Blog Articles
- Oct 09, 2024
- Willis Langford
Business Owners Can Deal With The New Capital Gains Tax By Using A Liquidity Contract
Recently the Federal government made changes to the capital gains inclusion rate for Canadians. The inclusion rates were increased from 50% to 66. 67%. For personal capital gains, the first $250,000, the inclusion rates remain at 50%; however, for. . .
- Aug 06, 2024
- Willis Langford
Ways To Avoid the OAS Clawback
Consider Bob and Andrea who are now 65 years old. They have been taking advantage of the tax deductions they get from contributing to their RRSP for many years. They purposely kept their savings plans equal as both of them have been earning similar. . .
- Jul 14, 2024
- Willis Langford
The Difference Between Stocks and Bonds
Although stocks and bonds are both good investments there are big differences between the two. The old-school rule of thumb was to have a percentage of bonds in your portfolio that corresponds with your age. If you are age 60 then you would have 60%. . .
- May 24, 2024
- Willis Langford
4 Steps To Getting Your Financial House in Order
Why do you think Tiger Woods became one of the greatest golfers of our time? Why is Warren Buffett considered the world's best investor? Luck? It is possible to learn how to be a great investor and money manager, in the same way that anyone. . .
- Jan 18, 2024
- Willis Langford
The New Enhanced and Expensive CPP Contributions for 2024
Some employees will start seeing a larger portion of their paycheques going toward CPP contributions in 2024. This is part of a broader pension revamp that began in 2019 as the CPP began phasing in enhanced benefits intended to provide more. . .
- Aug 25, 2023
- Willis Langford
The Missing Link To A Happy Retirement
The missing LINK to a happy retirement I got the idea somewhere. I just can’t remember where, but it goes like this. The 3 keys to happy retirement (life) are as follows: Something to do. Someone to do it with,. . .
- Aug 23, 2023
- Willis Langford
Using Annuities As a Guaranteed Cash Flow Strategy in Retirement
Fixed Income Part of a Retirement Plan What happened to bonds? The traditional model of creating a retirement portfolio using a 60/40 mix of equities and bonds is broken. You end up with 40% of your portfolio adding little. . .
- Jul 13, 2023
- Willis Langford
13 Money Leaks: Fix These and Have More Cash For What Matters Most
Imagine flushing $5 bills down the toilet. You just would not do it. Yet, you flush away money every day in other ways. Just think of energy costs in your home without weather stripping around the doors and windows. How old are your. . .
- Jun 08, 2023
- Willis Langford
An Overview and Update on CPP
Here's an overview, update, and refresher on What You Need To Know about CPP, by Hervin Pasa. We hope you enjoy this educational video, but more importantly, do something with it. We help our clients create sustainable,. . .
- May 01, 2023
- Willis Langford
Arizona Road Trip
April is the perfect month for a road trip to Arizona. The desert is in bloom and the colours are incredible. We set out from Calgary on Friday, April 14th and spent our first night in Butte, MT - just in time for supper at the most popular. . .
- Mar 05, 2023
- Willis Langford
Where To Find A Good Job For Your Retirement
Where can you find a job? Some retired people want to work because they like having something to do each week. Some want to do a job completely different than what they did during their careers. Some want to contribute in a way that's. . .
- Jan 17, 2023
- Willis Langford
Tax Credits and Deductions For Canadians in 2023
Tax Credits and Deductions A non-refundable tax credit means that you receive a credit that can only be applied to taxes owed. If you don’t owe any taxes, the credit is of no value. Once your income tax is reduced to zero, there is no further. . .
- Jan 07, 2023
- Willis Langford
Recession Proofing Your Portfolio
The most anticipated recession of all time is about to unfold - or is it? You can't say you didn't see it coming because you'd have to be living in a cave to miss this one. What we don't know is if it's going to happen for. . .
- Nov 29, 2022
- Willis Langford
6 Steps You Should Take NOW if you are Retiring Soon
The reality is most people will spend more time planning a 2-week vacation than they will be planning out the rest of their lives. According to a 2012 LIMRA study, nearly half of retirees said they did not get to choose when they retired rather they. . .
- Sep 28, 2022
- Willis Langford
Keeping Your Emotions In Check In The Midst of So Much Volatility
How do you keep your emotions in check in the midst of so much volatility? It's been a rough year on your portfolio, and you are most likely down more than 20% on average. It's been one of those rare years where everything is down,. . .
- Sep 25, 2022
- Willis Langford
CPP Benefits for Spouses, Children & The Disabled
You can't benefit from what you do not know. And, when it comes to your CPP benefits it is up to you to know what you can benefit from. They do not have a person in Ottawa reviewing the files of Canadians to see if they are entitled to more. . .
- Sep 21, 2022
- Willis Langford
Why Financial Decisions Are So Difficult
Why are financial decisions so difficult? Buying a first home. Upsizing. Downsizing. Taking a new job. Investing. Here's what I think is the biggest challenge of our time. Headlines that grab our attention. Look at these from the past. . .
- Sep 19, 2022
- Willis Langford
What Will Matter Five Years From Now?
There was a man who was walking to work and to his misfortune, he fell into a manhole. His friends came and helped him out of the manhole and he made his way to work. The very next day, he was on his way to work, and once again, he fell into the. . .
- Sep 16, 2022
- Willis Langford
What We Learn From Failure and How It Defines Us
On January 1, 1929, the Golden Bears faced the Georgia Tech Yellow Jackets at the Rose Bowl in Pasadena, California. Midway through the second quarter, Riegels, who played center on both offensive and defensive lines picked up a fumble by. . .
- Aug 23, 2022
- Willis Langford
The Sequence of Returns and The Impact It Has On Running out of Money In Retirement
What is Sequence of Return Risk? Oftentimes, investors are instructed to own a well-diversified portfolio in accordance with their risk tolerance and then maintain it through all market conditions until their situation changes or they are faced. . .
