Trusted Tips and Resources

Trusted Tips & Resources

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!



Trusted Regina Financial Advisor Chris Worby talks about Household Finances and the 25 % rule.

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 will do his 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 Advisor Chris Worby of Worby Wealth Management help you live your dream!

Expert Financial Advice Regarding Household Finances.


The truth is that financial management is boring. I mean, it sounds interesting when you watch movies and they’re yelling, “Buy, Buy! Sell, sell!” But this behaviour does not make you rich – in fact, it can have the opposite effect.

Smart people understand one thing – tactics do not win the battle, logistics do. And one of my best pieces of advice is the 25% rule.

It essentially breaks down like this: If you want to attain financial security contribute 25% of your net monthly income towards your net worth. It is very important that financial security has very little to do with being ‘rich’ but everything to do with having the resources available to have options throughout your life.

Net worth is composed of two things: Assets and Liabilities. I think of liabilities as the hole requiring filling and think of the assets, as the mountain you build with your resources.

A few notes about each. Paying down credit cards does not fit into the asset/liability described above. Credit cards are consumption. If you have already made errors and are carrying balances, then you need a plan to pay them down and it can be worked into a liability repayment plan. However, further credit card debt becomes consumption rather than a liability.

Big expenses – trips, renovations, etc. should be paid for with funds that have been saved in advance; they should not be financed. The reasons are many. First, once you start down the ‘financing fun’ road, it can be hard to maintain discipline. Second, a trip paid for and fully funded is less stressful. Third, something you pay for as you go tends to be better planned out and fits your budget – and studies show that planning your spending is almost as fun as the actual spending.


Building assets is then the ‘exciting’ part, right? “Buy, buy, sell, sell” and all that. Actually, it is very hard to get rich quickly and fairly easy to get rich slowly. Using pension plans and RRSP, TFSAs and RESPs to accomplish your family’s plans can be done well over time but the ‘get rich quick' schemes rarely work out.

Find a strategy you are comfortable with and run it as a discipline. If you are going to buy and hold, never deviate. If you are going to move with certain market cycles like a momentum system, or act as a value manager, do this and never change it. Make sure you do your homework upfront to get a working system and then never change. Mistakes in investing come from emotion.

But none of that happens without a strategy – and the spending strategy that works best is using 25% of your net, monthly income to build your net worth. Not only do you have funds available to build assets and pay down liabilities but you also create a buffer in case something bad happens. You aren’t living at capacity with your finances, you have options.

And that is financial security.


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!



Chris Worby a Trusted Regina Financial Expert shares 5 Things to Expect from Your Financial Advisor

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 will do his 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 Advisor Chris Worby of Worby Wealth Management help you live your dream!


5 Things to Expect from Your Financial Advisor

I spend a lot of time figuring out how to add value to my clients. I read many articles on a daily basis trying to understand people’s money management issues both psychologically and mathematically. I have seen good, bad and ugly in the world of investment and here are 5 things I have integrated into my practice as I think they add value and I think you should look for these qualities in your advisor. 

1. Communication. 

During the 2008 liquidity crisis, I gained a few extra clients because I was actively in contact with my existing clients and other advisors were not in contact with theirs. The fact is that I, like all the others, did not know what was happening or why – a 50% drop over 2 months will have that effect on you! – but that didn’t keep me from calling and having appointments. I may not have had answers, but it was still my job to provide them access to whatever information was available.

 

2. Pro-activity. 

This one goes a bit hand in hand with the first one but I can’t tell you how often I’ve heard this, “he calls me at RRSP time and I go write him a cheque and don’t hear from him for a year.” Who is the client in this scenario?! One trick I use for this one is to sometimes book our next appointment at the end of this one – even if it’s going to be 6 months down the line. It keeps us all accountable to meet regularly.

3. Interest. 

I often joke that “you don’t have to be a nerd but you do have to hire one” because the reading I do and enjoy and look forward to would put the average person to sleep in about 3.7 seconds! I like people, I like math, I like psychology, I like markets – I like what I do. I don’t do it because I have to; I do it because I want to. If you are working with someone who has to do something, you know it and you also know mediocrity is the usual companion.

4. Relationship. 

Personally, I don’t get a lot of utility out of a transactional relationship. I like to get to know my clients and I like them to know me. I am a little quirky (aren’t we all) and I like other people’s quirks. I enjoy the eccentricities that make people unique and if we are dealing with transactions – “My guy calls me at RRSP time and I don’t talk to him for a year” – I don’t get a lot of personal reward from that. It makes our work together more personal, I can understand people’s goals better and I can advise them better.

