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In this episode we talk about what happens to pensions when you leave your employer or you decide to take the commuted value out. Whether that means you quit a job or even if you've retired, when you move your pension plan it will like end up in a Locked-In Retirement Accounts or LIRA.
We cover the various rules for the LIRA and the various options to access the funds prior to retirement on what jurisdiction the pension is regulated under, as to what options you have for accessing the funds.
For transcript, show notes, resources, and more information please visit retirereadypodcast.com and go to Episode 11
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Today, we're going to switch things up and discuss the income side of registered accounts. That is, how do I spend the money I've saved for retirement, and more so in the context of the money we've saved through the Registered Retirement Savings Plan, or RRSP. We'll cover the ins and outs of the Registered Retirement Income Fund or RRIF: withdrawal minimums, when and how you can access them, investment options, and estate planning.
For transcript & show notes visit retirereadypodcast.com Episode 10
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In this episode we’re going to answer the big question many Canadian retirement investors have: should I invest through the RRSP or the TFSA. Both have their pros and cons. So we're going to explore those today and talk about which option is the best for which situation.
CRA Registered Retirement Savings Plan (RRSP) Guide for Individuals
CRA Tax-Free Savings Account (TFSA), Guide for Individuals
Registration process to access the CRA sign-in services and find your contribution limits for the RRSP & TFSAFor transcript & show notes and more resources visit retirereadypodcast.com Episode 9
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In this episode we’re going to continue talking about the different accounts available for retirement savers. Last time we discussed the ins and outs of the RRSP, so today we’ll discuss an often misunderstood account, the Tax Free Savings Account or TFSA.
CRA Tax-Free Savings Account (TFSA), Guide for Individuals
Registration process to access the CRA sign-in services and find your contribution limits for the TFSAFor transcript & show notes visit retirereadypodcast.com Episode 8
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In today's episode today we talk about an often misunderstood account, but likely one that is the best option available to save for retirement. that being the RRSP. We dig in as to why this account is a must for every Canadian wanting to retire, discuss what the account is, who can contribute, how much you can contribute, what investment options are available, some of the strategies that can build up your retirement savings and a few of the options drawing out from the account.
Registration process to access the CRA sign-in servicesShow notes:Retire Ready Podcast Episode 7 Page
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In this episode we’re joined by Dr. Preet Banerjee to discuss his recent doctoral thesis that sheds light on the value of financial advice
Links and resources from today's episode:
Preet Banerjee Website
The Thesis: A multi-dimensional analysis of the value of financial advice to households in Canada
Publications: Globe & Mail Money Sense
LinkedIn YouTube
Dr. Preet Banerjee
Originally trained as a neuroscientist, Preet Banerjee now excels within the world of finance. Best known as a financial panelist on CBC’s The National and as a contributor to The Morning Show on Global, Banerjee inspires others to become financially empowered through his world-class expertise and unique ability to take the complexity out of money matters. He speaks on behavioural finance, economics, and personal finance.
Banerjee is currently a partner and director with Wealthscope Portfolio Analytics and a consultant to the wealth management industry, specializing on the commercial application of behavioural economics. He is also the founder of MoneyGaps, a hybrid-advisor financial technology startup; the host of the podcast, Mostly Money; the author of three books; and a creator with over 120,000 subscribers to his “Money School” YouTube channel.
Prior to this, Banerjee was a financial advisor and worked in institutional investment sales and product development. He is a Fellow of the Canadian Securities Institute and holds both the Derivatives Market Specialist certification and Financial Management Advisor designation.
In 2009, Banerjee won the inaugural Ultimate W Network Expert Challenge, a reality show competition that led to him becoming the host of Million Dollar Neighbourhood on The Oprah Winfrey Network. Since then, he’s been named one of Canada’s Top 10 Financial Visionaries by Advisor.ca and is a past first-place prize winner in the Portfolio Management Association of Canada’s Excellence in Investment Journalism Awards.
