Income Planning Blog Articles
- 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 22, 2023
- Willis Langford
Avoiding 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. . .
- Jan 19, 2023
- Willis Langford
A $600 Cash Bonus For Alberta Seniors
The Affordability Action Plan What is it? It's $100 a month, tax-free, for the next 6 months for Alberta seniors over the age of 65 with an annual income of less than $180,000. How do you qualify? Age 65 or older by June 30,. . .
- Oct 17, 2022
- Willis Langford
Guaranteed Income and Investment Ideas for 2022
The challenge for the retiree is creating sustainable, reliable, and tax-efficient sources of income. If I could offer you a guaranteed rate of return of 5% for the rest of your life, you would likely jump at the opportunity so that you could set it. . .
- Sep 20, 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. . .
- Aug 22, 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. . .
- Jun 17, 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. . .
- May 28, 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. . .
- 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. . .
- Sep 13, 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. . .
- 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. . .
- Oct 06, 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 02, 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. . .
- Jun 20, 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 14, 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. . .
- May 24, 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. . . .
- 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. . .
- Oct 30, 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. . .
- Jun 07, 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. . .
- 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. . .
- 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. . .
- Aug 02, 2016
- Willis Langford
Is It a Good Idea To Tap Into Your Home Equity During Retirement?
You would be crazy not to! 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 credit on it before you retire. One reason to do. . .
- May 10, 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. . .
- 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. . .
- Dec 10, 2015
- 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. . .
- 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. . .
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