Ep 21 Recession Proof Your Retirement Savings

Smart Wealth: Navigating Your Financial Future

#Trading #Business #Brett Cranson

28:24

In our second installment of the Small Business Starter Kit series - we’re tackling a topic that’s sometimes tricky, sometimes confusing, but ever-present: taxes. Hosts Austin and Jannese have an insightful conversation with entrepreneur Isabella Rosal who started 7th Sky Ventures , an exporter and distributor of craft spirits, beer, and wine. Having lived and worked in two different countries and started a company in a heavily-regulated field, Isabella is no stranger to navigating the paperwork-laden and jargon-infused maze of properly understanding taxes for a newly formed small business. Join us as she shares her story and provides valuable insight into how to tackle your business’ taxes - so they don’t tackle you. Learn more about how QuickBooks can help you grow your business: QuickBooks.com See omnystudio.com/listener for privacy information.…

about a year ago 32:58

MP3•Episode home

Are you navigating the complexities of planning your retirement amidst today's economic uncertainties?

Whether you're nearing retirement or already enjoying your golden years, understanding how to effectively manage your Registered Retirement Income Fund (RIF) is crucial for financial security.

In this episode, we delve into actionable strategies to recession-proof your RIF. From high-interest savings ETFs to dividend-paying ETFs and real estate investment trusts (REITs), this episode offers invaluable insights into adapting your investment strategy to thrive in fluctuating markets. Join us as we uncover practical tips to safeguard your retirement income and make informed financial decisions for a brighter financial future.

Episode Highlights:

Effectively managing Registered Retirement Income Fund (RIF) amid uncertainties of rising inflation, fluctuating interest rates, and market volatility.
Importance of adapting investment strategy to thrive in uncertain economic times.
Exploration of key strategies including high interest savings ETFs, guaranteed investment certificates (GICs), dividend-paying ETFs, and real estate investment trusts (REITs).
Dividend-paying ETFs offer regular income and growth potential through dividends from equity investments.
Risks associated with REIT investments
The importance of aligning investments with individual risk tolerance and income needs.

And many more!

Stay Connected with Smart Wealth Podcast Hosts:

Brett Cranson: www.linkedin.com/in/brettcranson/

Omari Whyte: www.linkedin.com/in/omari-whyte/

LinkedIn Brett Cranson: linkedin.com/in/brettcranson

LinkedIn Omari Whyte: linkedin.com/in/omari-whyte
For business inquiries, please head over to
https://www.uptownwealthmanagement.com
https://www.familyfirstadvisors.ca
email:
brett.cranson@ipcsecurities.com
omari.whyte@familyfirstadvisors.ca
Brett Cranson & Omari Whyte have been helping Canadians with their Financial, Retirement and Estate Planning since 2003. Our office is based in Toronto, ON, Canada - but help Canadians Coast to Coast.

59 episodes

Ep 21 Recession Proof Your Retirement Savings

Smart Wealth: Navigating Your Financial Future

published about a year ago

MP3•Episode home

Are you navigating the complexities of planning your retirement amidst today's economic uncertainties?

Whether you're nearing retirement or already enjoying your golden years, understanding how to effectively manage your Registered Retirement Income Fund (RIF) is crucial for financial security.

Episode Highlights:

Effectively managing Registered Retirement Income Fund (RIF) amid uncertainties of rising inflation, fluctuating interest rates, and market volatility.
Importance of adapting investment strategy to thrive in uncertain economic times.
Exploration of key strategies including high interest savings ETFs, guaranteed investment certificates (GICs), dividend-paying ETFs, and real estate investment trusts (REITs).
Dividend-paying ETFs offer regular income and growth potential through dividends from equity investments.
Risks associated with REIT investments
The importance of aligning investments with individual risk tolerance and income needs.

And many more!