- Aug 16, 2022
- Willis Langford
The Difference Between Marginal Tax Rate and Effective Tax Rate
Tax Planning Is Important Every dollar you save in taxes is a dollar you have available to spend on something that brings you joy or a dollar to reinvest and earn more money. You can remain ignorant and CRA will happily take your. . .
- Aug 02, 2022
- Willis Langford
Travel Insurance Here - Quote and Apply Here
If you're travelling outside of Canada in the next little while make sure you understand what you have for Emergency Travel Insurance. Just search the web and you will find some horror stories about travel insurance. Here are a couple of. . .
- Jul 24, 2022
- Willis Langford
The 3 Ingredients For A Better Retirement
Maybe it's not possible to have the perfect retirement, but it is possible to aim for a better one, and it has 3 key ingredients - time, energy and money. When you are young you have energy and time, but no money. As an adult you have. . .
- Jun 30, 2022
- Willis Langford
Managing Risk In Retirement
Life comes with an element of risk that cannot be avoided. Every time you leave your house you are exposed to a whole realm of risks. A risk of getting into an accident. Slipping and falling or being the victim of someone else's negligence. . . .
- Jun 18, 2022
- Willis Langford
Tips For Staying Ahead of Inflation
Every day you are faced with another increase in the cost of living. Your natural reaction to inflation is to tighten and stop spending, but I don't think you have enough time to lose in life to always be waiting. Life is short. Retirement is. . .
- Jun 04, 2022
- Willis Langford
Inflation and The Impact It Has On Your Portfolio
The big story of 2022 has been inflation. I recently checked the price of a hotel in Kalispell, MT for the month of July and the mid-week nightly rate at The Hampton Inn would set me back more than $500/night. A bag of avocados has more than. . .
- May 29, 2022
- Willis Langford
What Does It Mean To Have Your Total Financial House In Order?
What Does It Mean To Have Your Total Financial House In Order? Most Canadians have many financial products spread from one institution to another. Life insurance, group health and dental benefits from work, group RRSPs, LIRAs and pension plans. . .
- May 03, 2022
- Willis Langford
What Is Modern Monetary Theory And How Is It Impacting Inflation?
There's a new economic theory that suggests that raising interest rates isn't the only way to curb inflation. You may have heard of the concept of Modern Monetary Theory or MMT for short. I'll add some links where you can get a more. . .
- Mar 21, 2022
- Willis Langford
Staying Focused On Your Retirement Goals
The year was 2009. The month was February. The financial crisis had recently happened. Things were a little bleak - similar to now. We decided as a family to go on a cruise from Long Beach, California. The flights were too expensive so we jumped in. . .
- Mar 13, 2022
- Willis Langford
Retirement Investment Planning Amid Chaos
I remember a haunting scene from a movie about the Nazi Invasion and its attempt to wipe out the Jewish people. There’s a gripping scene where 3 children are being torn from their father and the father begs the Nazi soldier to let his children. . .
- Feb 05, 2022
- Willis Langford
Tips On How To Navigate Volatile Markets In Retirement
Why are financial decisions so difficult? Buying a new home. Upsizing. Downsizing. Taking a new job. Investing. Here's what I think is the biggest challenge of our time. Headlines that grab our attention. "Home prices could slump. . .
- Jan 01, 2022
- Willis Langford
Need Some Retirement Income or Tax Advice? - Talk To An Expert
Talk To An Expert This service is for you if you have a specific question about your financial situation that you would like to discuss with a Retirement Income & Tax Advisor. The cost is $125 for 30 minutes - You can select a phone. . .
- Dec 19, 2021
- Willis Langford
The Secret To Happiness Is In Your Bucket
I was recently meeting with my friend, Alex, for some year-end retirement planning and in the course of our conversation, I asked him if he was happy. The question brought about a deeper discussion on what is the secret to happiness and he made an. . .
- Dec 10, 2021
- Willis Langford
Enjoying Financial Freedom In Retirement
You need to define what Financial Freedom means to you. Once it is defined it will probably need to be redefined again and again. Freedom doesn't have to be some far off, never-never land, or a constantly moving target that just seems to get. . .
- Oct 26, 2021
- Willis Langford
The Difference Between Inflation and Stagflation
What's the difference between Inflation and Stagflation? Inflation is the cost of goods and services going up. If you have been grocery shopping lately, you know what I mean. This past week I noticed a beef roast listed at $47. . . .
- Sep 28, 2021
- Willis Langford
Building A Sustainable Retirement Portfolio For The Next Decade
We have to rethink the way we think to create risk-appropriate and tax-efficient investment strategies. There are a lot more risks to consider than just your emotions. In an effort to simplify and standardize the investment world, most. . .
- Sep 27, 2021
- Willis Langford
How Do You Go Back To The Way It Used to Be? You Don't
Where do we go from here? It's September 2021 and we are closing in on 2 years of living in a pandemic. Being the optimistic people we are, we want to believe that at some point in the not too distant future someone will announce it's all. . .
- Sep 17, 2021
- Willis Langford
9 Questions Answered about RESPs
9 Questions Answered About RESPs One of the greatest gifts we can give our kids is to help them kick off the first phase of their adult lives not drowning in debt. That’s what an RESP is for. It might not cover everything, but it’s. . .
- Sep 17, 2021
- Willis Langford
Reverse Mortgages and Other Alternatives To Increasing Cash Flow
Would you like to access more tax-free cash flow in retirement? The largest asset that you have in retirement is your home, it represents a large chunk of dormant equity. It's like you have this piggy bank, but the money is trapped inside. . . .
- Sep 14, 2021
- Willis Langford
What Is The Difference Between Retirement Planning and Retirement Income Planning?
Every financial advisor's website says they offer retirement planning. Some will even say that "Retirement is all we do", but in reality, they are investment advisors disguised as planners. The truth is there is a difference between. . .
