Über die Autorin bzw. den Autor

Grant Hicks, RDB, C.I.M., FCS is a professional speaker, writer, co-author and a Retirement Planning Specialist with Hicks Financial on Vancouver Island, BC. Since starting Hicks Financial in 1989, Grant has developed a specialty in working with retirees and those about to retire using his retirement process, The Island Lifestyle Retirement Planning Program.

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CANADIAN RETIREMENT PLANNING MISTAKES

Trafford Publishing

Contents

Introduction........................................................................................................................................1Mistake 1 No Clear Written Retirement Plan; Not Taking Control of Your Financial Future............................................................6Mistake 2 Not Seeing Danger Signs in Your Portfolio................................................................................................8Mistake 3 Four Major Pitfalls of Retirement........................................................................................................10Mistake 4 Simple Money Mistakes Any Retiree Can Avoid..............................................................................................12Mistake 5 Not Managing Money Systematically........................................................................................................14Mistake 6 No System for Rebalancing Your Portfolio on a Regular Basis..............................................................................17Mistake 7 Not Managing Risk........................................................................................................................19Mistake 8 The Wrong Time Horizon...................................................................................................................21Mistake 9 Letting Emotions Drive Your Investment Decisions.........................................................................................23Mistake 10 Not Doing What the Rich Do..............................................................................................................26Mistake 11 Generating a Low Yield when You Need More Income........................................................................................29Mistake 12 Not Managing Your Retirement Nest Egg Like a Pension Plan...............................................................................31Mistake 13 Not Understanding the Most Powerful Investment Ever.....................................................................................34Mistake 14 Not Using The Services of a Deposit Broker..............................................................................................37Mistake 15 Investing in Dividend Growth Instead of Dividend Income.................................................................................41Mistake 16 Not Avoiding High-income Risks..........................................................................................................43Mistake 17 Not Diversifying Investments............................................................................................................45Mistake 18 Heeding Hysteria in the Headlines.......................................................................................................48Mistake 19 Less Diversification and More Worry.....................................................................................................52Mistake 20 Not Maximizing Your CPP Benefits........................................................................................................55Mistake 21 Just Buying a Mutual Fund When You Can Go Corporate Class...............................................................................58Mistake 22 Not Taking Advantage of Tax-efficient Monthly Cash Flow Tax Strategies..................................................................62Mistake 23 Overlooking a Powerful One-Two Tax Punch in Retirement..................................................................................66Mistake 24 Missing Pension Income-splitting Opportunities..........................................................................................67Mistake 25 Not Taking Back Your OAS Claw...........................................................................................................69Mistake 26 The Ten Biggest RRSP Mistakes...........................................................................................................71Mistake 27 Failing To Maximize Your RRIF...........................................................................................................75Mistake 28 Not Exploring Ways of Saving Thousands of Dollars through Tax Reduction.................................................................79Mistake 29 Not Buying Back Your Pension............................................................................................................81Mistake 30 Not Cutting Seniors' Tax with Prescribed Annuities......................................................................................83Mistake 31 Not Exploring Insurance Tax Shelters....................................................................................................86Mistake 32 Earning Interest Income Inside Your RRSP/RRIF Instead of Outside........................................................................88Mistake 33 Common Mistakes in Wealth Transfers.....................................................................................................92Mistake 34 The $100,000 Mistake....................................................................................................................94Mistake 35 Not Being Aware of the Risks in Joint Accounts..........................................................................................96Mistake 36 Not Being Prepared......................................................................................................................100Mistake 37 Second Marriage Mistakes................................................................................................................102Mistake 38 Thinking that Estate Planning is About Dying.............................................................................................105Mistake 39 Not Having Tax-Free Savings Accounts (If You Have Savings)..............................................................................108Mistake 40 Not Understanding the Benefits Canadian Life Insurance Company Products Can Offer in Estate and Retirement Planning.....................110Mistake 41 Not Understanding Probate or Estate Planning Costs......................................................................................118Mistake 42 For Seniors in Poor Health, Not Considering an Impaired Annuity.........................................................................121Mistake 43 Leaving Your Spouse Broke...............................................................................................................123Mistake 44 No Consideration for Long-term Health and Elder Care....................................................................................125Mistake 45 Not Having an Estate Planning Team......................................................................................................127Mistake 46 Can a RRIF Really be Guaranteed for Life?...............................................................................................130Mistake 47 Not Understanding Money.................................................................................................................132Mistake 48 Not Understanding what Professional Help Can Do.........................................................................................134Take Action Today Retirement Income Plan...