Don’t just save, strategize.

Planning for your retirement and for the future of your estate is one of the most important financial steps you can take. Here in the Okanagan, we know that the most rewarding things in life—like that perfectly aged bottle of wine—take time and careful cultivation. It’s about more than just saving money—it’s about creating a roadmap to help ensure your golden years are comfortable and your legacy is protected.

As a Wealth Advisor, I have seen firsthand how a well-crafted plan can provide peace of mind and prevent complications for families down the road. It’s a comprehensive process that involves both your financial future and the legal framework that will protect your wishes.

A comprehensive financial plan is the foundation of future security, yet surprisingly few people actually take the time to create one. When we meet, my priority is to understand the goals and objectives that are most important to you. While we'll certainly address your goals,  a truly holistic plan must cover all facets of your financial life. This includes a review of your needs in areas such as retirement, education funding, planning for a major purchase, optimizing your taxation strategy, managing risk and insurance, structuring any corporate wealth, planning your estate, and discussing philanthropy—a complete view that ensures no critical piece of your financial puzzle is overlooked.

The retirement puzzle: piecing it together

Retirement planning is not a one-size-fits-all approach. Your plan is as unique as you are, and a great starting point is to ask yourself a few key questions:

• What does your ideal retirement look like? Will you travel extensively, pursue a new hobby, or simply enjoy more time with family? Your vision will help determine how much income you’ll need.
• When do you want to retire? The earlier you start saving, the more time your money has to grow through compound growth. But even if you’re a late starter, there are still effective strategies to build your nest egg.
• What are your potential sources of retirement income? This could include government benefits like the Canada Pension Plan (CPP) and Old Age Security (OAS), employer pensions, and personal savings in registered accounts like RRSPs, TFSAs, and in non-registered investments.

Once you have an idea of what’s important to you,  we can work together to create a financial plan that aligns your savings and investments with your retirement goals. This might involve optimizing your contributions to different accounts, creating a withdrawal strategy to minimize taxes, and diversifying your portfolio to manage risk.

The estate planning blueprint: securing your legacy

Estate planning is the other half of this crucial conversation. It’s the process of ensuring your wishes are carried out in the case of your death or incapacity. While it may feel daunting to think about, a solid estate plan is a gift to your loved ones.
Here are some of the essential components of a robust estate plan:

• A will: This is the cornerstone of your plan. Your will dictates who will inherit your assets, who will serve as the executor to manage your estate, and, if you have minor children, who will be their legal guardian. Without a will, your assets will be distributed according to provincial law, which may not align with your intentions.
• Principle documents: In British Columbia, there are principal legal documents for managing your affairs if you become incapable. The power of attorney (POA), which can be general or enduring, allows you to name an attorney to handle your financial and legal matters. Separately, a representation agreement is used specifically to appoint a representative to make decisions about your health and personal care. And finally, an advance directive is to be provided to your health care provider, which they must follow regarding your care. It's crucial to have each of these documents in place, as the financial POA does not cover medical consent.
• Beneficiary designations: For registered accounts like RRSPs, RRIFs, and TFSAs, and for life insurance policies, you can designate a beneficiary. This is a powerful tool because these assets pass directly to the named individual, bypassing the probate process and associated fees. It’s crucial to keep these designations up-to-date, especially after a major life event like a marriage, divorce, or the birth of a child.

Let’s bring it all together!

Retirement and estate planning are not one-time tasks; they are a continuous process that should be reviewed and updated regularly. Just like the changing seasons here in the Okanagan, life changes—and it can all impact  your plan.  

As your ATB Wealth advisor, my role is to act as your quarterback, coordinating with other professionals like lawyers and accountants to ensure all aspects of your financial and estate plan are aligned. By taking a proactive and comprehensive approach, you can build a future that is not only financially secure for you, but also leaves a clear and lasting legacy for the people you care about most.