- Sep 10, 2021
- Willis Langford
Reshaping Your Investment Portfolio For Retirement
The investment strategies you used during your accumulation years will not be appropriate during your decumulation years. You have worked hard to build up your retirement savings and as you prepare to make the transition and start taking money. . .
- Sep 09, 2021
- Willis Langford
Retirement Transition - Why Your First Step should Be a Plan
Let me save you a lot of grief and money as you prepare to retire. Avoid making a bunch of financial decisions willy-nilly based on what other well-meaning people tell you. Start with some planning because it will save you thousands of dollars. . .
- Sep 01, 2021
- Willis Langford
5 Simple Estate Planning Ideas For Canadians
We all have heard a story of an estate gone terribly bad. Family members being left out. Wills being contested. Siblings being left out. Relatives coming out of the woodwork looking for a piece of the action. The fact is, no one gets out alive,. . .
- Aug 23, 2021
- Willis Langford
Inspiring Stories of Clients Living their Ideal Lifestyle
I have always admired those who attempt and achieve great things far beyond what the average person does. Paul is one of these people. He appears to be an ordinary person and he has done. . .
- Jul 20, 2021
- Willis Langford
The 5 Essentials For Getting Started On Your Wealth-Building Journey
The 5 Essentials For Getting Started On Your Wealth-Building Journey "If you don't know where you are going any road will take you there" If you know where you want to go it's best to take the time to discover the most direct route. . . .
- Jul 14, 2021
- Willis Langford
Top 5 Wealth Building Strategies
The Top 5 Wealth Building Strategies There are 5 primary ways to build wealth. Depending on how much wealth you want to build you can choose to use one or more of these strategies: High Income-earning job. If you are highly skilled or. . .
- Jul 09, 2021
- Willis Langford
Some Advantages To Owning Funds Instead of Individual Stocks
When it comes to investing you have many options available. The problem is understanding the tax implications of the investment vehicles you choose. Different types of income are taxed differently and will have an impact on your total. . .
- Jul 08, 2021
- Willis Langford
The 5-Year GIS Strategy Starting At Age 65
The following is a multi-year GIS tax-free income strategy that anyone who doesn't have a DB pension can use. It requires some pre-planning and prep work in advance of turning 65. Although this strategy can be utilized by anyone, it is best. . .
- Jul 01, 2021
- Willis Langford
Relax, Refresh, and Refocus
Three years ago I had a "wake-up call" and decided to make some serious changes in my life. I won't get into all of the details right now, but suffice it to say that I came to the conclusion that if I wanted to be helpful to others it required. . .
- Jun 30, 2021
- Willis Langford
Everything You Need To Know About Your Government Benefits
Now Online Access For You Our Entire Presentation is now online for free: "Everything You Need To Know About CPP, OAS, GIS, PRBs, & More" This is a 6 part presentation and you will receive 6 emails over the course of. . .
- Jun 10, 2021
- Willis Langford
6 Self-Sabotaging Behaviours That Can Ruin Your Retirement
Shocking Stat If you track 20 people from age 50 onward, here's what will happen by age 70. According to the Canadian critical illness table from 2008, 1. 5 will have died and 8. 5 will be dealing with a life-threatening illness. That. . .
- May 16, 2021
- Willis Langford
8 Investment Behaviours That Can Derail Your Retirement Income
Everyone wants to make money from their investments and it's easier to do if you can follow a plan. Understanding your behaviour is key to successful investing. Most of what we do each day is based on habits and mental shortcuts our brains have. . .
- May 07, 2021
- Willis Langford
Post Pandemic Portfolio Positioning - Part 2
The biggest mistake to avoid right now is sitting on too much cash. We are staring down the barrel of the biggest increase in inflation that most of us have ever seen and cash is losing value. There is just so much money being thrown into the. . .
- Apr 13, 2021
- Willis Langford
Post Pandemic Portfolio Positioning - Part 1
The big story so far in 2021 is the third wave of rapidly climbing cases of COVID 19. We don't know how effective a vaccine is going to be or how fast it can be administered, so we are in the midst of this pandemic for a while yet. Please follow. . .
- Mar 19, 2021
- Willis Langford
Navigating Choppy Financial Markets
Navigating Choppy Financial Waters The stock markets have had a rough start to 2021 and you may be wondering what's going on? The big story is interest rates and the threat of inflation. The truth is there always is a crisis. . .
- Mar 14, 2021
- Willis Langford
When Should Retirees Downsize Their Homes?
For most people, retirement comes with two concurrent events, more free time and an empty nest. The period of life when a lot of people are retiring from work coincides with when their youngest children are leaving home. Consequently, most. . .
- Mar 01, 2021
- Willis Langford
Cryptocurrency - Part I & II
Part I It seems these days you hear about Bitcoin everywhere you go. Well, I had hoped it would go away because I was not looking forward to having to explain it. Cryptocurrencies and blockchain are all the rage and I have yet to find anyone. . .
- Feb 06, 2021
- Willis Langford
3 Ways Couples Can Get On The Same Page Prior To Retirement
How can couples get on the same page prior to retirement? A couple of years ago, Nancy and I attended a marriage enrichment seminar. It was a Friday evening and a Saturday morning event. I even think it was my idea and I signed us up and paid. . .
- Jan 31, 2021
- Willis Langford
Are You & Your Spouse On The Same Page With Retirement?
When you are married it's impossible to move forward into your ideal lifestyle if you and your spouse are not on the same page, especially with money and retirement. You have competing visions and at some point, you both have to get on the same. . .
- Jan 20, 2021
- Willis Langford
What Does Your Ideal Lifestyle Look like?
Most people never really live the life they imagined. For whatever reason, they settle for mediocrity, or they run out of time. As you look down the road and think about your future, what does that look like for you? Five years from now you will. . .
- Jan 16, 2021
- Willis Langford
A Retirement Transition Guide For Men
Why do men struggle with retirement more than women? I know this is a generalization, but I do think it is a serious and prevalent concern. Based on our experience in talking with men and based on our reading and research there are many issues. . .
