Retirement Planning
Creating wealth through your business and investments is just one-half of your financial planning strategy. The other half is about structuring your financial affairs so that your wealth is protected, writes Craig West.
Asset protection is about using business practices and structures to create barriers between your assets and the risks faced by your business, or even by yourself personally. It’s really part of an insurance strategy, and like any other type of insurance, while you might think it ‘couldn’t happen to me’, you just never know, and if it does, you’ll be glad that your business and everything you’ve worked so hard to build is protected.
Read More About Asset Protection for Long Term Wealth
It Helps To Have A Plan When It’s Time to Move On
It Helps to Have a Plan When It’s Time to Move on
At the age of 28, Wayne Gatien, president and chief executive of PowerTel, a high voltage electrical contracting firm in Whitefish, Ont., attended retirement lessons with his father and younger brother. Twenty-five years later, he is making his plans to pass on the reins to partners or family members when the time is right.
“Building value for shareholders or myself is on my mind every day, and I have three [succession] options on the table at any given time,” he says…
It Helps To Have A Plan When It’s Time to Move On
Account Based Pensions
What is an Account Based Pension?
An account based pension is an investment which pays you a regular and tax effective income in retirement.
How do account based pensions (ABPs) work? You invest money from a superannuation fund into an ABP. The ABP then pays you a regular income comprised of earnings and capital until your account runs out.
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Transition to Retirement
What is the ‘Transition to Retirement’ rule?
The Government’s ‘Transition to Retirement’ rule is designed to help Australians become more financially secure in the years leading up to their full retirement. The key to this rule is the access that pre-retirees aged over 55 now have to tax- advantaged account based pensions (ABP).
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