The Wealthbuilding Group

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📣 Exciting News! Our Latest Wealthbuilding Insights Newsletter is Here! 📣

We're thrilled to announce the release of our latest Wealthbuilding Insights newsletter, packed with valuable insights and expert advice designed to help you navigate your financial journey with confidence. Here's a sneak peek of what you can expect:

🔍 Inside This Issue:

The Largest Wealth Transfer in History: Learn about the $1 trillion wealth shift as Baby Boomers pass on their legacy and what it means for you and your family.

A Rising Capital Gains Inclusion Rate: Understand the new tax changes and strategies to manage the impact on your investments.

Increasing Cost of Living: Discover practical tips to manage your finances amidst rising expenses and tax burdens.

Your Home Is Not a Retirement Plan: Explore why relying solely on your home's value for retirement could be risky.

Why Some Regret Taking Early CPP: Insights into the pros and cons of starting CPP benefits early versus waiting.

🌐 Read the full newsletter here: https://www.wealthbuilding.ca/newsletters

📅 Book a Meeting: Need personalized advice? Click here to book a meeting https://calendly.com/erindall

Stay informed and empowered with the latest trends, strategies, and advice from The Wealthbuilding Group. We are committed to putting clients first with trusted advice, values to believe in, and strategies that work. Don't miss out on these essential insights!

Navigating the financial landscape can be daunting, especially when considering the future of retirement. Recent statistics highlight a pressing concern: 32% of Canadians aged 45-64 have no retirement savings, pointing to a potential retirement crisis on the horizon . This is particularly worrisome for women, as up to 43% over the age of 55 lack a retirement plan, and those who do tend to have saved 25% less than their male counterparts​​.

The average retirement savings in Canada hover around $184,000, but experts suggest aiming for $700,000 to $1 million to retire comfortably. This stark gap underscores the need for tailored financial planning​​. Moreover, with the average Canadian retirement age at 63.5 years, and considering the rising cost of living and healthcare, it's clear that early and strategic planning is essential​​.

Ladies, it's time to take control of your financial future without fear or judgment. Our team is dedicated to empowering women with the knowledge and tools needed to navigate their finances confidently. Let's discuss how we can tailor a plan that ensures you're not just surviving but thriving in your retirement years. Don't let statistics define your future; let's redefine them together.

The information provided was based on the following sources:
BNN Bloomberg: "32% of Canadians are nearing retirement without any savings: Poll" .
Made in CA: "Retirement Savings Statistics in Canada for 2024"​​.
Reviewlution: "33 Canadian Retirement Savings Statistics to Keep You Warm in 2024"​​.

TODAY IS THE DEADLINE FOR FILING YOUR 2023 TAXES!

🌟 Deciding When to Take Your CPP Benefits? Let's Discuss! 🌟

Many of our clients have been pondering a crucial question regarding their retirement planning: "Should I start taking my CPP benefits early?" It's a question with significant implications for your financial well-being in retirement, and the answer isn't one-size-fits-all.

Taking CPP benefits before the age of 65 might be tempting for many, especially if retirement comes earlier than expected or if there are immediate financial needs. However, it's essential to remember that starting your benefits early means they will be reduced by a certain percentage for each month before you turn 65.

On the flip side, delaying your CPP benefits beyond the age of 65 can result in an increase in your pension amount. It's a decision that requires a careful assessment of your current financial situation, your health, your retirement goals, and your expected longevity.

Here are a few considerations to keep in mind:

Your Financial Needs: Evaluate your current and future financial needs. Do you have other sources of retirement income?

Your Health and Longevity: Consider your health and family history. Longer life expectancies may favor delaying your CPP benefits.

Impact on Your Retirement Lifestyle: How will taking CPP early or delaying it affect your desired retirement lifestyle?

Tax Implications: Understand the potential tax implications of starting your CPP benefits at different ages.

It's a decision that deserves a thoughtful conversation and personalized advice. For a deeper dive into this topic, reach out to us for a consultation.

Your retirement journey is unique, and so should be your CPP benefits strategy. Let's make sure your plan aligns with your life goals and financial objectives. 💼📈🏡

Empowering women financially is more important than ever. Whether you're navigating career changes, family planning, or personal investments, understanding your financial landscape can lead to empowerment and security. Don't let fear hold you back. We're here to guide and support you in taking those crucial steps towards financial independence and confidence. Join us in changing the narrative around women and finance. For motivation and tips on getting involved, Forbes offers great insights. Let's make financial regret a thing of the past!

