Joe Macek, Investment Advisor Portfolio Manager iA Private Wealth

Unlocking the 7 Secrets Embraced by Confident Retirees When Selecting an Investment Advisor Selecting an investment advisor is a significant life decision that can profoundly impact your financial journey for the years ahead. According to a 2020 study by Northwestern Mutual, a staggering 71% of U.S. adults acknowledge the need for improvement in their financial planning. Surprisingly, only 29% of Americans actively engage the services of a financial advisor. While financial advisors are legally prohibited from guaranteeing specific returns, research suggests that individuals who collaborate with them tend to experience greater peace of mind concerning their financial matters. Moreover, they could potentially accumulate around 15% more funds for their retirement. To illustrate this, consider the findings of a recent Vanguard study.  On average, a hypothetical $500,000 investment would grow to over $3.4 million when managed by an advisor over 25 years. In contrast, the expected value...

Three Crucial Reasons why I would take CPP benefits at 60 INSTEAD of 65 The decision to take CPP at the age of 60 can pose  a considerable reduction in lifelong income , a move I generally advise against due to its impact on long-term financial stability. Opting for early CPP reception results in up to  a 36% reduction in income,  a factor to be weighed against receiving payments for the rest of one’s life. While I strongly advocate for delaying CPP claims until the age of 70 to mitigate longevity risk and bolster monthly retirement benefits, only a fraction of retirees opt to do so. Many choose to claim CPP as soon as they become eligible. Nevertheless, there are situations where taking CPP at 60 may hold some merit. Here are three scenarios where taking CPP at age 60 might be justifiable: 1) Financial Necessity:  In instances where meeting basic needs, such as sustenance and bill payments, becomes a pressing concern, taking CPP early might be the only available rec...

What Kind Of Employer Plan Do I Have in Canada? The Ultimate Guide: Decode Your Retirement Plan’s Mystery Today! Planning for retirement is a significant milestone in life, and ensuring financial security during those years is paramount. Luckily, Canadians have a variety of pension options at their disposal to help navigate this journey.  Understanding the ins and outs of these plans is crucial for making informed decisions that will help safeguard your financial future.  In this comprehensive guide,  we’ll delve into the details of  two main types  of Canadian pension plans: Defined Benefit Pension Plans (DBPP) and Defined Contribution Pension Plans (DCPP). We will touch on Pooled Registered Pension Plans (PRPP),  as they also exist but will be covered in another article as they are similar to the Defined Contribution Plans when it comes to transferring assets if you decide to move them.  Each plan offers distinct advantages, tailored to suit differen...