Why Near-Retirees Need Professional Financial Advice

Dave and Rob Carrick on the many moving parts of retirement — and why good advice matters.

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I’ve been saying to everybody, I’m old now, I’m. I’m 65 this year, and a lot of my friends are 55 to 75. You need to get a financial advisor if you don’t have one when you’re getting within a few years of retirement.

There are so many moving parts, so many different sources of income from CPP defined benefit pension plan, if you’re lucky to have when your RSP, your riff, your TFSA, et cetera. Putting all this together in the most tax optimal way is very challenging to do without software, without experience, without asking the right questions, I’m getting more and more aggressive, especially now that I’m seeing these well done plans in saying to that group of people, pay somebody, get a strong advisor.

And if your advisor’s not doing that, if they’re not doing the comprehensive tax planning, estate planning, get a new advisor.

Yeah. Oh, totally agree. Totally agree. And especially because the, um, the advice only planners will just look at your retirement. They’re not asking for you to bring your portfolio over and to, to disrupt your investing life. You can still do that. You can still, um, run your own portfolio or keep some investment advisor you like, but this is the people don’t understand that the investing is in service of the plan.

The plan is the big story here, and the investing will help you meet those goals. And um, the plan is so important and I think you need to have one.