscription relationships. The speaker offers practical advice for consumers, urging them to assess their subscriptions for alignment with values, consider annual plans for potential savings, and be mindful of the ease of cancellation.
Read the full show notes and find more information here: EP 79 Show Notes
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Hosts Joseph and Regan examine how to handle inheritances. With the landscape of wealth transfer evolving rapidly, receiving an inheritance is not just a stroke of luck but a strategic element in financial planning.
They caution against hasty decisions and stress the importance of taking the time to assess goals and intentions before embarking on any major financial moves. Through real-life examples, such as a client who strategically maximized her tax-free savings accounts and diversified her assets after receiving an inheritance, the hosts highlight the significance of thoughtful planning in ensuring long-term financial security.
Read the full show notes and find more information here: EP 11 Show Notes
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What does it mean to be fair yet unequal in estate planning?
Explore how differing financial needs, family contributions, and the complexities of sibling relationships impact retirement planning. Discover actionable insights, from using life insurance to equalize asset distribution to fostering open communication to minimize family disputes. Join Joe and Lindsay’s conversation on navigating family dynamics and creating a personalized, transparent estate plan for a smooth and equitable transition into retirement.
Read the full show notes and find more information here: EP 78 Show Notes
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Braden Warwick (PhD, PWL Capital) and Joe look at business owner compensation. They examine the often-debated choice between salaries and dividends.
Braden, a financial planning product architect at PWL, shares insights from a comprehensive study he conducted on optimal business owner compensation. They explore variables like provincial residency, corporate revenue, and the dynamics of notional accounts, unraveling the considerations that go into determining the most advantageous compensation strategy for business owners. of personal and corporate finance.
Read the full show notes and find more information here: EP 77 Show Notes
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This week we answer a listener question about defined benefit pension plans: I know not a lot of people have defined benefit plans, but everyone keeps talking about needing $1M-$2M at retirement. How would a defined benefit pension get valued, and does the amount needed at retirement include government programs?
We break down the components of retirement income, including government programs like the Canada Pension Plan and Old Age Security, guiding listeners on how to assess their unique financial situation to arrive at an ideal portfolio value for a comfortable retirement. We encourage you to shift your focus from generic averages to a personalized approach in determining retirement needs.
Read the full show notes and find more information here: EP 76 Show Notes
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New York Times Author Dan Solin joins Joe to discuss common misconceptions, essential factors for retirement planning, and the evolving retirement landscape. Dan emphasizes the impact of emotions on investment decisions and provides valuable advice on asset allocation and dealing with market volatility.
Additionally, they touch on the challenges millennials face in buying homes and the importance of financial literacy. Dan's upcoming book, "Wealthier: A Field Guide to Financial Freedom," is tailored for millennials. Listeners can find more information on wealthierbook.com. Don't miss out on this valuable financial wisdom!
Read the full show notes and find more information here: EP 75 Show Notes
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We know estate planning is daunting. But it’s essential to address it ahead of time, to ensure that all your wishes are laid out to eliminate potential conflict. We give you valuable tips on evaluating your current financial standing, considering future scenarios, and understanding the nuances of trusts and specific gifts.
We also touch on the option of providing financial support to family members before passing away, stressing the importance of ensuring financial independence. With real-life examples and a practical framework, we give you actionable advice and encourage you to take proactive steps to secure your family's financial future through thoughtful estate planning.
Read the full show notes and find more information here: EP 10 Show Notes
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Fritz Gilbert, the award-winning author of the blog “The Retirement Manifesto” joins Joe to share his unconventional yet successful approach to retirement planning.
He emphasizes the importance of not fixating on the financial aspects of retirement but embracing the non-financial elements, such as relationships and purpose, that impact a smooth transition into retirement.
Read the full show notes and find more information here: EP 74 Show Notes
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David Blanchett, a renowned financial expert, delves into the multifaceted world of retirement. From annuities, longevity risk, and alternative assets, you will gain valuable insights that challenge conventional wisdom.
From the nuances of portfolio construction to the impact of inflation on retirement savings, Blanchett provides actionable advice, helping listeners navigate the complexities of securing a comfortable and sustainable retirement.
Read the full show notes and find more information here: EP 73 Show Notes
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