Dri Financial Group’s top five articles of 2021

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As I write this article on the last day of 2021, I can’t help but reminisce about the themes that we’ve covered during the year.

Some articles were interesting to research, some discussed difficult life situations and others covered technical issues about tax or retirement planning. I enjoyed writing each article and I especially loved reading and responding to the feedback from the readers.

During the year, we wrote 46 articles (one was written by Lora Shapiro) and the articles covered a variety of financial planning issues. I can summarize the themes into five general categories:

  1. The Financial challenges of losing a spouse,
  2. How to create retirement income for life,
  3. Helpful tips to defer tax (i.e., RRSPs, TFSA, RESPs, RDSP, life insurance),
  4. What to do with the family cottage after first death, and
  5. Living off a dividend income.

In 2022, I plan to concentrate on the issues affecting people in the midst of a major life transition, such as:

  • Planning for retirement,
  • Going through a divorce, and
  • Becoming a widow or widower.

Thank you for reading and sharing our articles and please keep sending your feedback.

AND NOW, the top 5 articles of 2021, in descending order:

#5 Retirement Planning for widows and widowers

This article was bittersweet but also incredibly rewarding because it allowed me to share both my experiences but also my knowledge of retirement planning.

The death of Mary meant the loss of my best friend and the end of many of my retirement plans and goals. I began worrying about my new retirement reality, yet as more time passed, I realized that developing a new retirement plan was part of the healing process.

This article allowed me to share my four-step process to help widows and widowers calculate their new retirement pension and take a positive step forward on their own. Learn more about retirement planning for widows and widowers. The team at Dri Financial Group is always available to help.

#4 The importance of estate planning after a divorce

Our lives don’t always go according to plan, that is why it’s necessary to review your estate plan after significant life changes. I wrote this article with four factors in mind: Wills, RRSPs and RRIFs, life annuities and insurance policies.

When a marriage breaks down, it’s important to re-evaluate your plan and amend who receives your assets in the event of your death. This article covered the importance of changing your plans and renaming your beneficiaries. This article was also an opportunity for me to highlight that the team at Dri Financial Group work closely with other professionals, such as lawyers and accountants to help protect your finances after a divorce.

Click here​ to learn more about estate planning after a divorce. The team at Dri Financial Group is always available to help.

#3 Why you don’t want to die without a Will

Having a Will is arguably one of the most important things you can do for yourself and your family. Not only can a Will legally protect your loved ones and assets, but it can also outline exactly how you would like your affairs handled after you have passed on.

With over 25-years experience as a personal financial planner, I feel that it is my responsibility to share my knowledge, so it gives me great pleasure when I can impart information in my articles.

In this article I was able to explain why it is important to have a Will and the five most critical reasons why you don’t want to die without a Will, which included:

  1. You decide who gets what, rather than leaving it in the hands of the provincial government.
  2. You decide who handles your affairs.
  3. You want to leave specifics about how your family is looked after.
  4. There may be others you want to provide for.
  5. You leave more for your beneficiaries and less to the state.

Discover more about why you shouldn’t die without a Will. The team at Dri Financial Group is always available to help.

#2 We started our retirement savings plan late; can we still catch up?

I’ve always been a man with a plan, and I like to break down those plans into bite-sized pieces, as it makes each part manageable. But, not everyone is as organized and it’s easy to let things slip for a few months, maybe a year or even 10-years.

This article was a reminder that it’s never too late to start a retirement savings plan, and it covered six major steps:

  1. Admit you have a problem.
  2. Prepare a retirement projection
  3. Track your spending and earnings
  4. Do you have a spending problem?
  5. Do you have an earning problem?
  6. Are your fixed expenses too high?

I love to give good news to my clients and this article was a good news story from start to finish. Click here​ to learn more about starting a retirement savings plan. The team at Dri Financial Group is always available to help.

#1 How to Live off your dividend income

We all want our last cheque to bounce, right? But until then, we want to be solvent in our retirement years, for however long that might be. My favourite article of 2021 explained how it’s possible to live off a dividend income in your retirement years, and how much is needed to accomplish this goal.

It’s generally recommended in financial planning that retirees save a pool of money/assets sufficient to fund annual withdrawals until their expected age of death. This article discussed the logic behind the Dri Dividend Growth Strategy and how it can help to ensure a steady income in your retirement.

I might be biased but it really is a good read. Delve into my Dri Dividend Growth Strategy. The team at Dri Financial Group is always available to help.

Final thoughts

2021 was certainly a funny ol’ year. I have my fingers and toes crossed that 2022 will be better for all of us. Take a little time to read my top five of 2021, and if you still have questions, call my office to book an appointment. We will help you start 2022 in a positive and profitable way.

In fact, if you have any goal in mind — big or small — that requires some financial planning, but you’re struggling with where to start, reach out to our team. We have the expertise and life experiences to help guide you to achieving your goals.

Contact us today to learn more about the options available to you. CLICK HERE.

Learn more:

The process of finding a financial advisor can be overwhelming. It is our job to make that process simpler and easier.

Dri Financial Group’s proprietary Wealth Navigator Process is designed with you in mind.

Its structured framework helps you make an informed decision and feel confident in our team and management practices before we get started.

We offer you a range of services from creating bespoke financial plans and providing investment advice to helping you take advantage of our investment models. If you would like more information on the Wealth Navigator Process or our team, call me any time at 416.355.6370 or email me at richard.dri@scotiawealth.com.
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If you are ready to dive deeper into your financial literacy journey, we have a wide range of free tools and educational resources available.

source https://richarddri.ca/dri-financial-groups-top-five-articles-of-2021/

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The Dri Financial Group motivates entrepreneurs and their families to enhance their financial life. Our team of experienced entrepreneurs, personalized financial planning tools and proprietary investment strategies are the cornerstone of our program’ s success

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