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Trusted Tips & Resources

Trusted Regina Financial Advisors at Worby Wealth Management Share Expense Considerations After Retirement

Chris Worby and Jeremiah Worby are Trusted Regina based financial advisors and Wealth Management services providers servicing local Regina households and businesses. With over 20 years of experience, Worby Wealth Management has been committed to providing a high standard of financial service to individuals, families and business owners. Worby Wealth Management listens and provides a personalized financial plan.


Retirement Considerations

by Jeremiah Worby

One of the biggest financial questions on everyone’s mind is whether or not they will have enough money to retire. Not only do savings and investments need to be taken into the equation, income and expenses also need in-depth analysis.


Expenses


Will my daily coffees increase in price? Although I’m poking fun, inflation is a serious concern. Everyone’s expenses will clearly vary from one person to another, but some other considerations need to be taken into account, such as:


  • Will I be able to find work if needed?

    • If income falls short, will a new source of income be required?

  • Am I financially dependent on someone else?

    • Or is someone else financially dependent on me?

  • Do I plan on living in the same city upon retirement?

    • Costs of living can vary greatly from one city to the next

  • Have I taken into account inflation?

    • Will my entertainment and hobby expenses increase during my retirement years?

  • What if interest rates rise?

    • Will I be able to afford my home if rates rise?

  • Do I plan on living in the same home upon retirement?

    • Will I downsize?  

    • Is condo living a consideration due to limited mobility (that could mean increased expenses due to HOA fees)?

  • Do I have or need insurance?

    • What if something unexpected happens during retirement?

  • Do I have a will, power of attorney, health care directive in place?

    • Making sure all angles are considered and taken care of in your retirement years can help you live without unneeded stress


Find out more

Whether you’re 30 years away or just a few months from retirement, proper retirement planning is essential. Contact Worby Wealth Management to start planning your retirement today.


Some of the services that Worby Wealth Management can help you with: 

TRUSTED REGINA FINANCIAL ADVISOR Chris Worby from Worby Wealth Management helps you live your dream!


The comments contained herein are a general discussion of certain issues intended as general information only and should not be relied upon as tax or legal advice. Please obtain independent professional advice, in the context of your particular circumstances. This Blog was written, designed and produced by Jeremiah Worby and Chris Worby for the benefit of Jeremiah Worby and Chris Worby who are Financial Advisors at Worby Wealth Management, a registered trade name with Investia Financial Services Inc., and does not necessarily reflect the opinion of Investia Financial Services Inc. The information contained in this article comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any securities. Mutual Funds, approved exempt market products and/or exchange traded funds are offered through Investia Financial Services Inc.

Ready To Retire? Trusted Regina Financial Advisors at Worby Wealth Management Share Their Advice

Finding the shortest and safest route to any of your dreams requires planning and only with a carefully thought out financial plan can you be sure to make the most of your resources and to protect against risks along the way.  At Worby Wealth Management, Chris & Jeremiah Worby will do their best to help you achieve those dreams with a plan that is tailored to your specific needs and based on your individual situation.

Let Trusted Regina Financial Advisors Chris & Jeremiah Worby of Worby Wealth Management help you live your dream!

Expert Financial Advice Regarding Retirement.



Retirement Considerations


One of the biggest financial questions on everyone’s mind is whether or not they will have enough money to retire?  Not only do savings and investments need to be taken into the equation, income and expenses also need in-depth analysis.

 

Income*

 
Old Age Security (OAS)


The OAS pension is a monthly pension payment payable to eligible individuals.  OAS pension benefits are considered taxable income. To be eligible for full payment, you must:

• be 65 or older

• be a Canadian citizen or legal resident of Canada at the time of application approval

OR

• if you no longer live in Canada (a non-resident), you were a Canadian citizen or legal resident of Canada on the day preceding the day of departure from Canada

• have lived in Canada for a minimum of 10 years (or 20 years for non-residents) after reaching age 18

Individuals who have lived in Canada for 40 years after the age of 18 are eligible for 100% of the OAS pension benefit.

