Paul MacMunn, CFP PFP - Certified Financial Planner

23/02/2024

Retirement Income Planning.... how much is enough?

Here is a great guide explaining the different sources of income you will look to in retirement.

These are the most popular methods to make the most of your nest egg – and an RRSP ‘trick’ if you still do some work at age 71.

21/02/2024

"A place for everything and everything in it's place."

When was the last time you had a professional review of your affairs?

Building yourfinancial puzzle.One piece at a time. Areas of Practice Financial Planning   Financial Planning can often seem overwhelming at first, much like putting a puzzle together. At Wealth In Place, our process is simple and transparent. We take the time to understand each piece, and then we w...

16/02/2024

If your legacy plan is merely financial, your offspring will be poor.

"Your children can inherit your money, but not your work ethic, integrity, or character. These must be earned, nurtured, and passed on." - Unknown

Financial Planning must go beyond the numbers.

13/02/2024

6 Ways to Balance Your Financial Priorities.

Weigh the trade-offs
Know what’s important to you and where you have flexibility. For example, you may feel that a semi-annual vacation is a must for your mental health, but you’re willing to pack a lunch every day.

Don’t wait
Don’t put off taking a good look at your financial priorities. If you need to make changes, it’s better to find out now so you have time to take action.

Clarity is key
Be crystal clear in communicating your goals to your CFP professional or QAFP professional. Ask questions to make sure you’re on the same page about how you’re going to reach them.

Think long term
Live for today, but don’t forget about the future. You don’t want to be financially compromised later in life because of the choices you make now.

Reassess regularly
Revisit your priorities—and your plan—at least once a year to be sure you’re on track.

Stay the course
Commit to your plan and trust that you’re getting closer to the lifestyle you want.

Many Canadians are struggling with conflicting financial priorities. How do you balance your current needs with the life you want for the future?

10/02/2024

Financial Planning Tip for 2024

If you are planning to retire, the number of variables that should be considered are often overwhelming.

Here are 4 things you can do;
1. Define your goals and aspirations in retirement and then estimate the cost associated with each.
2. Consider all sources of income that could be used to support your retirement.
3. Create a list of all assets and liabilities.
4. Seek the assistance of a Certified Financial Planner and build a personalized Financial Plan.

Retirement Income Planning should be precise, and the best thing can do is get professional advice.

"Failure to plan is planning to fail." - Benjamin Franklin

05/02/2024

Financial Planning tip for 2024 - Don’t rely on Market Predictions.

Analysts love to predict where the stock market will go at the beginning of the year. They got 2022 wrong, and they totally missed on 2023. So don’t rely on predictions for short-term market moves, because there is no evidence that anyone can reliably predict the market’s movements.

"Time in the market is more important than timing the market." - Unknown

14/07/2023

5 TIPS FOR MANAGING FINANCIAL STRESS

1. Understand your household income and spending.
2. Write down your long-term goals.
3. Stretch your dollars.
4. Have open conversations about money with your family.
5. Build an emergency fund.

Here is a great article by FP Canada with tips on managing financial stress.

There’s no doubt that financial stress can feel overwhelming. Fortunately, the 2023 FP Canada™ Financial Stress Index finds that working with a CFP® professional or QAFP® professional can put you on the path toward financial well-being.

03/07/2023

Sticking to your financial plan is vital for achieving long-term success. It provides a roadmap for your spending, saving, and investing decisions, helping you prioritize your goals. By staying committed to your plan, you cultivate discipline, avoid impulsive purchases, and experience financial peace of mind. What is your plan? Do you have one?

10/09/2022

The most common “Retirement Mistakes” #4. Overspending – Adjusting to a fixed income is hard. Especially if you have stopped budgeting. The transition into retirement is often from your highest earning years to a much lower level in-order-to preserve your wealth for years to come. It usually takes a few years for people to adjust. A great strategy to prepare you for this is to reduce your spending years BEFORE retirement to prepare you for the coming adjustment. This gives you time and the grace to adjust your lifestyle. It will also help you realizing just how manageable your retirement income will be, and it may even cause you to change your target retirement date. www.wealthinplace.ca

08/09/2022

The most common “Retirement Mistakes #3. Investing too conservatively in retirement. – people often assume that once they retire, they should have little to no risk in their portfolio. The problem with that approach is that the bulk of your savings will not be used until well into your retirement. You actually have the time to invest that portion and have it grow well into your retirement years. Being too conservative will drastically reduce what is left in your later years. The small portion of funds used in the short term should be conservative, sure, but not everything. When was the last time your advisor had this discussion with you? wealthinplace.ca

02/09/2022

The most common “Retirement Mistakes” I have found:
#2 Waiting until retirement to work on your bucket list. – They say the only guarantees in life are death and taxes. There is no guarantee that you will have the time, capacity, or ability to do the things you have been dreaming of. There are creative ways that you can start enjoying your goals now, even before retirement. One such strategy is to take advantage of unpaid leave from your employer. Just simply extend your time off annually to give you more room to start traveling now. Another idea would be to push your retirement date out a couple of years but reduce your work schedule now. Working 3-4 days a week may just give you the flexibility to spend more time doing the things you have been waiting to do. Both of these can be factored into a Financial Plan and the implications of each can be examined so you can make an informed decision. Don’t wait.