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First Edition Design Publishing - Eric Muir

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63 pages

English

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Everyone hopes for an enjoyable retirement. But hope is a poor substitute for thoughtful planning and intelligent investment. Obstacles to a successful retirement abound. My hope is that this book will help you gain a better understanding of both the pitfalls and the critical aspects of preparing for retirement. In addition to overcoming information overload, you must manage your way through a minefield of Wall Street and Bay Street marketers, media talking heads, analysts, prognosticators and a host of people within the industry whose livelihood depends on you repeatedly making emotionally driven financial decisions. By becoming more knowledgeable, you will be less likely to be distracted by misinformation and more likely to make intelligent planning and investment decisions. You will also be more confident that you are making the right choices for retirement and beyond. I hope to help you become a smarter, calmer, more educated investor and ultimately achieve a truly rewarding retirement.

Sujets

Personal finance

Retirement

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Publié par	First Edition Design Publishing
Date de parution	30 avril 2016
Nombre de lectures	1
EAN13	9781506901411
Langue	English

Informations légales : prix de location à la page 0,0480€. Cette information est donnée uniquement à titre indicatif conformément à la législation en vigueur.

Extrait

Retirement : Stop Worrying & Start Planning

Eric Muir
Retirement: Stop Worrying & Start Planning

Copyright ©2016 Eric Muir

ISBN 978-1506-901-38-1 PBK
ISBN 978-1506-901-39-8 HC /Jacket
ISBN 978-1506-901-40-4 HC/Laminate
ISBN 978-1506-901-41-1 EBOOK

LCCN 2016932048

February 2016

Published and Distributed by
First Edition Design Publishing, Inc.
P.O. Box 20217, Sarasota, FL 34276-3217
www.firsteditiondesignpublishing.com

ALL R I G H T S R E S E R V E D. No p a r t o f t h i s b oo k pub li ca t i o n m a y b e r e p r o du ce d, s t o r e d i n a r e t r i e v a l s y s t e m , o r t r a n s mit t e d i n a ny f o r m o r by a ny m e a ns ─ e l e c t r o n i c , m e c h a n i c a l , p h o t o - c o p y , r ec o r d i n g, or a ny o t h e r ─ e x ce pt b r i e f qu ot a t i o n i n r e v i e w s , w i t h o ut t h e p r i o r p e r mi ss i on o f t h e a u t h o r or publisher .
I want to thank my wife, Carol, who has loyally stood by me for the past 33 years and counting.
Additionally, my faith in Jesus Christ is the most fundamental part of my life. I am not perfect. Only He is, but it is His life in me that I celebrate and am thankful for.
I hope this book will assist Canadians in need of financial planning and retirement guidance.
Acknowledgements

This book is based on my experiences as a financial advisor over the past 30 years.
We can all point to people who have influenced our thinking. John Templeton, Warren Buffet and Bill Kanko during his days at AIM Trimark were the primary influences in my approach to managing investments.
I am indebted to accountant Phil Kelly for the value-added information he provided regarding the myriad of tax questions we raised. I am also appreciative of our Raymond James Wealth Management division for providing tax and financial planning advice. I must also acknowledge lawyer Steve Miller. Steve and I have presented estate planning seminars together for the past 20 years.
I would be remiss if I didn’t acknowledge my team for their tireless efforts on behalf of our clients. In particular, thanks to my associate Tracey McDonald for her dedication to looking after our clients and her encouragement in writing this book. I’m also indebted to Sherri McDermott, who hunted down all the various items I requested to finish the book.
The encouragement of a spouse should never be overlooked. In my case, my wife Carol has been a blessing as I have trudged through completing the book.
Lastly, thanks to Mike Dubes for helping edit this book and for spending the time with me over this past year. It won’t be forgotten.
Table of Contents
Foreword .. i
Introduction .. 1
Chapter 1 Procrastination: Retirement Enemy Number One . 3
Chapter 2 Taking Control 5
Chapter 3 Financial Obstacles . 7
Chapter 4 Lifestyle Obstacles . 11
Chapter 5 Behavioural Obstacles . 15
Chapter 6 Widow and Divorcee Issues . 20
Chapter 7 Media Madness . 23
Chapter 8 Advisor Intangibles . 25
Chapter 9 Strategies for a Successful Retirement . 29
Chapter 10 Tax Considerations . 36
Chapter 11 Your Estate . 39
Epilogue . 46
This book is written by Eric Muir in his individual capacity and not as a registered representation of Raymond James Ltd. (RJL) or any of its affiliates. It expresses the opinions of the authors and not necessarily those of Raymond James Ltd. This book is provided as a general source of information and should not be considered personal investment advice or financial planning advice. It should not be construed as an offer or solicitation for the sale or purchase of any product and should not be considered tax advice. We are not tax advisors and we recommend that clients seek independent advice from a professional advisor on tax-related matters. We recommend any individual seek independent advice from an investment advisor prior to making any investment decisions and from a professional accountant concerning tax-related matters. Statistics, factual data and other information are from sources RJL believes to be reliable but their accuracy cannot be guaranteed. This book is furnished on the basis and understanding that Raymond James Ltd. or any of its affiliates are to be under no liability whatsoever in respect therefore. This book may provide reference to third-party services. Raymond James Ltd. is not responsible for the availability of these external services, nor does Raymond James Ltd endorse, warrant or guarantee the products, services or information described or offered. Commissions, trailing commissions, management fees and expenses all may be associated with mutual funds. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Securities-related products and services are offered through Raymond James Ltd., Member-Canadian Investor Protection Fund. Insurance products and services products and services are offered through Raymond James Financial Planning Ltd., which is not a Member-Canadian Investor Protection Fund.
Foreword

