For "Young-Old" seniors (65-74 years old), financial, social, and estate planning shifts focus from accumulation to optimization and active living. This age group is typically independent, active, and navigating the early stages of retirement.

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Here's a point-form explanation of important planning topics:

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Financial Planning for Young-Old

(65-74 Years Old)

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• Income Optimization:

  • Strategically deciding when to start CPP and OAS benefits to maximize lifetime income (e.g., delaying OAS for higher payouts if not needed immediately).

  • Understanding and managing RRIF (Registered Retirement Income Fund) minimum withdrawals and potential maximum withdrawals to balance income needs and tax efficiency.

  • Coordinating income from various sources: government benefits, workplace pensions, personal investments.

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• Tax Efficiency in Retirement:

  • Implementing strategies for tax-efficient withdrawals from different accounts (TFSA, RRIF, non-registered) to minimize overall tax burden.

  • Understanding pension income splitting opportunities with a spouse.

  • Leveraging age-related tax credits (e.g., Age Amount, Pension Income Amount).

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• Budgeting for a New Lifestyle:

  • Creating a realistic retirement budget that accounts for desired leisure activities, travel, hobbies, and potential new expenses.

  • Adjusting spending habits to align with fixed retirement income.

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• Investment Portfolio Rebalancing:

  • Transitioning investment portfolios from growth-oriented to income-generating and capital preservation strategies.

  • Reviewing risk tolerance in light of a fixed income and shorter time horizon for some funds.

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• Debt Management:

  • Strategizing to pay down or eliminate remaining debts (especially mortgages) to reduce fixed expenses in retirement.

  • Understanding the impact of carrying debt on retirement cash flow.

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• Healthcare Costs & Insurance:

  • Planning for healthcare costs not covered by OHIP (e.g., prescription drugs, dental, vision, paramedical services).

  • Reviewing private health insurance options or workplace extended health benefits.

  • Considering if long-term care insurance is appropriate for future needs.

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Social Planning for Young-Old

(65-74 Years Old)

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• Purpose & Engagement:

  • Exploring new avenues for purpose and meaning beyond work (e.g., volunteering, part-time work, starting a small business, pursuing lifelong passions).

  • Identifying opportunities to contribute skills and experience to the Port Colborne community.

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• Social Networks & Connections:

  • Actively maintaining and expanding social circles.

  • Joining clubs, senior centres (like the Friends Over 55 Recreation Centre in Port Colborne), community groups, or special interest associations.

  • Planning for regular social interaction to combat potential isolation.

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• Leisure & Recreation:

  • Researching and planning travel, hobbies, and recreational activities that align with interests and budget.

  • Exploring local amenities and programs in Port Colborne and the Niagara Region.

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• Learning & Growth:

  • Pursuing lifelong learning opportunities, such as adult education courses, workshops, or online learning platforms.

  • Staying mentally active through new challenges and experiences.

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• Family Dynamics:

  • Navigating roles with adult children and grandchildren, including potential financial support or caregiving roles.

  • Discussing future living arrangements or support needs with family.

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Estate Planning for Young-Old

(65-74 Years Old)

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• Will Review & Update:

  • Ensuring their Last Will and Testament is up-to-date with current wishes, reflecting any changes in beneficiaries, executors, or assets.

  • Considering secondary wills for privately held shares to potentially reduce probate fees.

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• Powers of Attorney (POAs):

  • Confirming both Power of Attorney for Property and Power of Attorney for Personal Care are in place, valid, and name trusted, willing individuals.

  • Discussing responsibilities with appointed attorneys.

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• Beneficiary Designations:

  • Reviewing and updating beneficiary designations on all registered accounts (RRSPs, RRIFs, TFSAs) and life insurance policies to ensure alignment with the will and tax efficiency.

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• Executor Selection & Preparation:

  • Confirming chosen executors (Estate Trustees) are still able and willing to serve.

  • Providing executors with clear instructions and information on asset locations, debts, and important documents.

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• Understanding Probate:

  • Reviewing assets that will be subject to probate (Estate Administration Tax in Ontario) and exploring strategies to potentially reduce these fees (e.g., joint ownership where appropriate, careful beneficiary designations).

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• Digital Assets:

  • Creating an inventory and plan for accessing and managing digital assets (online accounts, social media, cryptocurrencies, etc.) upon incapacity or death.

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• Funeral & End-of-Life Wishes:

  • Documenting preferences for funeral arrangements, burial/cremation, and memorial services.

  • Communicating these wishes to family members and ensuring access to relevant information.

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• Initial Legacy Discussions:

  • Beginning conversations about charitable giving or leaving a legacy to specific organizations or causes.

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As a financial professional, the privilege of serving seniors is profound. It's an opportunity to apply expertise where it truly matters, guiding individuals through critical life transitions like retirement, long-term care planning, and estate settlement. This role allows for the development of deep, trusting relationships, often spanning years, as you help them navigate complex financial landscapes to ensure their security and peace of mind. Witnessing the direct impact of sound financial advice on their quality of life, their ability to live independently, and the security of their legacy is incredibly rewarding. It's about more than just numbers; it's about honoring their lifetime of hard work and providing the dignity and support they deserve in their golden years.

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​Servicing clients in the following cities: ​​

Fort Erie, Niagara Falls, St. Catharines, Welland, Ontario, Wainfleet,

Port Colborne, Grimsby, Niagara-on-the-Lake,  West Lincoln, Pelham, Thorold, Hamilton, Waterdown, Burlington, Oakville, Brampton, Mississauga, Toronto, Greater Toronto Area, Barrie, Alliston, Innisfil, Niagara Region, Halton Region, Peel Region, Ontario

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