 

 

Canada Pension Plan (CPP)


CPP program benefits, except for the death benefit, are indexed annually for increases in the cost of living.  In order to receive CPP program benefits, eligible individuals must apply.  Benefits are not automatically paid once someone reaches the age of eligibility.  Applications are accepted via two methods; online through the My Service Canada Account, or via paper forms mailed to the applicable Provincial CPP office.

You can start receiving CPP as early as age 60 (at a reduced rate) and as late as age 70 (at an increased rate).  The maximum CPP payment in 2022 is $1,253.59 a month.

 

Tax Free Savings Account (TFSA)

The tax-free savings account (TFSA) provides a way to earn investment income tax-free.  Whereas other registered accounts allow the deferral of tax on income earned within the plan; the TFSA is unique in that any investment income earned within the plan is tax-free when it is withdrawn.  In order to open a TFSA account, you must have reached the age of majority, defined as age 18 or 19, for the province or territory in which you live.  The types of investments permitted in a TFSA include cash, mutual funds, securities listed on a designated stock exchange, guaranteed investment certificates (GICs), bonds, and certain shares of small business corporations.

The annual TFSA dollar limit was established at $5,000 in 2009, the year that TFSAs were introduced as a registered account.  Any unused amounts are carried forward to future years.  The $6,000 contribution room for 2022 means the lifetime contribution limit is now $81,500.

 

Registered Retirement Savings Plan (RRSP)


A registered retirement savings plan (RRSP) is a type of registered savings plan set up underthe Income Tax Act and registered with the Canada Revenue Agency.  An RRSP is not an investment; you cannot buy an RRSP. Instead, an RRSP is a registered investment vehicle within which investors can deposit various types of investments.  In order to contribute to anRRSP, an individual must have earned income.

The growth of money invested inside an RRSP is not subject to tax until it is withdrawn.  In other words, the tax payable on investment growth is deferred until the future.  Since income earned inside an RRSP is tax-sheltered, RRSP investments grow much faster than non-registered investments held outside an RRSP.


Find out more

Whether you’re 30 years away or just a few months from retirement, proper retirement planning is essential. Contact Worby Wealth Management to start planning your retirement today.

 

*Source: Canadian Investment Funds Course




Some of the services that Worby Wealth Management can help you with: 

TRUSTED REGINA FINANCIAL ADVISOR Chris Worby from Worby Wealth Management helps you live your dream!



Ryan Boughen a Trusted Regina Mortgage Broker Shares 6 New Year’s Resolutions for Every Homeowner

The land of mortgages is a big one and Ryan Boughen a multi-award-winning Regina Mortgage broker with TMG The Mortgage Group, understands how confusing it can be with new rules and rates and information appearing regularly in the market. There are also dozens of lenders with thousands of mortgage products available. Each lender is unique in the types of situations they will lend on, their terms and conditions, and their best mortgage rates. Ryan Boughen is a Trusted Regina Mortgage Broker and in his first Trusted Regina mortgage tip, he shares 6 new years resolutions every home buyer should consider.  



6 New Year’s Resolutions for Every Homeowner


Lately we have been spending much more time in our homes than usual. With homes and finances at the forefront of many household conversations, here is a list of 6 things you can do to improve both your home and your finances. - Ryan Boughen - TMG Mortgage Broker

Pay Off Your Non-Mortgage Debt FIRST!

The general rule of thumb is that you should focus on paying off higher-interest debt before lower-interest debt. You may be paying a higher rate on a credit card or private student loan than on your mortgage, so you'd benefit more by paying those off early.

Don't pay so much toward the higher-interest debt that you risk defaulting on mortgage payments, though. Yes, credit cards can be expensive, and the issuer may take legal action if you default on card payments. But defaulting on mortgage payments can be an even bigger risk because you could lose your home.

Build A Realistic  Emergency Fund

Owning a home comes with a lot of responsibility and expenses, some that you can plan for in advance like property taxes, and some that just pop up unexpectedly. If you haven’t already started saving for those unexpected expenses in an emergency fund or rainy-day fund, the new year is a great time to start! Saving any amount is beneficial in case of an emergency but about 3 to 6-month’s salary is usually recommended. A high-interest savings account is a good place for your emergency fund. You’ll still be able to earn interest on your savings, and it’s not completely locked away in case you need to access the funds quickly.