Stay Connected with Smart Wealth Podcast Hosts:

Brett Cranson: www.linkedin.com/in/brettcranson/

Omari Whyte: www.linkedin.com/in/omari-whyte/

LinkedIn Brett Cranson: linkedin.com/in/brettcranson

59 episodes

#Trading #Business #Brett Cranson

All episodes

1
Ep 59 Understanding Financial Risks 10:18

4 days ago10:18

10:18

In this episode of Smart Wealth, Brett Cranson and Omari Whyte discuss the critical importance of financial protection, particularly in the context of life insurance and estate planning. They explore the risks associated with premature death and the need for adequate coverage to protect loved ones and manage financial obligations. The conversation emphasizes the significance of customizing insurance solutions based on individual circumstances and the necessity of planning for both short-term and long-term financial security. Takeaways Protection is essential for those with dependents. Life insurance is crucial if you love or owe someone. Your future income is your biggest asset. Customized insurance solutions are necessary for everyone. Consider both protection and estate planning in financial strategies. Final expenses and taxes must be accounted for in planning. Job changes can affect insurance coverage; augment as needed. Planning for the unexpected is vital for financial security. Understanding your total assets and debts is key to protection. Reach out for personalized financial advice and solutions. LinkedIn Brett Cranson: linkedin.com/in/brettcranson LinkedIn Omari Whyte: linkedin.com/in/omari-whyte For business inquiries, please head over to https://www.uptownwealthmanagement.com https://www.familyfirstadvisors.ca email: brett.cranson@ipcsecurities.com omari.whyte@familyfirstadvisors.ca Brett Cranson & Omari Whyte have been helping Canadians with their Financial, Retirement and Estate Planning since 2003. Our office is based in Toronto, ON, Canada - but help Canadians Coast to Coast.…

1
Ep 58 The Power of Consistency 6:58

11 days ago6:58

6:58

In this episode of Smart Wealth, Brett Cranson and Omari Whyte discuss the significance of establishing and maintaining routines in both personal health and financial management. They emphasize the importance of having a structured approach to wealth planning, especially in volatile market conditions, and how a solid routine can provide peace of mind and resilience against market fluctuations. The conversation highlights the role of financial advisors in helping clients stay on track and capitalize on opportunities. Takeaways Establishing a routine is crucial for both health and wealth. Financial routines help mitigate anxiety during market fluctuations. A holistic wealth plan includes all aspects of financial health. Stretching and physical health routines are important as we age. Clients should regularly consult with financial advisors for guidance. Being pliable as an investor is essential in volatile markets. A systematic savings routine can capitalize on market opportunities. Peace of mind comes from having a sound financial plan. Measuring progress in financial plans is vital for success. Staying disciplined in routines leads to better financial outcomes. LinkedIn Brett Cranson: linkedin.com/in/brettcranson LinkedIn Omari Whyte: linkedin.com/in/omari-whyte For business inquiries, please head over to https://www.uptownwealthmanagement.com https://www.familyfirstadvisors.ca email: brett.cranson@ipcsecurities.com omari.whyte@familyfirstadvisors.ca Brett Cranson & Omari Whyte have been helping Canadians with their Financial, Retirement and Estate Planning since 2003. Our office is based in Toronto, ON, Canada - but help Canadians Coast to Coast.…

1
Ep 57 Mastering Tax Season 8:57

18 days ago8:57

8:57

In this episode of Smart Wealth, Brett Cranson and Omari Whyte discuss the importance of tax planning as the tax season approaches. They emphasize the need for early preparation, especially for cross-border tax considerations, and the significance of understanding tax implications on investments. The conversation highlights strategies for maximizing tax efficiency and the importance of keeping organized records for tax filing. Takeaways Tax planning is an ongoing process, not a last-minute rush. Understanding cross-border tax implications is crucial for clients with international ties. Early planning can significantly reduce tax liabilities. Non-registered investment fees can be tax-deductible. Clients should keep thorough records for tax filing. Investment strategies should consider tax impacts. Tax planning should start well before the filing deadline. Communication with tax professionals is essential for effective planning. Maximizing after-tax dollars is a key goal in wealth management. Financial literacy is vital for navigating tax complexities. LinkedIn Brett Cranson: linkedin.com/in/brettcranson LinkedIn Omari Whyte: linkedin.com/in/omari-whyte For business inquiries, please head over to https://www.uptownwealthmanagement.com https://www.familyfirstadvisors.ca email: brett.cranson@ipcsecurities.com omari.whyte@familyfirstadvisors.ca Brett Cranson & Omari Whyte have been helping Canadians with their Financial, Retirement and Estate Planning since 2003. Our office is based in Toronto, ON, Canada - but help Canadians Coast to Coast.…

