Financial Planning 

Taking control of your financial security is one of the most important moves you can make in securing your future.  Our goal is to build long term relationships by helping you understand your options to choose the right path to financial freedom. 

    • Market Update - Feb 28 2020

     

    • Investment Plans 
    • There are so many investment account types and products out there.  Allow a Slater Wealth Management advisor help you take control of your financial situation to ensure you are on the right track to meet your goal and dreams.  Our process is to: 
    1. Establish and define a business relationship 
    2. Gather data and define goals 
    3. Analyze and evaluate current financial status 
    4. Develop and present recommendations 
    5. Implement recommendations 
    6. Monitor the progress and adapt plan as life changes    
    • Retirement Plans
    • While retirement is a time to enjoy all the things you’ve worked so hard for, some people can feel overwhelmed by the stresses of ensuring you don’t outlive your savings.  We can help you answer: 
    1. How much do I need to save to retire? 
    2. When can I retire? 
    3. What will my retirement income look like? 
    4. Will my money last? 
    5. What will I receive from government programs such as CPP, OAS and GIS? 
    6. Do I need to worry about interest rate and return? 
    7. How will market fluctuations affect my finances?   
    • Estate Plans
    • You’ve spent a lifetime building a legacy that you would like to leave to your beneficiaries.  Having an efficient, secure and timely way to complete that is a key part of financial planning.  Working with us gives you the ability to: 
    1. Choose who receives your money when you pass away 
    2. Have the transaction happen, outside of the estate, so the entire process is kept private 
    3. Avoid paying estate administration costs, allowing more money to go to your beneficiaries. 
    4. Offset capital gains and income taxes due upon death 
    5. Protect your investments  with Death benefit guarantees 
    6. Set up a request to settle that restricts your beneficiaries from getting their money to early in life and sets up a long term investment plan for your beneficiaries upon your death. 
    • Career transition/ Pension Transfer Plans
    • At Slater Wealth Management we can help you through your transfer options if you are changing employers or retiring from the work force and provide you a recommendation on what your best option will be.  

    If you are changing jobs and are part of a vested registered pension plan you will likely receive a few options as to what to do with your pension.   

    • If you are in a defined benefit plan,  One of your options will likely be to commute the value of the pension plan to a LIRA or LIF.  If you wish to select that option, you must carefully assess the advantages and disadvantages to ensure this is the correct decision. There are guarantees associated with a defined benefit pension that could be attached to health benefits, that must be carefully reviewed.  We can provide you a recommendation and a comparison of leaving your pension plan or transferring it to your own investment accounts.   
    • If you are in a defined contribution plan, One of your options will be to transfer the value of the pension to a LIRA or a LIF. A defined contribution plan does not have any guarantees. So a major consideration if choosing this option will be consolidating your assets in one place and comparing investment options for the best possible outcome given your time horizon and risk tolerance.   
    • If you move your employer pension to a Locked in account, (LIRA) when you convert it to LIF to start an income stream in retirement, you should be able to unlock 50% of the value at that time with in 60 days and rollover to you RRSP or RRIF without tax consequences. The amount remaining will be subject to annual maximums legislated at the time of withdrawal;      
    • Comprehensive Life, Health & Travel Insurance Plans   
      • At Slater Wealth Management, we will help plan your Life, Health and travel Insurance needs for you and your family.  Everyone's needs are different depending on age and current coverage.
      1. We start by assessing your overall insurance needs.   
      2. Then we review your group benefits plans and other individual insurance plans to see what is covered and assess if there is room for improvement.
      3. Finally we will recommend new insurance solutions to you to complement your existing if your current plans do meet your insurance needs. 
      4. We will help you apply for coverage with the best insurance companies that meet your overall needs.
    • Debt Planning 
      • We offer lending products to help you with: 
        1. The purchase of your first home 
        2. Mortgage renewals 
        3. Debt consolidation 
        4. Investment properties and vacation properties 
      • We assess your current financial situation and ensure you hold the correct debt vehicle to manage interest and repayment rates. 
      • We help balance the scales between debt repayment and saving for your future. 
    • Major Purchase Plans 
      • Planning for a major purchase such as a vacation property, a boat or even that once in a lifetime trip involves managing expectations.  We can help by: 
      • Setting reasonable expectations on a timeline 
      • Uncover additional funds within your budget to set aside for these goals 
      • Align investment risk with your timeline to ensure market fluctuations don't derail your plans   

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