Tag: Income Sources
Safeguarding Seniors: Navigating the Digital Landscape of Financial Security (Ep 73)

Safeguarding Seniors: Navigating the Digital Landscape of Financial Security (Ep 73)

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Welcome to The Ride: Life, Work, and Wealth podcast, brought to you by Green Private Wealth, a trade name of Harbourfront Wealth Management. In this episode, hosts Kris Dureau and Mike Pakreslis delve into a crucial and timely topic that affects many: protecting seniors from financial abuse in the digital age.

Key Points Discussed:

  • The impact of technology on managing finances and the increased vulnerability of seniors to fraud and abuse.
  • The importance of initiating conversations with seniors about various forms of financial abuse, fostering awareness, and creating a supportive environment.
  • Practical tips for mitigating risks, including simplifying finances, regular monitoring of financial statements, and staying informed about the latest scams.
  • The role of family members in facilitating discussions and providing a safe space for seniors to share concerns without judgment.
  • The significance of securing legal documents, such as wills and trusts, and limiting access to trusted individuals.
  • Utilizing technology like alerts for suspicious activities and the concept of a trusted contact person to oversee financial transactions.
  • Exercising caution in sharing personal information and educating seniors about common tactics used by scammers.
  • The evolving landscape of cyber threats and the increasing need for identity protection services.

 

This episode provides valuable insights and practical strategies to safeguard seniors from financial exploitation in the digital era. Whether you’re a caregiver, family member, or individual concerned about your financial well-being, this discussion equips you with the knowledge to navigate potential risks and protect your assets.

As the threat of financial abuse continues to grow, staying informed and proactive is key to ensuring the financial security of our seniors. Tune in to this episode of the Real Life Wealth podcast to empower yourself with the tools needed to navigate the digital landscape of financial security for your loved ones and yourself.

 

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Navigating Your Financial Journey: A Guide to Your First Meeting with a Financial Advisor (Ep. 71)

Navigating Your Financial Journey: A Guide to Your First Meeting with a Financial Advisor (Ep. 71)

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Welcome to the Ride: Life, Work and Wealth podcast with your host, Kris Dureau. In this episode, Kris, a seasoned financial strategist, draws from his past as a firefighter and paramedic to shed light on the importance of planning for both a secure tomorrow and a better today.

Join Kris and co-host Mike Pakreslis as they dive into the crucial topic of preparing for a first meeting with a financial advisor. As the new year brings more people seeking financial advice, Kris and Mike explore key considerations to make this initial encounter a success.

Key Points:

  • Clarity is Key: Discuss what’s important to you and articulate your motivations for seeking financial advice. Setting clear objectives for the meeting helps manage expectations.
  • Background Check: Before your meeting, do your due diligence. Check testimonials, Google reviews, and the advisor’s digital footprint to ensure alignment with your needs.
  • Designations Matter: Understand the significance of designations such as Certified Financial Planner (CFP) and Chartered Investment Manager (CIM). These designations reflect a higher standard of care and expertise.
  • Establish Criteria: Determine the qualities you seek in a financial advisor. Prepare a checklist of questions, covering topics like meeting frequency, fees, and included services.
  • Trust Your Instincts: Establishing a long-term relationship requires trust. Pay attention to your gut feeling about the advisor, envisioning a partnership that spans decades.
  • Meeting Expectations: Clearly communicate your preferences regarding meeting location, frequency, and any specific requirements you may have. Ensure they align with the advisor’s practices.

This episode equips listeners with insights and practical tips for approaching their first meeting with a financial advisor. From setting expectations to conducting background checks, Kris and Mike provide valuable guidance to ensure a productive partnership.

Have questions or thoughts? Connect on our website, greenprivatewealth.com. We love hearing from our listeners.

Tune in to this episode for a comprehensive guide to making your first meeting with a financial advisor a stepping stone towards financial success. Remember, your financial journey starts here!

 

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Preparing For Taxes in Retirement, Part 2 (Ep. 65)

Preparing For Taxes in Retirement, Part 2 (Ep. 65)

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Now that we have a basic understanding of the different sources of income in retirement, we can dive deeper into tax planning strategies. While tax strategies can be complicated at first, they eventually save you money in the long run if you plan correctly. 

In this episode, Kris Dureau concludes his two part series on taxes in retirement by reviewing the three D’s of tax planning: Deduct, Divide and Defer. He offers insight into how you can create a strategic plan based on your individual situation alongside your advisor. 

Kris discusses:

  • How retirement income planning may be complicated when first starting
  • The importance of working alongside an advisor or accountant when portfolio planning with tax saving strategies
  • The ins and outs of pension splitting
  • How you can use spousal loans as a strategic form of income splitting
  • Tax deferral through prescribed annuities
  • The withdrawal strategies that could minimize taxes
  • And more

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Preparing For Taxes in Retirement, Part 1 (Ep. 64)

Preparing For Taxes in Retirement, Part 1 (Ep. 64)

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Taxes can have a much bigger impact on your retirement planning than first assumed. It is important to take a dive into your portfolio and understand how the different sources of income in retirement, government and personal can go into your planning process. 

In this episode, Kris Dureau discusses a number of ways you can understand these income sources and plan for the tax implications you might have to deal with these. Through planning ahead, you can set yourself up to retire with ease and have no fear of losing a generous amount of your assets to taxes. 

Kris discusses:

  • Most common types of retirement income and the tax challenges they present
  • How you can get further in-depth advice based on your personal circumstances
  • Retirement income basics 
  • The three buckets of retirement income for Canadians and how they all play into your portfolio
  • And more

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