GOLDEN YEARS: WITH MONEY
– By Brian Weatherdon, MA, CFP, CLU, CPCA, CRC
“Golden years” are not just about changing hair-colour
(mine is thinning relentlessly). “Golden” speaks of our lifestyle
aspirations, as well as the “gold” to afford how we want to
continue enjoying life now and always.
Consider this in light of how our displays were positioned in
Silver & Gold’s Good Living Show: On my right were travel
consultants that help people plan trips of a lifetime. On my
left was a magnificent display of women’s jewellery. On lower
floors were presentations about home, lifestyle, and luxury
clothing. And my own booth connected to these themes
with a focus on Financial Planning and Retirement Coaching.
Many people talked with me at the show. Even if they
were attracted by themes of travel, healthy living, fine food,
designer-wines, and a fashion show, they still recognize that
without money everything comes to an end.
As part of the Halton Retirement Study, people have shared
their greatest goals for the years ahead. Whether retired or still
working, people tell me “Travel” is their most important leisure
and enjoyment. With this they want vibrant and abundant
health (activities, foods, supplements). Travel and health may
represent 40% of a Boomer’s monthly budget. Learning,
reading, creative arts, cooking, volunteering and other leisure
are important too, and maybe easier on the budget.
But the future may turn “grey” if people start feeling their
budgets are pinched, investments have lagged, with taxes and
inflation eating into their monthly income. They then hazard
a question they had preferred to avoid: What happens when
the money runs out?
Our community has told me what they fear most for the
future is running out of money. Other concerns included
“Having a purpose to get moving each day” (34%), “Caregiving
for parents, spouse, grand/children (32%), and 27% saddened
by loneliness: “Who is with me to share life?” But the #1
concern at 70% is that increasing years will deplete savings
and we could fall dependent on government and family.
It can happen all too easily. You may know people who
lament saving too little, or being too young when their job
ended. Another agonizes at health costs related to daily
support and personal care. Some crack the nest egg to help
children through job loss or divorce. Many see declining
investment statements and ask how we can support a strong
income to age 85 or 95…
This is our focus – certainly my focus – in wealth and
retirement planning. Whether you make your own financial
decisions or have an advisor to help, our goal surely is to
stabilize your wealth and life-income so all the years ahead
can remain safely “golden.”
A gentleman asked me specifically about this. I shared with
him how vital it is to own recurring and growing income
streams such as from dividends, real estate, infrastructure, and
fixed-income (cautiously as it can backfire when interest rates
rise). He replied to me, “So you’re thinking like a pension
manager” and yes, this is true, because we are helping people
enjoy the results of solid blue-chip assets that protect value
and keep paying you income for life.
We also review the Sell ‘n Stay approach to unlocking
home equity to pay life income. Life Annuities also fit this
discussion. A bonus of these models is how the income you
receive can be as close as possible to tax-free. Having Money
in our Golden Years will make a vast impact for lifestyle and
comfort. Planning now with a certified advisor can wash away
so much stress and worry, and ensure a safe and rewarding
journey through the years ahead.•
Brian Weatherdon of Sovereign Wealth Management
Inc., is a Certified Financial Advisor, retirement coach,
and consultant on wealth and aging. 905-637-3500
[email protected]
The information provided is general in nature, and should not be relied
upon as a substitute for advice in any specific situation requiring
appropriate legal, accounting, tax or other professional guidance.The views
expressed are those of the author and not necessarily those of the issuer
of any financial products for which the author may act as a distributor.
Sustaining Income
and
Retirement Lifestyles
www.GuaranteedIncome4Life.ca
Brian Weatherdon
CERTIFIED RETIREMENT COACH
CERTIFIED FINANCIAL PLANNER
(905) 637-3500 x 223
[email protected]
Celebrating our 10th year! ~ Autumn 2016
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