Twenty years ago, I began working with Eric Muir, conducting seminars for his clients on retirement, estate planning and other related issues. I’ve had the pleasure of working with Eric ever since.
Twenty years ago, I also carried a pager so I could be summoned to the hospital for the birth of our first child. A lot of things have changed since then, but the challenges to a fulfilling retirement have remained the same. Eric wisely addresses one of the major challenges — procrastination — in the very first chapter of his excellent book.
Delaying decisions is an easy trap to fall into. As an estate planning lawyer, I interact with a lot of very sophisticated business people who routinely postpone important estate planning issues because “there will be time for that later.” I’ve spoken to people who actually put off creating a will because they fear doing so will hasten their death! For many, not thinking about the issue helps make it go away.
Sad to say, it doesn’t go away. We’re all going to die, whether we plan properly for it or not. It’s nobody’s fault and it’s certainly not the result of creating a will. Similarly, if we live long enough, we will reach retirement. If we don’t plan properly, we won’t have a very pleasant time of it in our later years. Those who fail to plan won’t have many good choices and it won’t be anyone’s fault but their own.
Procrastination is the big pitfall. You must become informed and take action. If you don’t, all you’re going to do is make sure that there’s plenty of additional work for people like me. I see people put off important decisions all the time because they don’t want to deal with a sensitive topic or because of cultural beliefs. Either way, it’s a serious mistake.
One reason why I respect Eric is that he genuinely cares about his clients and knows how to convince them to act. He has the knowledge and dedication to guide them past the many obstacles to successful planning, but he uses those talents in a way that helps ease his clients’ concerns and realize their goals. Eric knows his clients well. He knows their dreams, their problems, and their families, not just their finances. He’s constantly in touch with them, following up. That level of personal communication is something that has always amazed me. How he is able to keep so close to his clients and continuously monitor both the financial and the personal side of their lives is wonderful.
Virtually any financial advisor can tell you how your portfolio is performing or how this or that stock is doing. Eric sees the bigger picture. He understands that what is equally important is where you are in your life. What are your plans for the future? What are your needs right now? What’s happening with your kids, your career?
I often tell financial planners that I’m envious of them. The planning business involves lawyers, accountants, bankers, insurance people and so forth. I view the whole thing as a big wheel. At the center of the wheel are the really good financial advisors like Eric. He gets it. The seminars we do together for his clients are a good example. He is constantly identifying potential issues for his clients so that they might benefit from bringing in an accountant or lawyer or insurance person. He’s got the global view. He keeps his clients updated and monitors their progress. That’s not easy to do. Not every financial advisor has that kind of dedication to stay close to their clients. It pays dividends and his clients love him.
People can sometimes be intimidated by the seeming complexity of the planning process as well as the perception of the Ivory Tower of the legal profession. Eric’s very good at bridging the gap, getting people comfortable and teaming them up with lawyers and other financial professionals who will mesh with them.
He’s also adept at helping clients see their own big picture. He helps them avoid tunnel vision or focusing too much on a single issue, such as avoiding probate. A lot of people are obsessed with the idea of having to avoid probate, but that’s just one piece of the puzzle. I see people who latch onto the simplest solution to avoid probate, such as putting an asset into joint tenancy with their children. But if it’s not done correctly it can open up a whole Pandora’s Box of other issues. Sometimes action isn’t the best course. Sometimes it’s better to sit back and to think about it. Eric has the confidence and patience to advise clients to do that when he believes it’s in their best interest. He’s a great example of one of my mantras: “Act in haste, repent at leisure.” Sometimes, you need to take some time and think soberly about these things before you move ahead. He’s that voice of reason that helps you slow down and think things through properly.
Eric is really good at dealing with sensitive issues. At our seminars, we regularly hear people ask abo