5. Competence. 

This one is difficult to assess in an hour or two of meeting someone however, I think it is fair to ask a new advisor about wins and losses. “Tell me about 3 recommendations you’re proud of and 3 that you aren’t.” There is no possible way that everyone bats 1000 when it comes to recommendations based on the stock market but if someone isn’t willing to discuss it with you, that’s a red flag. This also leads to a talk about investment discipline – and that’s where competence truly lies.

 

I don’t think it’s out of line to treat a new advisor kind of like they are interviewing for a job. I often think of myself as a household’s Chief Financial Officer – you are the CEO; you’re the one making decisions and ultimately responsible. But within the realm of investments and money management services, I give recommendations for my client's consideration.

 

Call Chris Worby at (306) 757-4747 ext 226 or on his Cell: (306) 737-2909. Check out his listing on the Regina Directory in the REGINA FINANCIAL SERVICES category. Chris Worby is a Trusted REGINA FINANCIAL ADVISOR EXPERT

 

 

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!


Chris Worby a Trusted Regina Financial Expert from Worby Wealth Management shares a tip on Too Much Stuff

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 will do his best to help you achieve those dreams with a financial plan that is tailored to your specific needs and based on your individual situation.

Let TRUSTED REGINA's FINANCIAL ADVISOR Chris Worby from Worby Wealth Management help you live your dream!

Here Chris Shares A Tip About Too Much Stuff:

Too Much Stuff? What to keep…

If you’re like me, you find yourself with stuff – lots of stuff – all over the place. In a lifetime, we accumulate and accumulate and it’s hard to know what to throw out.

By no means exhaustive, this article has some good ways to catalogue stuff and may give you some ideas on how to keep your stuff sorted.

 

The following is an entertaining article:

George Carlin and the new retirement minimalism

It is finally spring. Among the rituals of spring is spring cleaning. 

Comedian and colorful social observer George Carlin described a house as "just a place to keep your stuff while you go out and get more stuff.” Spring-cleaning is an opportunity to sort that stuff — making the option of downsizing possible, ageing-in-place easier, or simply helping family members make sense out of all that “stuff” you have accumulated for decades. 

Over an adult lifetime, you collect your stuff, family stuff and legal stuff. Here are some ideas on what to do with it. 

Your stuff is everything under your roof. However, as you approach retirement, or may already be in retirement, that stuff makes life and future housing choices more difficult. The more you have, the more there is to maintain, clean and organize. A house full of furniture that was once the home of a family of five, but now only has two, makes the decision to downsize difficult. Moreover, should something happen to one member of a couple, a home's contents can be a near-insurmountable burden to manage and ultimately sort out. A new ritual of retirement may be the adoption of new retirement minimalism — eliminating items that are in the house because ... well because they have always been there. Even if you don't want to downsize to another home, consider what you can downsize while staying in the home you are in. 

Family stuff used to include furniture, glassware, tableware and a long list of family artifacts such as great grandfather Joe's steamer trunk. Lifestyles have changed and keeping and handing down family “things” has become less important. Just consider the fact that the children of the baby boomers — the millennials — aren't following the same life course timetable or preferences of previous generations. They are marrying later in life. Choosing to have fewer or no children. Moreover, the homes they are choosing, many in urban areas, are smaller. Consequently, mom's dining room set doesn't have a place to go and, even if your children have a need for a crib, chances are the one in your attic it is out of style or painted with something that has been, or will be determined to be hazardous. 

Family stuff today is about memories that can neither be bought nor replaced. Photos across the generations that are annotated identify who is in the photo and their relationship to children and grandchildren. Family videos that have been copied to the most current medium — no your VHS player isn't worth keeping. Even your own audio stories are recorded to memorialize family history. All of these items can be safely kept in the cloud, occupy little space, accessed by everyone while preserving generations of memories. 

 

Legal stuff includes important documents that you and your family need access to for managing legal, financial and health matters that will become more critical as you age. The list can be long but includes legal and financial records for real estate, wills, health proxies, medical orders and desired intentions, insurance policies, inventories and the assessed value of the insured property, investment records, bank account locations, etc. These documents, along with an up-to-date list of contacts for attorneys, financial advisers, accountants, physicians should be organized, discussed with selected family and friends, and copies maintained in the home as well as with the appropriate professional, e.g., a lawyer that assisted with will writing. 

Like spring itself, life after work is an opportunity to start new. Retirement spring-cleaning through all that stuff makes considering alternative housing options possible, simplifies life in older age, and can be an invaluable gift to loved ones. 

Warning: May contain offensive language. 

 

 

Check out his listing on the Regina Directory in the REGINA FINANCIAL SERVICES category

 



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!


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310 Wall St #209
Saskatoon, SK   S7K 1N7
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