1
Ep 56 Think Like Gretzky: Financial Foresight 6:24

25 days ago6:24

6:24

In this episode of Smart Wealth, Brett Cranson and Omari Whyte discuss key concepts in wealth building, focusing on financial foresight, investment strategies, and the importance of tax-sensitive investing. They share insights from client interactions, emphasizing the need to think ahead and plan for the future, much like Wayne Gretzky's approach to hockey. The conversation highlights the significance of understanding market patterns and the necessity of timely contributions to optimize financial outcomes. Takeaways Financial foresight is crucial for wealth building. Thinking ahead can maximize financial opportunities. Investment strategies should focus on long-term growth. Understanding market patterns helps in making informed decisions. Tax-sensitive investing is essential for optimizing returns. Clients often underestimate deadlines for contributions. Professional oversight can enhance wealth creation. Diversification is key in investment portfolios. Engaging clients in their financial planning is vital. Planning and execution lead to financial success. LinkedIn Brett Cranson: linkedin.com/in/brettcranson LinkedIn Omari Whyte: linkedin.com/in/omari-whyte For business inquiries, please head over to https://www.uptownwealthmanagement.com https://www.familyfirstadvisors.ca email: brett.cranson@ipcsecurities.com omari.whyte@familyfirstadvisors.ca Brett Cranson & Omari Whyte have been helping Canadians with their Financial, Retirement and Estate Planning since 2003. Our office is based in Toronto, ON, Canada - but help Canadians Coast to Coast.…

1
Ep 55 Navigating Your Pension: What You Need To Know 9:34

5 weeks ago9:34

9:34

In this episode of Smart Wealth, Brett Cranson and Omari Whyte discuss the importance of understanding pensions and retirement accounts, especially when transitioning between jobs. They emphasize the need for financial literacy and tracking legacy accounts to maximize wealth creation. The conversation also highlights the significance of being proactive in managing pensions, particularly for younger individuals who may have worked part-time jobs with pension benefits. The hosts encourage listeners to reach out for assistance in locating and managing their retirement accounts. Takeaways It's important to know what to do with your pension when leaving a job. Tracking your financial details is crucial for wealth management. Legacy accounts can accumulate value without your knowledge. Young workers should be educated about their pension benefits. Financial literacy helps in managing retirement accounts effectively. Proactive management of pensions can lead to better financial outcomes. Reach out for help if you're unsure about your pension status. Understanding your financial assets is key to retirement planning. Maximizing your pension opportunities is essential for wealth creation. Regularly assess your financial portfolio for better results. LinkedIn Brett Cranson: linkedin.com/in/brettcranson LinkedIn Omari Whyte: linkedin.com/in/omari-whyte For business inquiries, please head over to https://www.uptownwealthmanagement.com https://www.familyfirstadvisors.ca email: brett.cranson@ipcsecurities.com omari.whyte@familyfirstadvisors.ca Brett Cranson & Omari Whyte have been helping Canadians with their Financial, Retirement and Estate Planning since 2003. Our office is based in Toronto, ON, Canada - but help Canadians Coast to Coast.…

1
Ep 54 Unlocking the Secrets of Retirement Accounts 9:06

6 weeks ago9:06

9:06

In this episode of Smart Wealth, Brett Cranson and Omari Whyte discuss the intricacies of Locked-In Retirement Accounts (LIRAs) and their importance in retirement planning. They explore how LIRAs function, the options available for managing these accounts, and strategies for maximizing retirement income. The conversation emphasizes the flexibility and control that individuals can have over their retirement funds, as well as the importance of being financially literate in navigating these financial tools. Takeaways A Locked-In Retirement Account (LIRA) is essential for managing pensions from previous employers. You cannot contribute to a LIRA, but it can still grow through investments. LIRAs can provide lifetime income credits similar to pensions. Many individuals are unaware of dormant LIRAs from past employment. You can unlock 50% of a LIRA upon transfer, which can be strategically managed. Transferring a pension to a LIRA allows for more investment control. LIRAs have minimum and maximum withdrawal limits, providing structured income. Flexibility in retirement planning can be achieved through strategic management of LIRAs. Understanding the rules around LIRAs can help optimize retirement income. Financial literacy is crucial for effective wealth management. LinkedIn Brett Cranson: linkedin.com/in/brettcranson LinkedIn Omari Whyte: linkedin.com/in/omari-whyte For business inquiries, please head over to https://www.uptownwealthmanagement.com https://www.familyfirstadvisors.ca email: brett.cranson@ipcsecurities.com omari.whyte@familyfirstadvisors.ca Brett Cranson & Omari Whyte have been helping Canadians with their Financial, Retirement and Estate Planning since 2003. Our office is based in Toronto, ON, Canada - but help Canadians Coast to Coast.…

