Glenn T. Welch CFP, CLU, CH.F.C., CHS
Red Deer, Alberta
201, 4719 48 Ave Red Deer, Alberta T4N 3T1
For driving directions, click here.
Welch Financial Blog
The bigger bang RRSP strategy
The bigger bang RRSP strategy! Do you plan to commit the amount of funds to your RRSP that you can afford now and promise yourself that you’ll invest the tax refund when you receive it? This is a good plan, but then you can’t claim the refund until your 2013 tax return. This strategy allows you to put that refund right into your RRSP for 2012! It works by acquiring an RRSP loan in the amount of your estimated tax refund in the first 60 days of the calendar year and then using the tax refund to pay off the loan when it is received. This results in a larger RRSP contribution while allowing you to claim a deduction of your refund in the current year, with very little cost.
Read the following for the complete details on this strategy and for the formula to calculate the amount of loan you can obtain, so that when you receive your tax refund you can pay off the loan completely.
What's your New Year's Resolution?
What’s your New Year’s resolution? Eat better? Exercise more? Make more time for friends? Get your financial plan in order, including maximizing your RRSP contributions? We can help you on this last one, as we offer various RRSP products and RRSP loans to catch up on your contributions. RRSP deadline is March 1, 2013, so start your planning now! See the following article on understanding some of your options this RRSP season.
Lighten Your Spirits
The Christmas Season is upon us. This time of year can be filled with a lot of joy, but can also be stressful. The following article gives some good tips on how to minimize the stress and lighten your spirits by doing some simple things like getting outside and getting active.
Read the full article to see the signs of stress and more suggestions on how to take steps to minimize stress and feel healthier over the holiday season.
The end of illness?
Brian Bethune’s article in Macleans magazine, describes how Dr. David Agus (“A ‘rock star’ doctor”, according to 2009 GQ) predicts we can see the end of illness.
Dr. Agus, a professor of medicine and engineering at the University of Southern California and oncology specialist, has written his book “The End of Illness”. It describes how our bodies are a complex system and offers ways to prevent illness and take an active part in our own health care to manage our human body systems and guide it to live healthy, long and vibrant lives. He even promotes throwing away the vitamins.
See this article and Dr. David Agus’s book for more details that will challenge your current health care strategy.
My Faith-Based Retirement
The following op-ed by Joe Nocera in the The New York Times raises a concern for how many aging baby boomers, are basing their retirement plan on the faith that somehow it will just work out.
However, many have experienced some form of income shock, such as a divorce, loss of job or health crisis that has drained their retirement savings. As well, “people lack the skill and emotional wherewithal to be good investors”.
Read the full article for his story on how, as he reaches his 60th Birthday, his retirement savings are not quite on target with his plan. Also included are some statistics on how many others are behind on their plans too.