Their team takes pride in ensuring that clients have personalized financial plans for their retirement goals
Retirement marks a significant life transition; however, uncertainty about retirement affordability and the intricacies of the Canadian Pension Plan (CPP) can make planning for it difficult.
Karen O’Coin & Scott Walker, Investment Advisors and Financial Planners at O’Coin Walker & Associates, say many clients and potential clients wonder if they can afford to retire.
“We help our clients address this question by creating personalized financial plans, which include strategies to help achieve their unique retirement goals,” Walker explains.
Another aspect to understand is the Canadian Pension Plan (CPP) and when to start collecting it.
“It’s going to depend on each individual’s unique circumstances,” O’Coin says, explaining that if an individual relies on the CPP income for retirement, they typically need to take it immediately. O’Coin and Walker also recommend looking at a chart created by BMO that outlines different ages of taking the CPP.
“If there is an opportunity to draw on other assets to generate income, like RRSPs, before taking CPP, then you can delay taking it, and you could potentially benefit from a higher monthly CPP amounts going forward.”
However, Walker adds that delaying taking CPP or taking it early will depend on many factors.
“We will take into consideration whether or not a client has stopped working, potential tax implications, life expectancy, and whether or not the CPP income will be invested,” he says.
Helping clients understand the complexities of the CPP is one part of O’Coin Walker & Associates financial planning process.
“We also take pride in helping our client achieve their retirement goals more efficiently by matching their goals with customized tax-smart, cost-effective investment portfolios. Our tax-smart, cost-effective portfolios incorporate a diversified mix of individual stocks, bonds, Exchange-Traded Funds (ETF’s) & Alternative Investments,” O’Coin explains. With over 60 years of combined experience in the investment industry, the team brings a wealth of knowledge to their client base, and keeping their clients informed is a top priority.
Walker, who will become the president of the Orillia District Chamber of Commerce in January, says their team is proud to be able to give back to the community and participate on boards and committees which have included The Orillia and Area Doctor Recruitment & Retention Committee, The Community Development Corporation, The Orillia Soldiers Memorial Hospital Foundation and The Mariposa House Hospice.
“We believe in giving back to our clients by being active in our community,” he says.
To learn more about the team and services provided at O’Coin Walker & Associates, visit their page here.