NEVER RUN OUT OF MONEY
– By Brian Weatherdon, MA, CFP, CLU, CPCA
Trudy gifted me with an insight twenty-five years ago and it
remains with me. She shared with me that life could extend
longer than we ever expected, and money could fail before
we’re finished needing it. I’m younger still today than she
was when she shared this with me, but her wisdom has been
a guide in my path of financial service, to protect people
from painful results of outliving their money. In a moment
we’ll hear from John who also gifted me in his senior years
with precious insight on the value of financial comfort and
confidence.
My journey in financial service began in 1995, deeply aware
that financial losses and related worries had deeply marked
the lives of people I cared for. I’ve been guided ever since
by a responsibility and passion to ensure people don’t lose or
exhaust their money while there are years left to live.
In those earlier years I dug for reliable answers. How can
we build a financial plan for the life you choose, and never
run out of money? My 2013 book “A Lifetime Of
Wealth” focused exclusively on this. Silver and Gold
readers can download the book freely to find stories fitting
to your own situation, and key steps to avoid running out
of money.
CERTIFIED PLAN = NEVER RUN OUT OF
MONEY
Did you ever eat a meal where the cook mixed up the salt,
sugar, and baking soda? If so, you’ve never forgotten. Similarly
we must properly identify and measure your income, spending,
various types of debt and assets, changing needs, continuing
comforts, and also your future wishes for family estate and
charitable gifting.
Discussing these areas feed brilliantly
into your “silver and gold” lifestyle,
to keep life and wealth in balance,
to assure you can enjoy
every season of life as you choose.
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PEOPLE ASK ABOUT THE HOUSE
The house, yours or where parents are still living, is a significant
nest egg that can pay you back while living. Earlier seasons
of Silver and Gold include articles on supplementing your
income through home equity loans, or programs such as
Sell ‘n Stay, where you can sell your home securely and
privately, while staying living in it for as long as you wish. As
well, a home can accent your gifts for family and/or charity
after death. To reduce probate, delays, and burdens on your
executor one may sell the house while living and enjoy greater
benefits for income and family estate.
INVESTING FOR LIFE INCOME
In the book I shared (HERE), also previous Silver and
Gold articles, we’ve shared five keys or mandates to secure life
income. It’s a bit like turning your savings into a pension,
with similar principles. The first four keys will carefully blend
Canadian and Global sources, because it’s far safer (and more
generous) as we include high income from beyond Canada.
Dividend Income arises from earnings of large, mid-sized,
and smaller businesses. None individually are guaranteed, but
a dividend fund with sixty to ninety select holdings here and
abroad, will reduce risks and support a healthy and growing
dividend income. Added to this are tax savings for nonregistered
accounts (ie. other than RRSPs, RRIFs). Earnings
may fluctuate as with any investment, but a good dividend
fund can pay two to four times more than savings accounts
and certificates (GICs). Learn more: Dividend Income.
Real Estate Income is a second key. Whomever owns the
property receives the rent. As owners we want to diversify
in and beyond Canada with commercial office, industrial,
multi-unit residential, but less retail today given the growth
of e-commerce (which fits in key #3). While income may
vary at times, the trend is certainly upward and any pension
fund worth its salt will own real estate interests: So should
we. Learn more: Real Estate Income.
Infrastructure Income has the longest name, but very
simply, it’s anything that moves people, products, and data
or communications. Consider how generous are the earnings
– and thus income streams – of our modern railroads, ports,
and shipping systems; pipelines and electrical grids; toll
highways and bridges; internet and communications networks
28 Read + hear more: www.silvergoldmagazine.ca