Silver and Gold Magazine Fall 2016 - Page 29

GOLDEN YEARS: WITH MONEY – By Brian Weatherdon, MA, CFP, CLU, CPCA, CRC “Golden years” are not just about changing hair-colour (mine is thinning relentlessly). “Golden” speaks of our lifestyle aspirations, as well as the “gold” to afford how we want to continue enjoying life now and always. Consider this in light of how our displays were positioned in Silver & Gold’s Good Living Show: On my right were travel consultants that help people plan trips of a lifetime. On my left was a magnificent display of women’s jewellery. On lower floors were presentations about home, lifestyle, and luxury clothing. And my own booth connected to these themes with a focus on Financial Planning and Retirement Coaching. Many people talked with me at the show. Even if they were attracted by themes of travel, healthy living, fine food, designer-wines, and a fashion show, they still recognize that without money everything comes to an end. As part of the Halton Retirement Study, people have shared their greatest goals for the years ahead. Whether retired or still working, people tell me “Travel” is their most important leisure and enjoyment. With this they want vibrant and abundant health (activities, foods, supplements). Travel and health may represent 40% of a Boomer’s monthly budget. Learning, reading, creative arts, cooking, volunteering and other leisure are important too, and maybe easier on the budget. But the future may turn “grey” if people start feeling their budgets are pinched, investments have lagged, with taxes and inflation eating into their monthly income. They then hazard a question they had preferred to avoid: What happens when the money runs out? Our community has told me what they fear most for the future is running out of money. Other concerns included “Having a purpose to get moving each day” (34%), “Caregiving for parents, spouse, grand/children (32%), and 27% saddened by loneliness: “Who is with me to share life?” But the #1 concern at 70% is that increasing years will deplete savings and we could fall dependent on government and family. It can happen all too easily. You may know people who lament saving too little, or being too young when their job ended. Another agonizes at health costs related to daily support and personal care. Some crack the nest egg to help children through job loss or divorce. Many see declining investment statements and ask how we can support a strong income to age 85 or 95… This is our focus – certainly my focus – in wealth and retirement planning. Whether you make your own financial decisions or have an advisor to help, our goal surely is to stabilize your wealth and life-income so all the years ahead can remain safely “golden.” A gentleman asked me specifically about this. I shared with him how vital it is to own recurring and growing income streams such as from dividends, real estate, infrastructure, and fixed-income (cautiously as it can backfire when interest rates rise). He replied to me, “So you’re thinking like a pension manager” and yes, this is true, because we are helping people enjoy the results of solid blue-chip assets that protect value and keep paying you income for life. We also review the Sell ‘n Stay approach to unlocking home equity to pay life income. Life Annuities also fit this discussion. A bonus of these models is how the income you receive can be as close as possible to tax-free. Having Money in our Golden Years will make a vast impact for lifestyle and comfort. Planning now with a certified advisor can wash away so much stress and worry, and ensure a safe and rewarding journey through the years ahead.• Brian Weatherdon of Sovereign Wealth Management Inc., is a Certified Financial Advisor, retirement coach, and consultant on wealth and aging. 905-637-3500 The information provided is general in nature, and should not be relied upon as a substitute for advice in any specific situation requiring appropriate legal, accounting, tax or other professional guidance.The views expressed are those of the author and not necessarily those of the issuer of any financial products for which the author may act as a distributor. Sustaining Income and Retirement Lifestyles Brian Weatherdon CERTIFIED RETIREMENT COACH CERTIFIED FINANCIAL PLANNER (905) 637-3500 x 223 Celebrating our 10th year! ~ Autumn 2016 29