For some people, work from home measures may be in place indefinitely. The lines between your personal and professional life may be blurred during this time. The best way to keep strong boundaries is by trying to maintain a similar routine to when you’re in the office. Ensure you set boundaries to limit overtime work, always take breaks throughout the day, and log off your work computer at your usual end of workday time.


Make Your Home As Energy Efficient As Possible

We live in Saskatchewan, so that means there's no avoiding heating and cooling costs, and they are only going to rise as time goes on. Whatever you can do to make your property more energy-efficient is a worthwhile investment! It also makes it more attractive when you decide to sell. 

For tech-savvy homeowners, making your home more energy-efficient with gadgets like smart thermostats or programmable LED lights can be a lot of fun! Even if technology isn’t your thing, small fixes around the house can help make your home more energy-efficient and potentially save you money too. Here are a few things to add to your list:

  • Seal all air leaks around windows and doors
  • Use cold water or energy-saving settings for washing machines and dishwashers
  • Unplug devices and appliances when not in use
  • Lower your thermostat while you’re away from home or in less used areas of your home
  • Install a low-flow showerhead
  • Opt for energy-efficient window treatments like honeycomb shades

Make Your Home A Space You Love 

Starting off the new year ( or a new week! ) in a clean, organized space is a huge mood booster. Plus, with many people working from home now, organized space can also help your productivity. While there’s no right or wrong way to declutter and organize your home, one useful method is to work by room to make the task more manageable. Look at everything you have and split the items into three piles: Keep, Donate, and Toss. Perhaps you could read Marie Kondo's book The Life Changing Method of Tidying Up, she is a Japanese professional organizer and has a simple method to declutter your life, from clothes to books to knickknacks. She wants you to answer just one simple question when it comes to any of the items in your house:

Does it bring you joy?

If you answer yes, you keep the item. If you hesitate or say no, you donate it or throw it out. It’s simple, it’s brilliant, and it’s something that's completely intuitive. 

Once you’ve decided what’s staying, you can make sure everything has a designated place so you can keep things tidy in the long run.

Start A Household Maintenance Checklist 

As with most new year’s resolutions, it’s easy to start the year off strong but as time goes on it may become more challenging. Set yourself up for success and stick to your home goals by creating a household maintenance checklist. Create a recurring calendar reminder so you never forget to take care of tasks around the house. For example, set a reminder to change your HVAC filter every three months or clean your eavestroughs twice a year. Proper home maintenance is a good way to prevent having to pay for home repairs over time.

Plan To Pay Off Your Mortgage Sooner

Depending on how much you still owe on your mortgage, the idea of paying it off may be daunting but don’t be discouraged. Even small steps now can help you become mortgage-free sooner. Start by increasing your regular payments. For example, instead of purchasing a takeout dinner, put that extra $50 towards your mortgage payment for the month. Keep that up for a year and you’ve already put an additional $600 towards your mortgage and over 5 years, an additional $3,000.

Another simple way to pay your mortgage off faster is to put any additional or unexpected income towards your mortgage. That can be anything like funds from a tax return, a bonus from work or inheritance. Before you make any pre-payments, double-check your mortgage pre-payment options with your mortgage lender so you don’t exceed your allowable limits.


Ryan and his team of Regina mortgage experts will determine what your specific needs are and then review and analyze what is the best mortgage option for you. 

Mortgage Options Offered Include: 

Get Approved On Ryan's Website Today - It Costs Nothing! 



Trusted Regina Real Estate Lawyers at MacKay & McLean Explain The Duty to Disclose

MacKay & McLean provides the professional services of a large Regina law firm, with the intimate attention of a small firm. The legal process can be daunting and overwhelming, but it doesn't have to be. MacKay & McLean is with you every step of the way.

