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Weekly Boomer Retirement and Business Succession News

Weekly Boomer Retirement and Business Succession NewsHere is a list of articles on Boomer Retirement, Business Succession Planning, and Estate Planning that you may find interesting:

  1. The Boomer Retirement Bust A massive nine million strong, wave of Retiring Boomers born between 1946 and 1965 are about to change the definition of retirement. They have been the most influential generation shaping Canada’s economy as they moved through each stage of their lives and are now at the cusp of redefining the meaning of retirement. The traditional dream of retiring in their dream home to share and enjoy with their children and grandchildren may not be a reality for many retiring Boomers.
  2. Conflicting Financial Advice Can Lead To Poor Returns All too often investors are bombarded with inconsistent and conflicting financial advice from experts in the media and the multitude of investment advisors they collect over the years offering conflicting and sometimes incomplete financial advice in isolation of each other. The result is a collection of investments that are fragmented and do not necessarily match the investor’s needs.
  3. Boomers time may have run out For the past two years I have been warning retiring Boomers who are counting on using their homes or investment property to fund their retirement, to consider downsizing or reducing their real estate holdings before the nine million strong, twenty year wave of retiring Boomers come to the same conclusion. With well over 50% of retiring Boomers still carrying a mortgage into retirement and having little or no savings outside their real estate holdings, I have cautioned them of the potential downward pressure they will exert on house prices, as they attempt to reduce their real estate exposure to pay off their mortgages and shore up their merger retirement savings.
  4. Canadian housing and economic trends: The good, the bad, and the ugly You can’t say you didn’t see this one coming. Things have gone from bad to worse in Vancouver, where sales remain very weak (March sales were almost 20% below an already-weak 2012 level) and existing MLS inventory remains elevated.  To add insult to injury, the backlog of unsold new homes is growing, units under construction remain high, and the strong population growth needed to absorb all this inventory is nowhere to be found.
  5. Tax Preparation vs. Tax Planning – Which Do You Do? Tax Preparation is the process of completing the relevant tax forms in a T1 return, based on last year’s financial circumstances. You provide the required data, and the tax preparer tallies up the numbers and tells you how much you owe, or will receive as a refund. Often, there isn’t much context provided. It’s a case of “Just the facts, ma’am!” Tax Planning, on the other hand, goes MUCH further and is all about context.  It is an on-going process that looks at your current and anticipated circumstances.  It asks the question “How could I arrange my affairs to be more tax efficient, both now and in the future?”
  6. Four estate planning questions for Douglas Gray Hearing that you ought to update your will is little bit like being told to take up jogging. Everybody knows it’s the right thing to do, but that doesn’t make it any easier to get started. Douglas Gray has made it his mission to do exactly that. The former lawyer left his practice at the age of 50 to start writing books full time.
  7. Toronto condo kings retreat to avert property hard landing “Most developers have their hands in their pockets right now,” said Brad Lamb, president of Brad J. Lamb Realty Inc., a developer and the city’s largest condominium broker. The slowdown comes as a near-record supply of condos comes to market in a city with the most towers being constructed in the world, according to BuzzBuzzHome, a Toronto-based real estate listings and research firm.
  8. Massive amounts of student debt crushing American dream of homeownership“Student debt has a dramatic impact on the ability to buy a house, and to buy the dishwashers and the lawnmowers and all the other purchases that stem from that,” said Diane Swonk, chief economist of Mesirow Financial. “It has a ripple effect throughout the economy.”
  9. Financial Advisors Key to Baby Boomer Retirement Readiness Nearly half of baby boomers work with a professional financial advisor are either very or extremely confident with their financial preparations for retirement, compared to only 28 percent of those who work on their own, according to the Insured Retirement Institute’s third annual report on boomers’ retirement expectations.
  10. How Business Valuation Services Can Get You More Money for Your Business With the downturn in the economy, many small business owners are looking to sell their companies.  While this offers a great opportunity for those looking to become self-employed, it is all for nothing if these companies for sale are not being marketed effectively.  This is where it is very important to hire a financial business valuation services company to work to get you the most amount of money for your company which you have likely spent years building to what it is today.  There are several reasons why you should look for help from professionals before attempting to sell your business.
- Adrian Spitters, FSCI, CFP, FMA, Senior Financial PlannerAssante Capital Management Ltd.
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