Women’s Involvement In Finances And How To Avoid Financial Regret This is a discussion several studies about women's involvement in finances, along with actions women can take to avoid financial regret.

Rethinking your retirement plans because of the rising cost of living? 🤔 You're in good company! A Stats Canada report shows more Canadian families are saving for retirement than ever before, but the squeeze from the cost of living is real 📈. In 2022, the Consumer Price Index hit a 40-year high with a 6.8% increase, challenging many to adjust their budge​​ts.

A Global News report reveals that only a third of Canadians over 50 feel ready for retirement amidst economic uncertainties and market fluctuations 📉. The thought of retirement has become daunting for many, with inflation and living costs at the heart of their concerns.

Adding to the mix, another survey found over half of those 55+ are delaying retirement plans due to inflation and cost of living hikes 🚀. With expenses climbing, savings not quite there, and debt looming, the fear of running out of money post-retirement is all too ​​real.

Feeling overwhelmed? 😟 We're here to help! Our team is ready to provide you with tailored advice to secure your financial future and bring peace of mind. Let's chat about making your golden years shine bright despite economic challenges ✨.

https://www.statcan.gc.ca/o1/en/plus/4868-canadians-retirement-savings-trend-upward-cost-living-continues-squeeze-budgets

https://globalnews.ca/news/10260316/retirement-canada-finances-report/

Feeling overwhelmed? 😟 We're here to help! Our team is ready to provide you with tailored advice to secure your financial future and bring peace of mind. Let's chat about making your golden years shine bright despite economic challenges ✨

A Vital Conversation for Every Family 🌟

Navigating our golden years and supporting our adult children financially are topics intertwined with love, concern, and the complexities of life. The journey of aging comes with its own set of unpredictable expenses, from healthcare needs to lifestyle adjustments, making financial planning more crucial than ever.

Before opening our wallets to help our adult children, it's essential to weigh the long-term effects. Here are some pivotal considerations for every parent:

Protecting Your Retirement Nest Egg: The unpredictability of aging requires a robust financial cushion. Ensuring you're not compromising your future needs is paramount. Remember, your children have their earning years ahead of them; your capacity to increase your wealth may not be as flexible.

Promoting Financial Self-Reliance: While supporting our children is instinctive, fostering their financial independence ensures they build resilience and smart money management skills. It’s about empowering them, not enabling dependency.

Clear Communication and Boundaries: Discuss financial help openly, setting explicit terms and boundaries. This clarity helps prevent misinterpretations and maintains healthy relationships.

The Timing of Assistance: Consider offering financial support when your children are in their prime earning years, and you have a clearer view of your retirement landscape. This strategic timing can benefit both generations more effectively.

The intention is always to nurture our family's financial health and resilience.

Let’s approach our family's financial support with wisdom, ensuring our actions today fortify both our and our children’s futures. 💼👨‍👩‍👧‍👦💖

https://financialpost.com/personal-finance/3-things-consider-financially-help-adult-children

# RRIF

3 things to consider when trying to help adult children out financially Gifting to an adult can sometimes make a lot of sense, but just be sure you have done your homework before putting a bow on it. Read on.

Lifestyle Preservation in Retirement:

"Dreaming of maintaining your lifestyle in retirement?

Tailoring your investment strategy to generate sufficient growth and income can help you enjoy the fruits of your labor without compromise.

Let's plan for your ideal retirement lifestyle.

"

🕒💼 Tick-Tock, Tax Clock: April 30th is Zooming In! 🕒💼

Here's your friendly and slightly amusing reminder that it's time to get those tax documents in order! Here's why you should act now:

Beat the Clock: Let's face it, procrastination might have been cool in college, but with taxes, not so much. The early bird might get the worm, but the early filer gets peace of mind (and possibly a quicker refund!). 🐦💰

No Last-Minute Plot Twists: Unlike a thrilling movie, last-minute surprises in tax filing aren’t exciting. File early and avoid the drama of a deadline dash. 🎬🏃‍♂️💨

Tax Season Comedy Hour: The sooner you file, the more you can relax and enjoy our tax season jokes (Disclaimer: We're better at taxes than comedy, but we do try!). 🤣📚

Your Financial Well-Being, Our Priority: Our goal is to make this process as smooth and stress-free as possible for you. The sooner you get your documents to us, the sooner we can take care of the rest. 🙌💙

🗂️ What You Need to Do:

Gather those T-slips (T4s, T5s, you name them!)
Sum up those deductible expenses
Round up any investment statements
Don’t forget your RRSP contributions

Got questions? Need a hand? Reach out! We’re here to help you easily beat the deadline and maybe even a chuckle or two.