MacKay &  McLean are your TRUSTED REGINA LAWYERS. In Mackay & Mclean's latest legal tip they provide helpful information on the duty to disclose in real estate transactions. 


MacKay & McLean Discusses the Duty to Disclose

Buying Regina and are property? Wonder what the obligation on the Seller is to, to be honest? This is called the duty to disclose. 

When buying property, the rule of thumb is caveat emptor or buyer beware.

For this reason, many buyers obtain a home inspection. However, a home inspection may be a double edge sword, as it can negate potential title insurance claims.

The Seller has a duty to disclose latent defects or defects that are not readily observable. Observable defects are generally referred to as ‘patent’ defects. The problem here is that Sellers disputing the claim often claim that they were ‘unaware’ of the defect. This may permit them to escape liability. It is difficult to establish what they did or did not know.

For practical reasons this relegates many to investing in the fix rather than in a law suit.

The failure to disclose a latent defect may entitle a Buyer to collapse a transaction, have it set aside or damages. Please consult a lawyer with respect to your specific situation.

The Property Condition Disclosure Statements that are often included in transactions are somewhat helpful, in that they at least provide some record of the representations made with respect to the property. The MLS listing or web site advertisement, if bought privately, is also very helpful. Lastly, if you are relying on some specific representation, e.g. the ability to build a garage on the property or that the jacuzzi tub works, then make it a term of the contract.

Please contact MacKay & McLean for a free consultation and to discuss any concerns or answer questions you have on real estate and property law 

Read all of our Regina Real Estate Law articles here 

Buying, Selling or Refinancing Real Estate Property in Regina and area, or need general legal advice?

Being a small Regina, SK firm, the lawyers of MacKay & McLean give personal, professional attention to each of our clients, thus maximizing results while minimizing cost. Our lawyers and front office staff take the time to talk to you so that you are comfortable with the process. More importantly, we take the time to listen to you.

Robert Mackay and the team at Mackay & McLean offer a variety of legal services and are able to represent you in a variety of situations that require counsel. In addition, they offer a free initial consultation. Trusted Regina Lawyers, based in Regina Saskatchewan,  specializing in real estatecriminalpersonal injurycommercial & family law.

 

See more legal tips from Mackay & McLean here 

MacKay &  McLean are your TRUSTED REGINA LAWYERS


Trusted Regina Auto Body Pros at Bergen’s Auto Body Explain Supply Chain Issues Affecting The Auto Industry

Bergens Auto Body is a Regina family collision repair and auto body shop and from the moment you call you will be treated like family! They are proud to have an amazing 80 Years Auto Body Experience, and they have been serving Regina Auto Body needs for over 30 Years....they have a loyal customer base that simply wouldn't think of going anywhere else. Bergens are Regina's best OEM Certified, SGI Accredited Collision repair shop and Bergen's Auto Body is a Trusted Regina Auto Body Shop.

Here at Bergen’s Auto Body & Collision Centre, we treat you like family and that means we work hard to give your vehicles back to you properly and most importantly safely!

Please Be Kind

We currently have a situation that has never been a problem or concern in the past. Our suppliers are having huge issues accessing all parts from their manufacturers.

We are sure that you have probably heard about supply chain issues in the news, so hopefully you will recognize that this is not a Bergen’s problem, this is a global problem due to the Pandemic.

Please be patient, as we are doing everything we can to move things forward, but there is only so much we can do. The delays cause major issues with our work flow in the shop,  and at times is has  been overwhelming for the Bergens Auto Body staff. Please know that we are working our hardest and trying our best to get those vehicles to you as quickly and safely as we can.”- Jon Bergen

How Can You Help?

If you have minimal damages for repair, such as small windshield cracks and tiny dings on your bodywork, we would appreciate it if you would hold off contacting us for repair until summer.  Right now we have to prioritize the worst damaged vehicle, as we need get our most in need clients vehicles back on the road.

Please be kind as we navigate this new normal . We can’t accommodate our clients the way we want to, and we all look forward to the issues being resolved soon!

Thank you for your understanding.
John and Bergen’s team

Watch Jons Video Below.





Read more of Bergens Auto body Tips:

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