Some excellent resources from Dynamic, click on the links below for some great information ~ Tim
Re-envision your retirement.
It’s no secret that the road to building a comfortable retirement has become much more difficult over the last few decades. In today’s economic environment, retirees will have to adjust their retirement planning to meet a number of evolving challenges.
Dynamic's Retirement Income Centre is designed to provide a road map to retirement insights, investing strategies and new perspectives on helping retirees, and those on the cusp, create sustainable cash flow to meet today's retirement realities head on.
Learn more
https://dynamic.ca/en/insights/planning-and-strategies/retirement-centre.html
Comments
For firms:
Respect retirees as a client segment. The data tell us that retired clients will be an increasing portion of our country’s population, and therefore an ongoing important part of our business.
Going forward, retirees will demand different advice and new respect.
Be sure that training incorporates the new view of retirement, and teaches advisors it’s not just about decumulation.
Instead, train them how to talk to retiring or retired clients about their hopes and dreams for the future.
That future may last for decades.
Help advisors help clients plan for a longer retirement.
Ensure that your retirement planning tools and processes reflect the increased longevity we have been gifted.
Use, and help advisors use, language that reflects the new retirement reality. People who are “retiring” are likely to be doing a variety of different — often exciting — things.
from article link below
Some good thoughts to reflect on , I will be close to this group age in 2046 !
For advisors:
Talk to clients about their retirement plans and lifestyle — their hopes and dreams for the next phase. Don’t make assumptions that retired clients will be watching re-runs on TV or even relaxing on the beach. They may in fact be pursuing new business opportunities or making and spending money very differently than their parents.
Learn about pension plans. Many clients have defined-contribution pension plans, and others have defined-benefit pension plans. Pension rules are complex and not necessarily intuitive, and there is a significant opportunity to help advise clients on how and when to start collecting their pensions and plan their retirement income more generally.
Understand the ins and outs of government retirement benefits. There is more optionality in government retirement benefits than most Canadians are aware of. The amount of Canada Pension Plan and Old Age Security benefits varies considerably depending on when you start collecting. Be sure to understand the nuances so you can help advise clients when they should start collecting.
Look at the big picture. Once you understand a client’s goals, help them devise a retirement income plan that incorporates pensions, government benefits and other savings, and takes into account any new income streams. Which sources should a client tap and when?
https://www.investmentexecutive.com/inside-track_/susan-silma/the-n...
https://financebuzz.com/amp/how-baby-boomers-spend-money
Focus on the 4 Ms
Maximize Cash Flow
By focusing on income-producing assets, investors can create consistent cash flow in order to avoid withdrawals during market downturns.
Minimize Taxes
Building a resilient paycheque portfolio requires a special focus on maximizing after-tax cash flow.
Minimize Drawdowns
Focusing on cash flow can help reduce the impact of drawdowns, which can quickly erode a portfolio’s value.
Maximize Purchasing Power
To protect one’s purchasing power – especially during inflationary periods, it’s critical to allocate a portion of one’s portfolio to asset classes and strategies designed to deliver positive inflation-adjusted returns over time.
https://dynamic.ca/en/insights/planning-and-strategies/retirement-c...