I’m 70 and Ecstatic

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In the last month I have had 4 clients selling, or looking to sell, their house to move into Retirement Villages. This is trending above normal as a result of the incredible increase in our housing prices and the unknown of a possible correction. These clients have been around long enough to not want to miss an opportunity that puts them in a better position than they ever expected.

One client currently realizes a moderate income, rising property taxes and knowing that at some time in the future a move to a retirement village will be imminent.

Her questions are similar to others in her situation:

  • Will I have enough to live on if I move?

  • What about inflation?

  • Can I withstand any future increase in fees to stay at a retirement village?

  • Can I afford my future due to health changes?

  • What about my heirs?

Through my work with Making Our Seniors Matter I am able to source the proper resources to have her questions about the cost, comfort and lifestyle at local residences answered. I can help to get her in touch with a senior’s friendly realtor, as well as any other seniors needs she may have.

To help her through her decision, I am now able to work her through her ability to make this move and to be able to withstand any changes in her future.          

We discussed:

  • Sustainable investments

  • Sustainable income

  • Keeping taxes as low as possible (keep more for herself)

  • Any possible guarantees

 

SLEEPABILITY

Planning must take into account risk/rewards balance that meet her personal needs. I want her to have a portfolio with SLEEPABILITY. This piece of mind is foremost in crafting our plan.

We are looking at fleshing out some options to help her with her decision. We had a 2-hour discussion on Friday. I took the time to listen to her thoughts and to help her think through facts and wants. Through conversation I was able to learn much more than what can be discovered in those now infamous questionnaires.

This decision is as personal as it gets for her and she needs to be working with an independent advisor who has all products at his/her disposal, has all pricing types available and has the backing of a major financial institution with intelligent, stringent client first compliance strategies.  

We decided to start with a similar base for two strategies:

  • Competitive pricing to lower costs to her

  • Well defined investment strategies with multiple managers

  • Realistic balance of investments that are currently relevant

  • Ability to intelligently adjust with the times

I referred to insurance industry charts and the life expectancy of this 70-year-old woman is 87. This is only the average, so while we have to be aware of her family health history, we must still be ready for longer term income needs than average.

In our preliminary discussions it appears that she will need a 2% income on this money to meet her needs.

Working together with information from her accountant we know how much taxable income will push her up through to higher tax brackets. Tax efficiency is a must.

We will be looking at Tax-Advantaged Income, Pension overlays to control volatility and invest with proven long term strategies.

We will shop for the best for her from all choices which includes Insurance companies (with some of the best pension strategists in Canada) that can provide guaranteed income for life, while having the ability to leave an inheritance for her children.

INDEPENDENCE MATTERS – Get what YOU deserve

There are very few advisors in Canada who can offer a fee structure that she wants, who offers complete choice including guaranteed income with estate potential through segregated funds and has the independence to meet their client’s needs with proper client-centric oversight.

This, as well as the ability to shop at the wide range of companies and their investments to meet a customer’s needs is fading in our industry.

She deserves an advisor who is not being pushed into head office profitability as the first objective.

I’m excited for her

I feel so excited for my client to be able to sell her house at a price that was, until lately, inconceivable. She will more than be able to meet her housing and ongoing living needs, have more money in her pocket than she has had in years and meet the unforeseen.

Health planning is an important piece of an investor’s life planning

I just taped a segment for a WOW New Media in which I focused on the point that your healthy living is a major piece of your planning. This must be at the forefront as we age.

This particular show was about having good eye health and what it means to our well-being. I’m looking forward to the finished show with such great, knowledgeable professionals. I will publish a link when available.

Terry McIntyre is an independent investment advisor with Manulife Securities and can be reached at: 905-846-9060, ext.3838, email: Terry.McIntyre@manulifesecurities.ca or website: http://www.terrymcintyre.ca