- Jan 03, 2021
- Willis Langford
A Retirement Transition Guide Just For Women
The average age of a woman becoming a widow in Canada. . . is 56 - much younger than most of us would have thought. That's an interesting stat and one you need to be aware of if you are a married woman, as there is a high likelihood that at some. . .
- Jan 03, 2021
- Willis Langford
10 Tips For Staying Upbeat in A Downbeat World
News from the storm cellar. . . The easiest thing to do right now is to succumb to the fear and panic that prevails in our world, but it will only lead to despair and hopelessness. Here are some practical strategies for staying positive during. . .
- Dec 31, 2020
- Willis Langford
Why You Need To Consider Other Strategies For Your Retirement Income Portfolio
Fixed Income Part of Your Retirement Portfolio What happened to bonds? Governments all around the world have lowered their key lending rates to zero and in some cases sub-zero. Greg Taylor, chief investment officer at Purpose. . .
- Dec 31, 2020
- Willis Langford
Retirement Checklist For Those 55+
Is Your Financial House In Order? Self-Assessment For Pre-Retirement Income Planning People retire for different reasons and at different ages. Some have a plan and have time to prepare and for others, it is forced upon them to no. . .
- Dec 26, 2020
- Willis Langford
Understanding the Value of Spousal RRSPs
One of the challenges that retirees face is equalizing their retirement income as a way to share and reduce the income tax bill. One individual earning $80,000 a year will pay $18,260 in taxes, while 2 individuals earning $40,000 will pay only. . .
- Dec 14, 2020
- Willis Langford
Who's Going To Look After You When You When You Get Old?
The loneliness is killing me. All I do is sit and cry all day long. The words of a 86 year old widow. According to a 2016 stat, there were 2 women for every 1 man in the over 85 categories. Visit a long-term care facility and see the. . .
- Dec 03, 2020
- Willis Langford
In The Media and Around the Web
Globe and Mail Articles Decluttering a tangled mix of stocks, bonds, and mutual funds is a must before retirement Feel-good funds with positive returns draw legions of responsible investing fans - Toronto Star How much money. . .
- Nov 29, 2020
- Willis Langford
A Retirement Guide For Widows
I was surprised when I learned that the average age of a woman becoming a widow in Canada. . . is 56. It's not the picture most of us have. That's an interesting stat and one you need to be aware of if you are a married woman, as there is a. . .
- Nov 21, 2020
- Willis Langford
Should You Take Your CPP Early? - Before You Do, Read This!
It's a question we get asked often: Should I take my CPP at age 60 or wait? The short answer is NO, the long answer is YES. There are too many variables to be considered to be able to make an instant decision on when to start CPP. Once you. . .
- Oct 29, 2020
- Willis Langford
3 Examples of When it Makes Sense To Delay Collecting CPP?
In many cases, it makes sense to take CPP at age 60. Remember, if you take your CPP at age 65 you get 100% of your entitlement. If you take it at age 60 your benefit is reduced by 36% (. 6% for each month) If you delay taking your CPP to age 70, you. . .
- Oct 28, 2020
- Willis Langford
Over 65, Collecting CPP and Still Working? Why It Makes Sense To Keep Making Contributions
If you are between the age of 65 and 70 and still working you have an opportunity to continue to contribute to CPP and earn as much as 18% returns on those contributions as Post Retirement Benefits - guaranteed and indexed for the rest of your. . .
- Oct 27, 2020
- Willis Langford
4 Benefits for Alberta Seniors That You Should Know About
4 Benefits for Alberta Seniors You Should Know About There are various financial benefits available to Alberta seniors over the age of 65 that you need to be aware of and how to apply for them. Every province and territory has similar benefits. . . .
- Oct 15, 2020
- Willis Langford
12 Keys To a Happy & Secure Retirement
12 KEYS TO A HAPPY, SECURE RETIREMENT • Start planning early. Time is your best friend. • Clearly define your retirement vision, values, priorities, and trade-offs. • Get expert help with retirement income planning. Use conservative. . .
- Oct 10, 2020
- Willis Langford
Collecting CPP But Still Working? Understand Your Post Retirement Benefits
What are PRBs? The Post-Retirement Benefit (PRB) program allows Canadians who are over 60, receiving the CPP but still working and contributing to the CPP, to receive additional benefits for their contributions. The program started. . .
- Oct 07, 2020
- Willis Langford
Revealing the Banker's Secret
How we bought our 1989 Pontiac 6000 It was 1993 and Nancy and I needed to get a new car. We didn't have any money and couldn't get a loan at the bank. Nancy's dad remembered that we could borrow some money from his life insurance. . .
- Sep 29, 2020
- Willis Langford
Should you Have Gold and Silver In Your Retirement Income Portfolio?
During the last financial crisis, I wanted to buy some Silver, as the prices were starting to soar. I asked Nancy to go to the Scotiabank that used to be located on 8th Avenue downtown, near where she worked. She came home, on the bus, with a large. . .
- Sep 21, 2020
- Willis Langford
Are CPP Contributions Worth It for the Incorporated Business Owner?
Are CPP Contributions Worth It for the Incorporated Business Owner? A Case Study in the Cost/Benefits Analysis of business owners making CPP Contributions Current Situation with new 2021 numbers The CPP program is a pension plan that was. . .
- Sep 12, 2020
- Willis Langford
Milestone 50/50
Update #4 on Milestone 50/50 - Sept. 27th Thank you so much to those of you who partnered with us to reach our goal of giving $5000 to Opportunity International Canada. In fact, we will exceed our goal and raised $6000. A gift of $25. . .
- Sep 03, 2020
- Willis Langford
10 Ways To Generate Extra Cashflow in Retirement
It's impossible to get ahead financially if you are not maximizing your earning potential. So here are some ways you can make more money before and after retirement. 1. Work more. Pick up extra shifts at your job. If you get paid extra to. . .
