Prime Approach Retirement Planning

Prime Approach deals with planning issues important to those who are within ten years of a target retirement date or in retirement and focuses on creating income from assets and entitlements. The ability to identify and implement appropriate strategies will allow participants to receive maximum benefit from their retirement assets and plan effectively for wealth transfer to future generations.

Prime Approach User Profile:
  • I want to retire within the next 10 years.
  • I want enough income to allow me to do the things I want to do.
  • I want to have my investments provide a meaningful return, but be secure.
  • I want to pay as little tax as possible.
  • I want to prepare for healthcare costs and estate planning issues.

Education Modules:

Basic Financial Concepts

Basic economic factors affect planning for retirement income. A full understanding of inflation and compounding, demographic influences, real rates of return and how they relate to the retirement years provides a better appreciation for some of the strategies used in this program.

Taxes and Tax Planning

This section explains taxation issues during the retirement years and suggests strategies that can be adopted now, in advance, to reduce one's tax bill and leave them with more money to spend in retirement.

Initial Considerations - Gathering Information

Retirement is a new phase with new issues. The material covered in this section is designed to have the participants grasp the "big picture" while at the same time have them think about and document the specifics of their own situation. Concepts related to lifestyle, aging, social interaction and health will be discussed.

Government Benefits, Pensions and RRSP's

Details of CPP/OAS, pension and RRSP's are covered in this section. There are many alternatives for each of the above sources of income. How they can be combined most effectively.

Income Options

This brings many of the pieces of the puzzle together. What sources are best to use first? What are the various income options to consider? How do government benefits, employer programs and personal assets, both registered and non-registered, dovetail to produce the best result?

Investing and Portfolio Structure

In retirement, managing risk becomes a larger consideration than rate of return. This section is devoted to striking a balance between these two objectives through proper portfolio structure. Consideration is given to all assets, including government and employer programs.

Managing Health Risks

Proper awareness and planning can help prevent personal assets from being used to finance health care expenses. Subjects such as critical illness and long-term healthcare are examined as well as alternatives for financing required care.

Estate Planning and Wealth Transfer

Being familiar with the strategies and planning steps associated with wealth transfer can mean that substantially larger amounts of money can be delivered to desired beneficiaries or causes rather that evaporating as expenses and taxes.