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Author Archives: Brad Brain
What happens to your money in retirement
“In the world of financial planning there is no shortage of things that are the source of confusion and concern. One of the things on that list is what happens to your money in retirement. Clawbacks, eligibility for benefits, taxes; there are all sorts of questions.” Smart Money_ What happens to your money in retirement…
Posted in All Columns, Retirement Planning
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Teaching kids about money
“Teaching your kids about money is one of the important jobs that a parent has. But that is easier said than done. For one thing, there is the money taboo. A lot of people just are not comfortable talking about money with their kids. But the money conversation is like the birds-and-bees conversation. Sure, it…
Posted in All Columns, Money Management
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Why your kid needs an RESP
“Recently I saw the results of a study done by Canada Life, and the results surprised me. The study found that 92% of Canadian parents know that Registered Education Savings Plans exist, but only 49% are taking advantage of them. The surprise was not that so few people get in on the action. I already knew that…
Posted in All Columns, Education Funding
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Taking things for granted can cause chaos for your finances
“People take things for granted all the time. They may assume that things will stay the way that they are now. Or they may assume that the future will meet their expectations. And sometimes these kinds of assumptions will work out fine. That is, as long as things actually stay as they are, or the…
Posted in All Columns, Money Management
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Disability insurance is the most important part of a complete financial plan
“Think about it. Virtually all the things you are working toward – retirement, a real estate purchase, paying off debt, a family vacation, a new vehicle, whatever – rely on your ability to earn income. Take away that ability to earn income and you will see how quickly your priorities change.” Smart Money_ Disability insurance…
Posted in All Columns, Insurance Columns
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If I was Prime Minister
“It’s election time, and the political promises are thick. This has me thinking what I would do if I was the Prime Minister. Bearing in mind that I am not running for office, and I am not letting pragmatism get in the way of this column, including costing any of this out. I am not…
Posted in All Columns, Planning Encyclopedia
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What does a financial planner do?
“I get it that financial planning might seem dull and unexciting to some. And I am not saying that you need to care about my own financial planning practice. But you should care about your own financial planning. Part of the issue is that a lot of people don’t really know what a financial planner…
Posted in All Columns, Planning Encyclopedia
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Are you using your group benefits properly?
“Your group benefits booklet is your instruction manual for what your employer is offering to do for you. Now, I get it that some people don’t like reading instruction manuals, but the consequence of not reading this instruction manual is that you could be leaving free money on the table. And who doesn’t like free…
Posted in All Columns, Insurance Columns
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It’s not what you make, it’s what you keep
“The question is not, ‘Can I grow money outside of an insurance policy?’; Or, ‘Will there be short-term volatility in the equity markets?’’; Or even, ‘Do I need more earned income in the current tax year?’ The real question is: ‘Am I doing what I need to in order to meet my objectives?’ It’s not what…
Posted in All Columns, Income Tax Planning
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Do you have enough to retire?
“A recent study by Aon found that the average Canadian needs to accumulate 10.9 times their final pay to maintain their income in retirement. In other words, if you are making $100,000 when you retire, you are going to need $1,090,000 in savings going into retirement or you risk running out of money in your lifetime….
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