Creating a Retirement Income Plan is Much Like Building a House

Fee-only Retirement Income Planner, Calgary

Where would you start if you wanted to build your dream home?

Imagine heading over to Home Depot to pick out carpet and paint for your new home or to price out windows. The sales rep would need to see some plans before they could advise you on what to buy or how much. There are more than a dozen different trades involved in building a home, from the foundation to the roof to the landscaping. It requires a coordinated effort by many people to produce a dream home. Your retirement is the same and can't be left to a hodgepodge of advice from friends and family. You need a plan.

If you are building your dream home you would first meet with a designer or architect to have drawings created. The designer would sketch and draft a set of plans that all of the trades would have access to in order to produce what you envision. The next step would be finding a builder to build your home. They, in turn, would dig a hole for the foundation, lay the footings, pour the walls with concrete, frame the house, add the roof truss, shingle, install windows, etc. The electricians and plumbers need to do their rough-in and have it inspected. There would be an insulation crew and drywallers. Cabinet makers for the kitchen and a carpenter for the millwork, flooring, Painters, and others. As you can see there is a lot involved and maybe you would do some work yourself to cut costs.

When it comes to your retirement you are planning out the next 30-40 years of life and trying to ensure you'll have enough money to last that long with little concern of running out. Doesn't that deserve the same level of planning? The absolute first order of business before you transition into retirement should be getting a retirement income plan complete with income projections for you. Many couples have 10-20 different sources of retirement income and need to know the best time and order to take that income. Saving $100,000 in taxes during your lifetime could mean the difference of outliving your money. 

There are at least 6 different areas of your financial future that you need to plan for. Cash flow, Investments, Assets, Taxation, Risk mitigation, and Estate considerations. A proper plan will address these 6 key areas, much like your blueprints for your dream home. Once you have your plan it's easy to determine what areas you need more help with and which areas you can handle yourself. But, regardless of whether you are the master builder or you use the services of other professionals, you need a plan first. 

The sad reality of the Canadian retirement landscape is that most professionals are just trying to sell you products. You may be a do-it-yourselfer or you have an investment advisor, but keep in mind, a retirement income plan is the only way that you can determine the most tax-efficient way to take income, to know how much you can reasonably spend each year without having to worry about running out. We want you to retire with confidence that's why we start with a planning first philosophy and take the time to put together a proper plan that you can easily follow. 

Click here for more info on our process and plan pricing.

 

Calgary's Flat-Fee Retirement Income, Investment & Tax Planning

Willis J Langford, BA, MA, CFP  & Nancy Langford CRS

Certified Financial Planner® 

 

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I contacted Langford Financial to see if they could help me with specific questions on retirement & estate planning, efficient tax strategies, CPP and OAS benefits, and income drawdown strategies. I was very nervous at first about whether they would be a good fit for my needs, but my concerns were quickly put to rest and Willis and his team made me feel at ease right from the very first meeting.

They are very easy to work with, are very knowledgeable and resourceful, are able to break down complex matters into an easy-to-understand manner, and are always quick to respond to any questions. They reviewed my situation and were able to tailor a plan to fit my specific needs, to my complete satisfaction.

The plan included amongst other things, the best way to utilize efficient income tax strategies. helped me to understand the correct drawdown of assets which would result in larger savings, and provided guidance on insurance products and efficient estate planning.

As a result, I have a much clearer picture of my financial situation now and feel very confident and satisfied with the plan that they have proposed for me, going forward. What I appreciated the most about Willis and his team was that, in addition to their friendly, personable and professional approach, at no time was there ever any pressure to purchase any products.


I am very happy with the service I received from Willis and his team and would recommend Langford Financial to anyone looking for advice on their retirement planning needs. You will not be disappointed!

Naila Jinnah

Naila Jinnah
Fee-Only Planning Client

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