Check out our guide.
It breaks down the questions you need to answer to retire with CLARITY and CONFIDENCE.
Say good bye to worries…
…so you can actually have fun in retirement.
Calgary Based Fee Only Financial Planner
HI! I'M HERVIN PESA, CFP© PROFFESSIONAL
My eyes close when I smile, so I’m not good at taking photos.
So what am I good at…?
I’m good at having deeper conversations with my clients about their finances,
about their values, their hopes and dreams.
After nearly a decade of giving financial advice,
I’ve learned that it’s more than just math.
It’s not just about return on investments, but it’s about return on life.
By following a proven framework, I helped simplify my clients’ finances.
This lets them live their ideal lives in retirement.
If you’re ready to focus on what really matters, let’s get started!
Let’s Make Your Dream Retirement Real!
You Need a Fee Only Retirement Plan If You're Looking For:
Fixed and Transparent Fee
What's Included In My Retirement Income Plan?
Your situation is unique to you, your family and your ideal retirement. However, every single plan we create covers the following:
- Retirement Income Planning: We calculate what lifetime income you can expect to receive without running out of money
- Investment Planning: Investing while drawing down your assets can get complicated, we help you avoid mistakes.
- Tax Minimization Strategies: Reduce taxes while staying compliant. We help you keep more of your money so you can live the life you want.
- Risk Management: Life is full of uncertainties, we will help you retire without being crippled by fear.
- Estate Simplification: We create a plan that streamlines your estate so your kin maximize the gifts you leave behind.
Click each tab to learn more.
Here are some questions that the retirement income plan will cover:
We will show you what sustainable income you can expect in retirement, given your current assets, investments and life expectancy.
CPP and OAS form the base guaranteed income for most Canadians.
Unfortunately, there are many misconceptions and generalizations that can lead to the wrong decisions.
This impacts how much you qualify for and potentially increase your taxes.
We make sure you have answers about when to take the CPP and OAS, based on your own financial situation.
Is it better for me to use my RRSPs as soon as I retire?
This all depends on what other sources of income you have available to you.
Your life expectancy, your lifestyle cost and the returns you get from your investments can impact this decision.
- How much do I need to retire by a certain age?
- How much do I need to save each month to achieve my goals?
- How much can I afford to spend in retirement?
- How can I maximize my government benefits like CPP and OAS?
- What options should I choose for my defined benefit (DB) pension?
- Should I take a lump-sum commuted value payout from my pension or a deferred monthly benefit?
- Should I save using an RRSP or TFSA?
- When should I start RRSP withdrawals or convert to a RRIF??
- How do we split our income in retirement?
- How do I create an income in retirement?
- Should I get an annuity?
- Book a consultation if you have more questions.
Here are some questions that your investment plan will answer:
The three most common investment accounts are:
- NON-REGISTERED ACCOUNTS
However, depending on your previous employment, you may have access to pension conversion accounts like:
- A Defined Contribution Account
The LIRA and the DC accounts are not typically opened by choice.
However, your decision to use the RRSP or the TFSA has implications on how much after-tax income you can have as well as OAS Claw-back.
This depends on your personal philosophy.
We look at your overall financial situation and not just interest. Oftentimes, this conversation is tackled myopically.
The issue here is you are no longer working, withdrawing additional income to pay off debt faster can increases your tax burden and deplete your assets if done incorrectly.
When you retire, cash-flow takes priority.
Find assets that grow with inflation.
This means buying business that maintain profitability and passing on costs effectively.
Real estate is another asset class that some clients have used to hedge against inflation.
- What types of investment accounts should I have?
- How much should I contribute to different accounts?
- Should I save in my name or my spouse’s name?
- What types of accounts should I open for my kids?
- Should my investment accounts be joint?
- Should I pay down debt or invest?
- What kind of investments can I have in a corporation?
- Should I buy or sell a rental property?
- What is my risk tolerance?
- s my asset allocation appropriate?
- Has my investment performance beat the markets?
- Are my investment fees reasonable?
- Should I be a DIY investor?
- Is my investment advisor a good one?