1
Ep 53 Maximize Your Wealth: The Power of RRSPs 11:47

7 weeks ago11:47

11:47

In this episode of Smart Wealth, Brett Cranson and Omari Whyte delve into the intricacies of retirement savings, focusing primarily on Registered Retirement Savings Plans (RRSPs). They discuss the benefits of RRSPs, including tax advantages and the importance of understanding one's tax bracket. The conversation emphasizes the need for personalized financial planning, as not all individuals may benefit from an RRSP. The hosts encourage listeners to evaluate their financial situations and consider various retirement savings options. Takeaways The RRSP is a primary account for retirement savings. Tax advantages of RRSPs allow for faster capital growth. Refunds from RRSP contributions can significantly boost savings. Understanding your tax bracket is crucial for RRSP benefits. RRSP room accumulates based on earned income, not investment income. Higher earners benefit more from RRSPs due to tax brackets. RRSPs cannot be used as collateral for loans. Not everyone needs an RRSP; alternatives may be better. Professional guidance can help maximize retirement savings. Financial literacy is key to effective wealth management. LinkedIn Brett Cranson: linkedin.com/in/brettcranson LinkedIn Omari Whyte: linkedin.com/in/omari-whyte For business inquiries, please head over to https://www.uptownwealthmanagement.com https://www.familyfirstadvisors.ca email: brett.cranson@ipcsecurities.com omari.whyte@familyfirstadvisors.ca Brett Cranson & Omari Whyte have been helping Canadians with their Financial, Retirement and Estate Planning since 2003. Our office is based in Toronto, ON, Canada - but help Canadians Coast to Coast.…

1
Ep 52 Navigating Tariffs: What You Need To Know 15:12

8 weeks ago15:12

15:12

In this episode of Smart Wealth, Brett Cranson and Omari Whyte discuss the implications of tariffs imposed by the U.S. on imports from Canada and Mexico. They explain what tariffs are, how they affect consumer prices, and the broader economic consequences, including inflation and stock market reactions. The conversation emphasizes the importance of having a financial plan to navigate these changes and offers insights into investment strategies during uncertain times. Takeaways Tariffs are taxes on imported goods that increase consumer prices. Higher tariffs can lead to inflation and reduced purchasing power. Economic activity is primarily driven by consumer spending. Rising costs from tariffs can negatively impact stock market profits. Short-term tariffs may be used as negotiation tactics. Having a financial plan is crucial in uncertain economic times. Investors should avoid selling stocks during market corrections. Diversification in investments can provide downside protection. Understanding financial goals is essential for effective investment strategies. Planning should focus on long-term financial outcomes. LinkedIn Brett Cranson: linkedin.com/in/brettcranson LinkedIn Omari Whyte: linkedin.com/in/omari-whyte For business inquiries, please head over to https://www.uptownwealthmanagement.com https://www.familyfirstadvisors.ca email: brett.cranson@ipcsecurities.com omari.whyte@familyfirstadvisors.ca Brett Cranson & Omari Whyte have been helping Canadians with their Financial, Retirement and Estate Planning since 2003. Our office is based in Toronto, ON, Canada - but help Canadians Coast to Coast.…