- Sep 03, 2020
- Willis Langford
The Do's and Don't of Owning Rental Properties in Retirement
We love rental properties as much as anyone and believe that they can be a great source of income, especially for your retirement years, however, caution needs to be taken so that you don't end up losing other income benefits or pay unnecessary. . .
- Aug 29, 2020
- Willis Langford
What Happens To Your CPP and OAS if You Retire Outside Canada?
Many Canadians are choosing to live in another country during retirement. So what happens to your government pensions if you decide to permanently relocate to a warmer climate outside of Canada? It depends on how long you lived and worked in. . .
- Aug 09, 2020
- Willis Langford
All The Money In The World
Have you ever seen the movie, "All The Money In The World"? It's the true story of the Getty Oil empire. I'll try not to ruin the movie for you in case you have not seen it yet. But, I'm sure you know where this is going. Mr. . . .
- Jun 21, 2020
- Willis Langford
3 Options For Converting Your RRSP into Retirement Income
Remember that awesome tax refund you received because of your RRSP contributions? The 2 main advantages of an RRSP are first, the immediate tax savings. The idea is to put money into an RRSP at a higher tax rate while you are working and take. . .
- Jun 15, 2020
- Willis Langford
Creating Your Retirement Income Projections
Before heading out on vacation you'll take the time to plan where you are going, how you will get there, where you'll be staying and the activities you want to participate in. You may plan a wedding, plan for a new baby, plan out your. . .
- Jun 07, 2020
- Willis Langford
Retirement Success Stories - Learning From Others So You Can Retire Better
I recently sat down with a few different guys to discuss their transition into retirement. I first met with Bruce for a coffee and to discuss his transition into retirement. I met Bruce and his wife a few years ago when they attended one of our. . .
- May 25, 2020
- Willis Langford
A 3 Step Process For Creating Your Retirement Income Plan
Unfortunately, Canadians needlessly make a lot of mistakes with their retirement planning. With so many conflicting messages from various financial institutions all shouting for your attention, it's no wonder there's so much confusion. . . .
- May 19, 2020
- Willis Langford
Fear of 'Running Out of Money' can be eliminated with Annuities
By far the biggest concern for Canadian retirees is running out of money. There is a way that you can eliminate this fear by using some of your savings to buy an annuity and have income for as long as you live. Retirement is a long time and. . .
- Apr 29, 2020
- Willis Langford
When Is A Good Time To Be Investing?
One of my favourite lines that I heard over the past year is, "I have never met a rich pessimist". In order to make money, there has to be a foundational belief that things will improve, and I believe they will. Napoleon Hill's famous book,. . .
- Apr 12, 2020
- Willis Langford
Retirement Investing Basics 101
In the Spring of 2000, we received a letter from Sun Life Financial informing us that due to the demutualizing of the company we were entitled to 102 shares of the company. We did not understand it at the time so we tucked it away for a little while. . .
- Apr 02, 2020
- Willis Langford
Guide to Investment Fees and Determining Value in Retirement
If all investments were the same then fees would be important. But, not all investments are the same. If you are looking to buy gasoline for your car you would naturally buy it from the station offering it at the lowest price, because you. . .
- Mar 11, 2020
- Willis Langford
5 Ways To Unlock Your Locked-In RRSP
Here are the 5 scenarios where you can withdraw money from a LIRA (Locked-In Retirement Account). The normal process for accessing the money inside a LIRA or LRSP to convert it to a LIF, which is a lifetime income fund, and start withdrawing. . .
- Mar 08, 2020
- Willis Langford
5 Distractions That Can Ruin Your Retirement
I asked Anne, a recent retiree, what advice she would offer to other people who are getting ready to retire and I was surprised by her response. She said, "be leery of people who think you have all the time in the world to help them with their. . .
- Feb 26, 2020
- Willis Langford
How To Tell The Difference Between A Professional Planner & A Salesperson
Have you watched the Oscar-winning movie, Parasite? Interesting Korean movie if you don't mind reading subtitles for 2 hours. At a low point in the movie, when the dad and his son are sleeping on the floor of a gym because their half. . .
- Jan 15, 2020
- Willis Langford
The 7 Common Mistakes of Retirement Income Planning
The 7 Deadly Sins of Retirement Income Planning 1. Waiting Too Long to Start Planning “I wish I had met you guys when I was 60”. We hear it all the time. Retirees in their late 60’s and early 70’s realizing that they have run. . .
- Dec 10, 2019
- Willis Langford
How to Choose the Right Financial Advisor for Retirement
What is the right type of financial advisor for you? Most Canadians are leery of financial advisors. You want advice. You know you need some advice, but you don't want to be pitched on a bunch of investments or financial products that you. . .
- Nov 13, 2019
- Willis Langford
The Consequences of Bad Advice in Retirement
Age 65 is too old to be following bad advice. Based on the advice from their bank, this couple converted all of their respective RRSPs into RRIFs. They had rather large RRSPs and now that they were converted to RRIFs this meant that they were. . .
- Oct 31, 2019
- Willis Langford
Creating a Retirement Income Plan is Much Like Building a House
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. . .
- Oct 09, 2019
- Willis Langford
Creating A Good Retirement Investment Strategy
Do you have a retirement investment income strategy? Are you aware that it should be different than your accumulation strategy? Growing wealth is quite different than preserving wealth and taking an income at the same time. A couple of bad years. . .
- Aug 12, 2019
- Willis Langford
Don't Be a Deadbeat Dead Person
Everyone leaves a legacy - some good and some bad. This is what I remember when my Grand Father died - he didn't have enough money in his possession to 'bury his ass' in the ground. My dad was so annoyed that his father didn't. . .
- Aug 10, 2019
- Willis Langford
The 4 Keys to Successful Investing
Everyone wants to make money from their investments, but few do because they are constantly running in and out of the markets, however, it's easy to do if you follow these 4 keys: 1. Understanding your behaviour. Most of what we do each day. . .
