Careful With RESPs + Withdraw RRSPs Early + Your Memory & Sleep

Security. Purpose. Legacy

April 1, 2020

Successful Retirement Solution

An integrated planning approach we provide for our valued clients which involves a six step process to help you:
1. Clarify Vision
2. Preserve Wealth
3. Minimize Tax
4. Maximize Retirement
5. Optimize Investments
6. Design Legacy
We will touch on one or more of these steps in our meetings with you. We'll also provide educational resources to explain each step so that you'll understand their importance and how you'll benefit from this holistic planning approach. Please feel free to contact us if you have any questions.

Greetings,

Do you have any future post-secondary students in your family? With the stratospheric cost of education these days, they will likely benefit from having an RESP (Registered Education Savings Plan) account or two. You get free government money and like RRSPs, they are a great tax-free savings vehicle. But RESPs have complex rules which can make withdrawals a bit tricky. Fortunately, we have an article in the Minimize Tax section of our Successful Retirement Solution newsletter to guide you through all the in's and out's.

If you're entering retirement or about to, we have an article on the benefits of withdrawing early from your RRSP in the Maximize Retirement section. Find out why you shouldn't wait until age 71, at which time you'll be required by the government to start withdrawing prescribed amounts that may not be very tax friendly.

Having troubles with your sleep? In our Healthy Aging Strategies, results from a study on quality of sleep and its effect on memory and brain dysfunction in older adults are examined. It underscores the importance of resolving sleep disorders when you get older.

LIVING IN FAITH

my personal reflections since the sudden passing of my son

A close friend of mine has graciously allowed me to share some of the struggles of his faith journey. "Chad, this is all so foreign to me...I love to be active and I struggle contemplating these heavy questions about life. I need evidence-based facts to prove that all this stuff is even real and worth investing my time into!” Please click here to read a part of Lee's story.

All the best,

Chad

MINIMIZE TAX
withdraw RESPs properly

An RESP is a great saving tool for someone's (even your own) education expenses. However, you need to be aware of the rather complex rules around withdrawals. Click here for a Globe & Mail article that will explain the details on how to withdraw properly.

MAXIMIZE RETIREMENT
benefits of early RRSP withdrawals

There are people who think that their RRSPs should be left alone until they retire or until they are forced to convert it into a RRIF by age 71. Click here to read a Financial Post article with examples that suggest otherwise.

HEALTHLY AGING STRATEGIES

sleep quality & your memory

Frequent waking during your sleep is linked to a higher risk of memory impairment and dementia. And taking naps is not a cure for poor quality of sleep. Click here to read a Zoomer article on the effects of fragmented sleep on your brain.

holliswealth.com

Chad Ekren CIM, CFP®, B.Comm
Portfolio Manager
HollisWealth®, a division of Industrial Alliance Securities Inc.
Insurance Advisor, Hollis Insurance Agency
1030 – 4720 Kingsway
Metrotower II
Burnaby, BC V5H 4N2
604-432-7743
chad@capitalconceptsgroup.com

I have a group of enthusiastic professionals dedicated to providing the highest level of customer service. We offer an integrated, holistic, financial planning process to help our clients achieve a Successful Retirement. Click here to view video.

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SUCCESSFUL RETIREMENT

LIVING IN FAITH