- Book a Consultation to answer all your questions.
Here are some questions that your tax plan will answer:
You can take advantage of tax deductions and tax credits available to YOUR FAMILY.
We highlight that because, any novice advisor can tell you that these credits exists. What sets us apart is we can help you decide if you should transfer, retain or share these tax saving benefits.
Some tax credits and deductions have multi-year implications. Using these all these credits or deductions today may not be as beneficial as pooling the strategies together.
We help you understand what works best for you.
There is no one set way to reduce lifetime taxes.
Depending on your personal circumstances, tax strategies that helped your friends may be harmful for you.
We run dozens of scenarios that take the following into consideration:
- Investment returns,
- Government benefits,
- The timing of your withdrawals,
- Managing your tax brackets,
- Your mortality
- Your work now
- Your work in retirement
We give you the most tax efficient solution without compromising your true financial goals.
Depending on your family situation you may benefit from splitting income.
However, there are strict guidelines that the CRA set in place to make sure these are not abused. Using these strategies incorrectly can result in penalties that can ravage your retirement plans.
We make sure you stay compliant.
How do I pay less tax today?
How do I pay less tax over my lifetime?
How do I split income with family members?
How do I pay less tax on my investments?
How do I fund my retirement in the most tax-efficient manner?
How do I reduce capital gains tax on my cottage?
Should I take a severance or salary continuation?
Should I set up a corporation?
Should I pay myself a salary or withdraw dividends from my corporation?
Should I set up a holding company?
Should I establish a family trust?
Should I issue shares of my company to my children?
Should I wind up my corporation?
How do I plan for the sale of my business?
Here are some questions that your risk management plan will answer:
If you have a defined benefit pension, this depends on what kind of payout option you select.
For CPP, this gets tricky, if they already have the maximum CPP or close to it, there is very little that they will get.
That depends on what support you want to provide to survivors.
If you have significant deferred tax liabilities, from RRSP, unrealized gains in a non-registered account or real estate, you may need it.
Insurance can get costly, you want to make sure you only buy or keep what you need.
Your Retirement Income Plan will help answer this question.
We can carve out a portion of your assets to insulate you from increasing health care costs.
Government subsidies for long term care are often income an means tested.
We will set up your accounts to maximize any government subsidies.
Do I have enough life insurance?
Do I have the right kind of life insurance?
Do I need disability insurance?
Do I need critical illness insurance
Should I buy health insurance?
Should I cancel my insurance policy?
What type of insurance do I need in retirement?
Should I buy insurance for my kids?
- Do I need permanent life Insurance?
Here are some questions that your Estate and Legacy plan will answer:
The probate or estate settlement process can delay the transfer of your bequests by 2 to 3 years if you pass without a proper plan.
We help simplify your estate by guiding you through the proper ownership structure for your assets as well as clear beneficiary designations.
That depends on what support you want to provide to survivors.
We can’t tell you what you should give to who, however, there are nuances that change the values your beneficiaries receive after taxes.
Consider that leaving a house vs an RRSP vs TFSA have different after-tax impact.
We help you equalize and maximize the gifts each of your beneficiaries inherit.
This is totally up to you.
We believe that seeing the impact of your gifts make them more worthwhile.
However, there are circumstance where giving through your estate makes more sense.
- Should I have a will?
- What assets will pass through my will?
- How can I reduce probate fees?
- What beneficiaries should I name?
- Should I own assets jointly?
- Should I transfer assets to my children now or in the future?
- How do I make a plan for the family cottage?
- How do I make a plan for the family business?
- Should I consider an estate freeze?
- Should I add my name to a parent’s account?
- How do I minimize probate fees?
- Should I worry about U.S. estate tax?
- What is a power attorney for property?
- What is a power of attorney for personal care?
- Should I establish a trust?
- How do I maximize my charitable giving?
How Do You Know You're Ready To Retire?
Use Our Retirement Greenlight Assessment
This free guide will get you thinking about retirement the right way so that you can avoid costly mistakes. You only get one true retirement, make sure you don’t live with regrets.