- Apr 20, 2019
- Willis Langford
3 Reasons Why You Need A Will and The Most Affordable Place to get one
We are not Lawyers, but we firmly believe that a Will is the foundation to a solid Financial Plan. We have been searching for sometime for a Lawyer that is willing to offer their service to the general public at a very reasonable cost. We have. . .
- Apr 13, 2019
- Willis Langford
Our Trip to Panama
Panama is hot! We spent 19 days traveling around the country in March of this year and noticed that Panama is a country of contrasts. Rich and poor. Modern and traditional. New and old. Clean and dirty. For several years we have been reading. . .
- Mar 18, 2019
- Willis Langford
Retirement Planning Checklist
Our job is to help you get and keep your total financial house in order so that you can confidently start living your ideal retirement lifestyle with total peace of mind. Here's a checklist of the items that we deal with in our planning process. . . .
- Jan 18, 2019
- Willis Langford
5 Priorities for a Successful Retirement Transition
Perhaps you know the illustration of the physics teacher who gave his students a wide-mouth mason jar. He then gave them five big rocks, a handful of marbles, a container of sand, and a glass of water. He said, “You’ve got fifteen seconds to put. . .
- Dec 10, 2018
- Willis Langford
Advantages of Charitable Giving
Well, It's beginning to look a lot like Christmas. . . . and Christmas is the season of giving! I want to provide you with some valuable information on the advantages of charitable giving. The first advantage is that it is good for your health. . . .
- Aug 15, 2018
- Willis Langford
Should You Commute Your Company Pension When You Retire?
If you are one of the lucky Canadians that have a defined benefit pension plan from your employer and you have had the good sense to stay with one employer for a long time then you have some options to consider when it comes time to retire or if you. . .
- Aug 11, 2018
- Willis Langford
The 10 Mistakes To Avoid With Your Life Insurance
Talking about life insurance is as exciting as a trip to the Dentist. At least at the Dentist, you get to go home with a new toothbrush. Insurance isn't that important until you need it. If you don't have it when you need it, it is too late. . .
- Aug 02, 2018
- Willis Langford
Creating An Effective Retirement Income & Investment Plan
The fact is most retirees want help with organizing their affairs as they approach retirement and help with understanding government benefits and when they should start taking them, help with deciding where and when to take income and how to do so. . .
- Jul 08, 2018
- Willis Langford
Estate Planning Checklist
Estate Planning Checklist Taking Inventory Define your goals and objectives How important is it for you to leave an inheritance To whom will you leave an inheritance How much will you leave each person Evaluate your. . .
- Apr 10, 2018
- Willis Langford
How To Rob A Bank
Some years ago (2012) we were celebrating being "debt-free" and contemplating our next financial move. We had a significant amount of equity in our house and were looking for opportunities to grow our wealth. We had already set up a "HELOC" (Home. . .
- Mar 26, 2018
- Willis Langford
The First Step to Getting Ahead Is Getting started
I remember it like it was yesterday. The credit card offers would come in the mail. “1. 9% for 6 months on balance transfers”. Nancy and I would quickly apply and then move our balance from our current Visa with higher interest over to the new. . .
- Mar 11, 2018
- Willis Langford
Why You Should Be More Concerned With TAXES Not FEES
Every dollar you save in taxes is not only an extra dollar that you have available to enjoy your lifestyle, but it is also a dollar you do not have to take from your retirement savings and it can be another dollar you can use to grow your. . .
- Feb 24, 2018
- Willis Langford
You Will Not Retire 30% Richer With Questrade
As a Certified Financial Planner, I am shocked at how much of a doormat the financial services industry is in Canada. We've learned nothing from watching the slow-moving trainwreck within the Oil and Gas industry which waited too long and did. . .
- Jan 13, 2018
- Willis Langford
The 3 Keys to a Better Retirement
He told me the highlight of his day was "Happy hour"! We met at a dental office in Mazatlan, Mexico. He was waiting for his wife and Nancy and I was there to use a coupon we found on the beach for a 180 peso tooth cleaning. ($18 CAD). As we. . .
- Jan 12, 2018
- Willis Langford
The Key Differences Between Mutual Funds and Segregated Funds
A mutual fund is simply a basket of individual stocks managed by either a manager or a team of managers. The team will select various investments to hold inside of the fund in order to create a return for their investors. Typically the mutual fund. . .
- Dec 20, 2017
- Willis Langford
Mazatlan, Mexico
Christmas 2017 was the first time that Nancy and I were somewhere other than Canada. We enjoyed a different Christmas at the ocean city of Mazatlan on the west coast of Mexico. The days were filled with sun and temperatures in the mid to high. . .
- Dec 07, 2017
- Willis Langford
How can you ruin a good inheritance?
The oldest book in the world has a proverb that says, “A good person leaves an inheritance for their children’s children”. A few years ago my parents called one day to inform me that they had sold their home and was giving all 9 children. . .
- Sep 02, 2017
- Willis Langford
Over 65 and Still Working? Are You Needlessly Paying CPP Contributions
What will happen if you have made the maximum CPP contributions are still working and decide to delay taking your CPP past age 65? Your CPP benefit is based on how much you contributed to the plan for the 47 years between the ages of 18 - 65. . . .
- Jul 12, 2017
- Willis Langford
The Number 1 Strategy for Taking Control of Your Financial Future
I vividly remember our lunch date that day. We had just come from an appointment at our bank finalizing some re-financing on our home and afterward, Nancy and I decided to grab a bite to eat at Chianti's, one of our favorite restaurants. During. . .
- Jul 09, 2017
- Willis Langford
6 Strategies For Reducing Taxes Before and During Retirement
There's one often overlooked way to grow your wealth and create more guaranteed returns - Reducing taxes. Way too many Canadians needlessly pay too much in income taxes. Mostly due to a lack of understanding of how our system works and a lack of. . .