Let's show that tax deadline who's boss – together!

🕰️📑🤓💪

Navigating RRIF and LIF withdrawals is crucial for a secure retirement. RRIFs must start by age 71, with minimum withdrawal rates based on your age. You can withdraw more if needed, but be mindful of tax implications. LIFs have both minimum and maximum withdrawal limits, ensuring your pension lasts. Remember, RRIF withdrawals are taxable, and strategic planning can optimize your tax situation.

RRIF and LIF withdrawal rates: Everything you need to know - MoneySense Most registered retirement savings plans are eventually converted to registered retirement income funds. Here’s what to know about RRIF withdrawals.

In light of a recent survey highlighting the significant impact of the current economic climate on Canadian investors, it's clear that now, more than ever, sound financial advice and strategic planning are paramount. Understanding market trends and making informed decisions is key to navigating these challenging times. If you're looking to fortify your investments against market volatility, let's connect and explore how our expertise can guide you towards financial resilience. For more insights, check out the full survey findings 👉

Survey reveals economic climate's toll on Canadian investors With 58% worried about investments, the importance of financial advice shines in boosting confidence

🚨 Tax Season Alert: Beat the Deadline Rush! 🚨

Hello, amazing clients! As the calendar pages turn, we're quickly approaching the April 30th, 2024 deadline for tax filing. ⏰🗓️

To ensure a smooth and stress-free tax preparation process, we kindly remind you to gather and send us your tax documents as soon as possible. Here’s why it’s a great idea to act now:

Avoid Last-Minute Stress: We all know the panic of a looming deadline. Why wait when you can have your taxes sorted out well in advance? 🏃‍♂️💨

More Time for Review: Early submission means more time for us to thoroughly review your documents and ensure every possible deduction and credit is utilized. 🕵️‍♂️🔍

Faster Refunds: If you’re expecting a refund, filing early often means receiving your refund sooner. That’s your money, so why let it sit with the taxman any longer than it needs to? 💰🏦

Scheduling Convenience: Our calendars fill up fast during tax season. By sending your documents early, you can choose a time that works best for you for any discussions or meetings. 📅🕒

Peace of Mind: There’s nothing like the feeling of having your taxes done and dusted. You can sit back, relax, and focus on what’s important to you, knowing your tax affairs are in order. ☕🛋️

📝 Checklist to Get Started:

✔️Gather all T-slips (T4s, T5s, T3s, T4RRIF, T4RSP, CPP & OAS slips, etc.)
✔️Summarize medical expenses, donations, and other deductions
✔️Collect any investment statements
✔️Have your RRSP contribution slips handy
Not sure what you need or have questions? Don’t hesitate to reach out! We’re here to make tax season as effortless as possible for you.

Let’s tackle tax season together – efficiently, effectively, and early! Drop us a message to get started.

📊💼📝💡

Happy Easter! 🌸🐰
As we embrace the spirit of renewal this season brings, we're reminded of the endless possibilities and new beginnings ahead.
May this Easter fill your homes with joy, your hearts with love, and your lives with laughter.
Thank you for being a cherished part of our community.
Wishing you all a beautiful Easter celebration!

Did you know we're on the cusp of the largest generational wealth transfer in our history? With Baby Boomers set to pass down a whopping $1 trillion to Millennials and Gen Xers, it's a pivotal moment for all of us!

But here's the catch: talking about money, especially when it's tied to inheritance, remains a tough topic for many families. Surprisingly, not even one-third of parents are having these crucial conversations with their kids. This silence around financial literacy could lead to chaos, misunderstandings, and missed opportunities to make the most of this financial shift.

🔍 Why does this matter to you? Whether you're on the receiving end of this transfer or planning your own estate, it's essential to break the taboo and start those conversations. Not only is it about managing wealth, but it's also about ensuring your legacy is meaningful and impactful, aligning with your values.

🌱 For Millennials and Gen Xers, this isn't just about inheriting wealth; it's about stewardship and making wise decisions that affect families, businesses, and communities. And it's never too early to start learning and planning. From understanding the probate process to exploring tax-efficient ways to manage an inheritance, knowledge is ​​power.

📣 We're here to help navigate this monumental shift. Whether you're looking to start those conversations, seeking advice on financial planning, or wanting to understand more about the impact of this wealth transfer, reach out to us. Together, we can ensure that this generational wealth transfer strengthens our families and communities, rather than becoming a source of conflict.

Let's make this transition a positive force for our future! 💼🌟

https://www.cpacanada.ca/news/pivot-magazine/trickle-down-wealth