John, a 65-year-old retired engineer, had worked hard throughout his life to build a sizable investment portfolio. As he approached retirement, he realized he needed professional guidance to ensure his wealth lasted throughout his retirement years and was passed on smoothly to his blended family. That’s when he reached out to us.
Our first step was to evaluate John’s income needs and financial goals. We worked together to develop a sustainable withdrawal strategy from his retirement accounts, like his RRIFs and taxable investments, to provide a steady income stream while minimizing taxes. We emphasized the importance of balancing growth with security, suggesting a diversified portfolio that would produce reliable income but reduce exposure to market volatility.
Understanding that John’s family dynamics were unique, with children from both his first marriage and his second, we helped him create an estate plan. John’s will and trust was structured to ensure that his assets were distributed fairly among his children while also minimizing estate taxes.
We also addressed potential healthcare expenses by recommending long-term care insurance, which gave John peace of mind knowing he would be covered if medical needs arose in the future. We also reviewed his life insurance to help ensure his legacy would be preserved for his loved ones.
Throughout this process, we kept regular communication with John, reviewing his portfolio, making adjustments as needed, and ensuring his financial strategies aligned with his evolving life circumstances. Thanks to their thoughtful planning and advice, John was able to retire comfortably, knowing that his financial future—and that of his family—was well taken care of.