- Jun 15, 2017
- Willis Langford
Financial Priorities For Your 30's and 40's
The financial habits you create early in life tend to follow you for the rest of your life. That's why it's important to establish priorities early in life and form good money habits that will serve you well in the later years of living when. . .
- Jun 08, 2017
- Willis Langford
The Problems With Rental Properties In Retirement?
Owning real estate has always been a great way to build wealth and create additional sources of income. Here are 3 ways that you build wealth with a rental property. The first is in pure cash flow that is generated month to month above your. . .
- May 15, 2017
- Willis Langford
What You Cannot Buy In Retirement
I often think about this story from Daryl Diamond. Imagine you are going on a 2-week all-inclusive vacation. But, this time, you are going to do it all differently. You are actually going to splurge and do all the extra little things. Rent the. . .
- Apr 20, 2017
- Willis Langford
Our Trip to Colombia
WOW. This is not the country we were exposed to in the 80's and 90's through movies and TV shows. What stood out the most to us is how modern and advanced the country is. Nancy and I had the privilege of spending 12 days in Colombia from. . .
- Mar 25, 2017
- Willis Langford
Creating a Retirement Investment Portfolio During Market Turmoil
Imagine with me for a moment. You are finally ready to let go of the job that has sustained you for many years and enter the wonderful world of your ideal retirement lifestyle and the Stock Market Crashes. It will probably be one of the. . .
- Mar 08, 2017
- Willis Langford
Are You Being Held Hostage by Bad Advice?
On August 23rd, 1973 two machine-gun carrying criminals entered a bank in Stockholm, Sweden. Blasting their guns, one prison escapee named Jan-Erik Olsson announced to the terrified bank employees “The party has just begun!” The two bank robbers. . .
- Feb 09, 2017
- Willis Langford
5 Guaranteed Income Strategies to Avoid Outliving Your Money
5 Guaranteed Sources of Retirement Income What I learned from Brian Costello at a seminar about 20 years ago - the key to financial independence is multiple streams of income. There are several ways to generate income, but only a few of those. . .
- Dec 28, 2016
- Willis Langford
How Safe Is Your Company Pension?
It may seem like ancient history now, but it wasn't too long ago that Nortel Networks was a household name in Canada. The company was worth over $300 Billion and employed nearly 95,000 people. It declared bankruptcy protection in 2009 and it. . .
- Nov 16, 2016
- Willis Langford
What is a Prescribed Rate Annuity?
One of the challenges for creating retirement income is that interest rate yields have dropped so much over the past 30 years and now taxes are increasing - it's what we call adding 'insult to injury'. If you are over the age of 60 this. . .
- Nov 10, 2016
- Willis Langford
Where Does Most of Your Money Go? 3 Pocket Thieves...
The 3 Pocket Thieves Interest Costs: The average Alberta family will lose about $500,000 in interest costs during their 40-year working life. How did we come up with that number? If you purchase a home for the average $478,000 that will be. . .
- Nov 01, 2016
- Willis Langford
RESP Guide to Get Gov. Grant Money for your Kid's & Grandkids!
One of the proudest moments occurred in 2016 as our son, Caleb, graduated from Mount Royal University with a 4-year degree in Business. This was a proud moment because if we had caved into the constant negativity that teachers had written in his. . .
- Oct 17, 2016
- Willis Langford
What Wealthy People Do That Others Miss
Today's wealthy investors are usually very involved in their financial matters. There is a tremendous amount of information available today on wealth management. Russ Alan Prince published, Wealth management, (Wealth Management Press 2003). . .
- Oct 12, 2016
- Willis Langford
4 Major Pitfalls to Avoid in Retirement
Problem: Miss one of the four key numbers in your calculation, and you could be headed for disaster. Four Major Pitfalls of Investing in Retirement Investing in retirement can be tricky, as it requires that you consider several factors. . .
- Sep 28, 2016
- Willis Langford
What Happens To Your Pension In a Divorce?
Divorce has many financial consequences, especially when it comes to your pensions. Here's a great article I found on Sunlife. ca Who gets the pension in a divorce? By Sheryl Smolkin Dividing up the family. . .
- Sep 19, 2016
- Willis Langford
6 Critical Conversations You Should be Having Before You Retire
The surveys and statistics are overwhelming. Most Canadians are entering Retirement with no plan. Maybe that's not entirely true. Because no plan is a plan - it's a plan to fail! The fact of the matter is that most Canadians do not plan. . .
- Sep 18, 2016
- Willis Langford
The #1 Secret To a More Inspired, Enjoyable & Productive Life
What is the secret to a more inspired, enjoyable, productive life? No, it's not working harder. I tried that and failed. Some years ago I worked for 70 straight days without a day off. I was putting in 14-16 hours a day, straight through. I. . .
- Sep 18, 2016
- Willis Langford
6 Retirement Risks and How to Mitigate Them
No one wants a nest with no eggs! Many Canadian's retirement dreams quickly turn into sleepless nights as they worry about outliving their money. If you are 65 years old you have a 50% chance of reaching your 90th birthday. StatsCan projects. . .
- Aug 31, 2016
- Willis Langford
The best time to plant a tree is 20 years ago. The 2nd best time is....
TODAY! The best time to start planning your financial future was 20 years ago. The next best time is TODAY. In fact, regardless of what planning you have done so far, there's still more to do. You may not know how long you will be here,. . .
- Aug 21, 2016
- Willis Langford
Avoiding The 4 Barriers to Financial Success
Everywhere you go there are barriers. You can't get onto a golf course without the proper attire. Riding transit - you need a ticket. University? You need the right marks from High School. There are barriers to almost everything in life, most of. . .
- Aug 03, 2016
- Willis Langford
Is It a Good Idea To Tap Into Your Home Equity During Retirement?
You would be crazy not to, however, it becomes a question of when and how. If you retire and plan to live in your primary family dwelling, and it's completely paid for, then you should definitely consider setting up a home equity line of. . .
- Jun 03, 2016
- Willis Langford
What If You Were Forced To Retire?
