The Financial Post asked me to review the finances of a single, retired 50-year-old woman who doesn’t have children and lives with her aging parents.
She wants guidance on how to enjoy a comfortable retirement without risking outliving her money.
This is a particular interesting client case story, as she actually has more money than she will ever spend.
We see this type of story often, especially in the FIRE community. She saved a few million by living frugally. Now she can’t stop being frugal. Still scared of running out of money. Can’t adjust to slowly selling investments for her retirement lifestyle.
If she continues, her investments will compound for 40-50 years and she will die with a huge fortune. That is not her ideal life. That’s a lot of life NOT lived.
In this article you’ll learn:
- Why even wealthy people need a financial plan, because it’s a life plan.
- The options for the wealthy – she could live frugally and die with $50 million or give back in some way.
- The difference between Ed’s “Unconventional Wisdom” and other advisors, and how he’s been able to calculate exactly how much she can afford to spend each year before and after tax.
- Why the amount she’s currently spending per year is less than the tax she’s paying because of her dividend stocks, and how to overcome this.
- How she can invest in a tax-efficient way for long-term growth, and how she can bring her tax bill down to $13,000 a year, instead of $83,000 a year.
- Why people with lots of wealth have their own financial issues because it’s hard shifting to drawing down on your investments after decades of building wealth.
- How to enjoy life after being frugal all your life.
CLICK THE LINK BELOW TO READ THE ARTICLE BY MARY TERESA BITTI:
Planning With Ed
Ed Rempel has helped thousands of Canadians become financially secure. He is a fee-for-service financial planner, tax accountant, expert in many tax & investment strategies, and a popular and passionate blogger.
Ed has a unique understanding of how to be successful financially based on extensive real-life experience, having written nearly 1,000 comprehensive personal financial plans.
The “Planning with Ed” experience is about your life, not just money. Your Financial Plan is the GPS for your life.
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