1
Ep 51 Navigating Your Retirement Journey 10:01

9 weeks ago10:01

10:01

In this episode of Smart Wealth, Brett Cranson and Omari Whyte discuss the essential steps in retirement planning, emphasizing the importance of starting with a clear understanding of personal goals and seeking professional guidance. They explore how to determine income needs, the significance of tax implications, and the necessity of ongoing planning to adapt to changing circumstances. The conversation highlights the value of personalized financial advice in achieving desired retirement outcomes and ensuring long-term wealth sustainability. Takeaways Seek professional help for retirement planning. Identify your retirement goals before saving. Understand your income needs for retirement. Tax implications are crucial in retirement planning. Retirement planning should be an ongoing process. Your retirement dreams shape your financial strategy. Income needs may change over time. Legacy planning is part of retirement strategy. Not all financial strategies fit every individual. Work with professionals for tailored financial advice. LinkedIn Brett Cranson: linkedin.com/in/brettcranson LinkedIn Omari Whyte: linkedin.com/in/omari-whyte For business inquiries, please head over to https://www.uptownwealthmanagement.com https://www.familyfirstadvisors.ca email: brett.cranson@ipcsecurities.com omari.whyte@familyfirstadvisors.ca Brett Cranson & Omari Whyte have been helping Canadians with their Financial, Retirement and Estate Planning since 2003. Our office is based in Toronto, ON, Canada - but help Canadians Coast to Coast.…

1
Ep 50 Master Your Retirement Plan 11:19

10 weeks ago11:19

11:19

In this episode of Smart Wealth, Brett Cranson and Omari Whyte discuss essential strategies for retirement planning, focusing on the importance of RSP and TFSA accounts. They explore how these accounts function, their tax implications, and the significance of employer contributions. The conversation emphasizes the need for a comprehensive financial plan that considers various income sources and tax management strategies to optimize retirement savings and income. Takeaways RSPs are beneficial for those in higher tax brackets. TFSAs allow tax-free growth and withdrawals. Employer contributions can significantly boost retirement savings. Managing the lifetime tax bill is crucial for retirement planning. Non-registered accounts can complement registered savings accounts. A written financial plan is essential for retirement success. Understanding the tax implications of withdrawals is key. Regular contributions to TFSAs can maximize growth potential. Effective tax management can enhance retirement income. Clients should focus on both growth and net flow of their investments. LinkedIn Brett Cranson: linkedin.com/in/brettcranson LinkedIn Omari Whyte: linkedin.com/in/omari-whyte For business inquiries, please head over to https://www.uptownwealthmanagement.com https://www.familyfirstadvisors.ca email: brett.cranson@ipcsecurities.com omari.whyte@familyfirstadvisors.ca Brett Cranson & Omari Whyte have been helping Canadians with their Financial, Retirement and Estate Planning since 2003. Our office is based in Toronto, ON, Canada - but help Canadians Coast to Coast.…

1
EP 49 Tax Saving Retirement Strategies 9:06

11 weeks ago9:06

9:06

In this episode of Smart Wealth, Brett Cranson and Omari Whyte discuss effective strategies for wealth building and retirement planning, focusing on the transition from RSPs to RIFs. They explore tax planning techniques to optimize income during retirement, emphasizing the importance of maintaining a lower tax bracket while ensuring long-term growth through investments in tax-free savings accounts. The conversation highlights practical examples and encourages listeners to consider their financial futures with informed strategies. Takeaways Maximizing tax planning today can lead to better outcomes tomorrow. Converting RSPs to RIFs strategically can minimize tax impact. Investing in TFSA can provide tax-free growth for future needs. Understanding your tax bracket is crucial for retirement planning. Taking income from RSPs at the right time can save money. Retirement income strategies should consider both current and future needs. It's important to keep options open for contributions until age 71. Effective planning can help manage the eternal tax bill. Utilizing pensions and RSPs together can optimize retirement income. Consulting with financial advisors can enhance retirement strategies. LinkedIn Brett Cranson: linkedin.com/in/brettcranson LinkedIn Omari Whyte: linkedin.com/in/omari-whyte For business inquiries, please head over to https://www.uptownwealthmanagement.com https://www.familyfirstadvisors.ca email: brett.cranson@ipcsecurities.com omari.whyte@familyfirstadvisors.ca Brett Cranson & Omari Whyte have been helping Canadians with their Financial, Retirement and Estate Planning since 2003. Our office is based in Toronto, ON, Canada - but help Canadians Coast to Coast.…