Most of us, if we are honest, dream about the day we can retire and take it easy. Especially after a bad day at work. We fantasize about just walking away and not having to go back. But, what if you had to retire sooner than planned due to. . .
- May 30, 2016
- Willis Langford
5 Simple Tips To Maintaining A Good Credit Rating
Canadians say their #1 Financial Priority is Reducing Debt. Did you know that one of the best ways to do that is by getting a better interest rate on your existing debt? This helps you pay more to principle and less to interest thereby helping you. . .
- May 12, 2016
- Willis Langford
How We Bought Our Vacation Property
We have a 2 bedroom, 1 bathroom condo in beautiful Scottsdale, AZ. It's located within walking distance of historic Old Town. It's in a lush and tropical gated community with 3 pools, 2 tennis courts, his and hers fully equipped gyms with. . .
- May 12, 2016
- Willis Langford
4 Must Have Pre-Retirement Funds
This morning I am sitting in my usual seat at McDonald's enjoying my coffee and bran muffin with butter. Enjoying the coffee and the butter. Nancy is sleeping peacefully at home - she prefers sleep to bran muffins. I have been thinking about the. . .
- May 11, 2016
- Willis Langford
4 Cash Flow Basics You Should Be Reviewing Constantly
Your car needs to be maintained. So does your home. Your Cash Flow Plan is no different and it requires ongoing maintenance. Here are 4 cash flow basics to review constantly: 1. ) Is my debt number decreasing each month? When we log into our bank. . .
- May 10, 2016
- Willis Langford
There's Only 4 Things You Can Do With Money
There's a funny story I heard one time. 3 buddies were attending the funeral of their dearly departed friend. As the 3 of them stood around the casket saying their goodbyes the first guy opened his wallet and dropped a hundred-dollar bill in the. . .
- Apr 14, 2016
- Willis Langford
What Is Your Next Financial Move?
What’s Your Next Financial Move? Most of us are very “optimistic” when it comes to our financial future. We truly believe that we will be better off 3 months, 6 months, 1 year down the road than we are today. We definitely believe. . .
- Mar 26, 2016
- Willis Langford
What Financial Habits are You Teaching Your Children?
Whether you like it or not most of what you teach your children is caught more than taught. Your actions are what they watch more than your words. Do you want your kids to have the same financial habits you currently have? Here are a few ideas on. . .
- Mar 11, 2016
- Willis Langford
7 Smart Ideas for Saving Money During an Economic Downturn
Tough times will not last forever - tough people will! During the last downturn, which doesn't seem that long ago, there was a TV Ad by Toyota that said if, “If you can persevere when times are tough, you’ll be unstoppable when. . .
- Feb 24, 2016
- Willis Langford
4 Strategies for Your TFSA In Retirement
The truth is, most Canadians still do not understand what a TFSA is, never mind, what to do with it or how to maximize it. A Tax-Free Savings Account (TFSA) is an account that you can set up through most financial institutions in Canada. The. . .
- Feb 18, 2016
- Willis Langford
4 Simple Strategies For Making More Money
They say there is nothing new under the Sun. True, most people just do not know what's under the Sun. Just think of what you could do if you had more money. . . Finally, go on that family vacation. Go to more movies. Buy a new mattress. Here are 4. . .
- Feb 16, 2016
- Willis Langford
Have You Ever Committed Financial Infidelity?
What is Financial Infidelity? This is a common occurance when couples have shared finances and one spouse hides purchases from the other. It happens more frequently than you may realize. Why does it happen? Usually because there is a. . .
- Feb 13, 2016
- Willis Langford
Is Your #1 Financial Frustration 1 of These?
Whether you like it or not, you need money to fund your lifestyle. If you don't earn enough money to fund your lifestyle then you either have to borrow money from somewhere or change your lifestyle to lower your expenses. If you don't want. . .
- Feb 05, 2016
- Willis Langford
TFSA: Great Investment Tool or Waste of Time?
TFSA: Is it worth it for you? What is a TFSA, or a TSFA as my mother incorrectly calls it? It stands for Tax-Free Savings Account. If you are not careful this thing could end up costing you more than you'll ever gain. This savings vehicle was. . .
- Feb 03, 2016
- Willis Langford
Should You Invest In Your RRSP or Your TFSA?
Should you be putting more money into your RRSP or should you contribute to your TFSA (which by-the-way has no deadline)? Here's a couple of ideas to consider: 1. ) If you have made a significant amount of employment income in. . .
- Nov 29, 2015
- Willis Langford
5 Obstacles That Prevent us from Improving our Financial Health Prior To Retirement
1. ) Overwhelmed - We can sink so deeply into a hole that we can no longer see the light of day. The burden of debt can be more than we can carry and we know that we nearing a breaking point, but don't know what to do about it. Have you ever had. . .
- Nov 25, 2015
- Willis Langford
3 Mistakes To Avoid As You Transition Into Retirement
The grasshopper watches the ant working diligently all summer long, making a home and gathering food for the winter. Thinking the ant a fool, the grasshopper spends his summer days playing in the sun and consuming whatever food comes his way. When. . .
- Nov 24, 2015
- Willis Langford
Heading South this Winter? - What you need to know about Travel Insurance
Just search the web and you will find some horror stories about travel insurance. If you are travelling outside of Canada in the next little while make sure you understand what you have for Travel Medical Insurance. Here are a couple of. . .
- Oct 11, 2015
- Willis Langford
4 Reasons Why We Should Insure our Children?
This is a difficult conversation, but it is something that should be discussed. Here are 4 reasons why you should consider insuring your children & grandchildren: 1. Guarantee insurability for the future. Just in case down the. . .
- Oct 10, 2015
- Willis Langford
Do You Have The Right Kinds of Insurance?
We know the importance of life insurance. . . Over the past few years, we have delivered more than 3 Million dollars worth of cheques to clients. These cheques were the difference between which side of the poverty line some people would. . .
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