Banerjee earned a doctorate of business administration from the Henley Business School in the United Kingdom and holds a Bachelor of Science in neuroscience and a Master of Science in business and management research. He is currently the chair of the Foundation for the Advancement of Investor Rights Canada and was previously a governor of the University of Toronto.
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In today’s episode is part 4 of a 4-part series on financial advice and what to look for in an advisor. Today we’re going to answer your questions. A big thanks to those who have shared their questions with me, you can as well if you have any suggestions for topics or guest speakers for the podcast or just general questions, by emailing me at [email protected].
Links from today's episode:
The Society of Real Financial Advisors on Twitter: https://twitter.com/SocietyofAdvice
Real Work and the Secret Society of Financial Planners
Morningstar's Canadian Fund Fee Trends and the Cost of Advice in Canada
Certified Financial Planner® (CFP®) Designation
Chartered Investment Manager® (CIM®) Designation
The Financial Planners and Financial Advisors Act in Saskatchewan
Some recent examples of insurance advisors making recommendations in their favour vs the client: Strengthening oversight and accountability of the life insurance sector
How to know when it’s time to change your financial advisor
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4. Advisor Fees
In this episode we discuss what options are out there, what is a fair or reasonable fee to pay your advisor, and which of the options makes the most sense for you.
Links from today's episode:
Financial Planning Association of Canada (FPAC) Pro Bono Directory: https://www.fpassociation.ca/305565/Page/Show?ClassCode=Page&Slug=pro-bono-financial-planning
The end of Deferred Sales Charges:
https://www.osc.ca/en/news-events/news/osc-implement-ban-deferred-sales-charge-option-harmonizing-rule-across-canada
https://www.securities-administrators.ca/news/canadian-securities-regulators-adopt-ban-on-deferred-sales-charges/
Canadian Securities Administrator Types of Fees
https://www.awakenwealth.ca/retire-ready-podcast/episode4
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3. The Alphabet Soup of Advisor Titles & Designations
In this episode we talk about the titles and designations/certifications that advisors use and which ones should matter to you on your search for a real financial planner/advisor.
Links from today's episode:
IIROC Understanding Certifications: https://www.iiroc.ca/investors/learning-basics-and-protecting-your-investments/understanding-financial-certifications
Choosing a Financial Advisor: https://www.canada.ca/en/financial-consumer-agency/services/savings-investments/choose-financial-advisor.html
Financial Planners and Financial Advisors: https://www.fsrao.ca/consumers/financial-planners-and-financial-advisors
https://www.awakenwealth.ca/retire-ready-podcast/episode3
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Welcome to Episode 2 of the Retire Ready Podcast.
In this episode we talk about if you need a financial advisor/planner, what value and advisor brings, the difference a real financial advisor/planner makers.
You can find all episode, show notes, and more information by clicking here: https://retirereadypodcast.com
Links from today's episode:
S&P Indicies vs Active Canada End of 2022 Report: https://www.spglobal.com/spdji/en/spiva/article/spiva-canada/
Vanguard Investments Canada Advisor Alpha:
https://www.vanguard.ca/content/dam/intl/americas/canada/en/documents/gas/aa-how-advisor-adds-value-client.pdf
Russell Investmets:
https://russellinvestments.com/ca/resources/financial-professionals/value-of-advisor
Carl Richards https://behaviorgap.com/
https://www.awakenwealth.ca/podcast/2-do-you-really-need-a-financial-advisor
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Welcome to Episode 1 of the Retire Ready Podcast. In today's inaugural episode we introduce you to our host, Scott Sather, talk about why we've started the podcast, who this podcast is for, and why you should listen in & hopefully subscribe. We also talk briefly about what a Fiduciary is and why it should be important to you.
You can find all the episodes, show notes and more information by clicking here: https://retirereadypodcast.com
Links from today's episode:
https://www.investopedia.com/ask/answers/042915/what-are-some-examples-fiduciary-duty.asp
https://www.awakenwealth.ca/podcast/1-introductions