1
Ep 48 Understanding Retirement Income Fund (RIF) payments 12:40

12 weeks ago12:40

12:40

In this episode of Smart Wealth, Brett Cranson and Omari Whyte discuss the importance of setting financial goals for the new year, particularly focusing on retirement income funds (RIFs) and registered retirement savings plans (RSPs). They delve into the common questions clients have regarding RIFs, including when to start taking payments and the tax implications of withdrawals. The conversation emphasizes the need for strategic planning to optimize after-tax income and the importance of maintaining investments to outpace inflation in retirement. Takeaways It's important to set financial goals at the start of the year. Clients often have questions about RIFs and RSPs during this time. RIFs require minimum withdrawals based on the previous year's market value. Tax implications are crucial when withdrawing from RIFs and RSPs. Timing the conversion from RSP to RIF can impact tax outcomes. Clients should consider their overall income sources when planning withdrawals. Withholding tax on RIF payments can lead to confusion among clients. Investments should remain intact in a RIF to combat inflation. Strategic planning can help maximize after-tax income in retirement. Future episodes will cover more strategies related to RIFs. LinkedIn Brett Cranson: linkedin.com/in/brettcranson LinkedIn Omari Whyte: linkedin.com/in/omari-whyte For business inquiries, please head over to https://www.uptownwealthmanagement.com https://www.familyfirstadvisors.ca email: brett.cranson@ipcsecurities.com omari.whyte@familyfirstadvisors.ca Brett Cranson & Omari Whyte have been helping Canadians with their Financial, Retirement and Estate Planning since 2003. Our office is based in Toronto, ON, Canada - but help Canadians Coast to Coast.…

1
EP 47 The Power of Achieving Your New Years Resolutions 15:10

13 weeks ago15:10

15:10

In this episode, Brett Cranson and Omari Whyte discuss the significance of New Year's resolutions, particularly in the context of financial goals. They emphasize the importance of setting clear objectives, creating actionable plans, and maintaining accountability to achieve these goals. The conversation highlights common resolutions related to health and finance, and the necessity of regular check-ins to ensure progress. Both hosts share their personal goals for the year and encourage listeners to engage in a structured approach to their resolutions. Takeaways New Year's resolutions often lead to a reset in goals. Many people fail to stick to their resolutions after a few months. Writing out a plan is crucial for achieving resolutions. Accountability is key to maintaining progress on goals. Regular check-ins can help keep clients on track. Setting financial goals is as important as personal ones. Identifying specific goals can simplify the path to achievement. Personal accountability can enhance commitment to goals. Sharing goals with others can increase accountability. Having a strategy is essential for achieving resolutions. LinkedIn Brett Cranson: linkedin.com/in/brettcranson LinkedIn Omari Whyte: linkedin.com/in/omari-whyte For business inquiries, please head over to https://www.uptownwealthmanagement.com https://www.familyfirstadvisors.ca email: brett.cranson@ipcsecurities.com omari.whyte@familyfirstadvisors.ca Brett Cranson & Omari Whyte have been helping Canadians with their Financial, Retirement and Estate Planning since 2003. Our office is based in Toronto, ON, Canada - but help Canadians Coast to Coast.…

1
Ep 46 Why Setting Goals is Crucial for Financial Planning & Life 14:01

14 weeks ago14:01

14:01

In this conversation, Brett Cranson and Omari Whyte discuss the importance of setting life goals in conjunction with financial planning, especially as the new year approaches. They emphasize the need to integrate health and wellness into financial goals, highlighting how personal well-being can impact financial success. The discussion also covers the significance of measuring progress and maintaining accountability in achieving these goals, ultimately aiming to provide a holistic approach to wealth management. Takeaways Setting life goals is crucial for financial planning. Health and wellness should be integrated into financial goals. Measurable goals help track progress effectively. Accountability is key in achieving personal and financial success. Clients should consider their life plans alongside financial plans. Regular reviews of goals can enhance client engagement. Financial advisors can help structure and guide goal-setting processes. Personal well-being impacts financial success significantly. Planning for health can lead to better financial outcomes. Establishing clear priorities can streamline goal achievement. LinkedIn Brett Cranson: linkedin.com/in/brettcranson LinkedIn Omari Whyte: linkedin.com/in/omari-whyte For business inquiries, please head over to https://www.uptownwealthmanagement.com https://www.familyfirstadvisors.ca email: brett.cranson@ipcsecurities.com omari.whyte@familyfirstadvisors.ca Brett Cranson & Omari Whyte have been helping Canadians with their Financial, Retirement and Estate Planning since 2003. Our office is based in Toronto, ON, Canada - but help Canadians Coast to Coast.…

1
Ep 45 The Impact of Charitable Giving 8:08

15 weeks ago8:08