Stay – Don’t Stray – the Course

June 3, 2022 drifinancialLeave a comment

Global circumstances have created an unusually bearish market. But that doesn’t mean these are desperate times that call for desperate measures.

Want to hear a financial advisor joke? Of course, you do. Who doesn’t?

Two investors walk into a bar. The first one is visibly agitated. The other, calm.

Investor A: “The U.S. stock market is a bear market right now! Canadian and U.S. bonds are down, inflation is up like we haven’t seen in decades, and interest rates are rising… with the Bank of Canada predicting even higher rates! There’s a war in Ukraine, COVID just won’t go away here and especially in China, consumer confidence is dropping, a recession seems imminent, there’s so much uncertainty… What should I do with my money?”

Investor B: “Stay the course. Things will improve, they always have.”

Investor A: “Are you kidding? The world is ending. I want out!”

Okay, it’s not much of a joke, is it? In fact, it’s a pretty typical conversation in these turbulent times, when it seems everything’s unknowable. Not just the market… everything. (Btw, this story had a happy ending: After Investor A stormed out of the bar, he turned to his Wealth advisor for help.)

SHOULD I STAY OR SHOULD I GO?

My cautious investor side and 30 years of professional experience put me in the “stay” category. But why does human nature fight so hard against that? I believe that in times of uncertainty, people are in need of a “fast fix”… the feeling that they’re doing something that will soothe their nerves and make the world all right (“Retail Therapy” exists for a reason).

Here’s why I think it’s so hard for us to “stay the course”:

1) Investors like chasing shiny objects

Humans love novelty. We like to try new food, go to new places, meet new people, buy new cars. We also love to hear – and speculate – about “new” ideas. Here’s the perfect example: Not long ago, cannabis was the new big thing. This shiny new object saw investors falling all over themselves to invest in cannabis stock; clients were calling and asking to sell off solid, dividend-paying stocks to reinvest those proceeds into cannabis stocks such as Canopy Growth Stock.

Canopy turned out to be one wild ride. It went public at around $7, skyrocketed to about $60, and now trades right back where I started at approximately $7. Based on what I saw, many investors bought high and sold very, very low… and lost a lot of money.

Cryptocurrency might be considered another shiny object. Bitcoin hit a high of $70.000 U.S. and now trades at approximately $30,000 U.S. Again, many investors bought at that $80K high (or not far from it) only to see the value plummet.

Those “shiny new objects” can be a lot like a dog seeing a squirrel, and being so distracted and focused that they chase it into oncoming traffic. Investors, too often, do the same… losing their common sense and chasing new and speculative ideas straight into financial losses.

2) Fear of Missing Out (FOMO)

Imagine your friend has a pool party. All your favourite people are invited… except you. All that fun that all the cool people are privy to, and you’re not part of it.

Who wouldn’t hate that? I would!

That scenario happens with stocks all of the time. For example, if your cycling buddies bragged about how much they’re making on an investment, wouldn’t’ you want to go for that ride? To the point that you might forget your investment discipline and jump in without appropriate due diligence?

But investing isn’t a pool party. And like party small talk, some people might boast about their “wins” or toy with the truth somewhat when talking about their investments. Do your research before taking that dive.

3) The patience of Job

Here’s a parable that I often apply to investing: The Book of Job.

In this tale, Satan curses Job with unimaginable hardships: the loss of his possessions, his children and, ultimately, his own health.

Satan does all he can to get Job to renounce his God. Yet, through everything, Job remains steadfast in his faith and his patience in God.

When I invest, I often think about the “Market Satan” throwing everything she or he can muster at investors (including, but not restricted to, shiny objects and FOMO) in the hope of throwing us off our investment plan.

“Market Satan”, get thee behind me. Investing can be very simple, but it can also take the strength of, yes, Jobe to summon up the patience to stay the course when the market runs hot and cold. Resist that easy temptation to bounce around from one investment to the next. Keep faith in your plan.

A FIVE POINT PLAN FOR BUILDING AN INVESTMENT PLAN

We’ve established that investors like to chase shiny new objects, follow the crowd, and grow impatient with underperforming investments. So, what’s an investor to do… especially in these bear market days? (Or, to be honest, at any time?)

I suggest building an investment plan before any money is invested. Here’s how to approach it:

Ensure your plan has a strategy to handle a bear market (i.e.: increasing cash positions)
Select an investment strategy that fits your risk attitude
Create an asset allocation that balances your willingness, need and ability to take risks
Avoid timing the market
Follow your plan come hell or high water.

My previous blog, The Why, What and How of Creating Your Investment Policy Statement shares more info on approaching a plan.

ONE FINAL WORD OF CAUTION

I generally advise clients to hold their investments during market declines because we’ve built investment plans that allow for these inevitabilities by populating them with large and stable Canadian and U.S. companies. Hence, no changes are needed.

However, I often meet new clients that don’t have an investment plan; who’ve invested in speculative stocks and brought far too high a risk level to their portfolio. In these cases, I recommend changing their portfolio ASAP, despite the market conditions.

If you’re unsure whether your investment plan is appropriate for your investor profile, please call me and I will personally review your portfolio and you decide if you should stay or go.

“Stay the course” may not be a great punchline to a joke. But it is serious, solid financial advice in a turbulent market like the one we’re seeing today.

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.
—

Beyond helping you manage your finances, we take pride in motivating, educating and helping you expand your financial literacy. We are here to answer any questions you have and to help you feel in control of your financial destiny.

If you are ready to dive deeper into your financial literacy journey, we have a wide range of free tools and educational resources available.

- Subscribe to our Never Retire Newsletter
- Contact us to order a complimentary e-book
- Check-out our latest Wealth Navigator Podcast
- Follow me on LinkedIn

source https://richarddri.ca/stay-dont-stray-the-course/

“Retiring to” vs. “Retiring from”

May 26, 2022 drifinancialLeave a comment

Don’t confuse retirement with vacation. It’s important you create a plan that’s fulfilling for the long-term, and about more than just having the money.

I recently turned 60. Five years away from retirement, if you go by the traditional norm. Or five years past it, if you go by what was first promoted back in the 1980s.

Remember the idea of “freedom 55”? It was a great advertising slogan in its day, but is it really doable?

Probably not today, at least not for most of us. People are living longer now, and economic factors have introduced a level of uncertainty into that idea.

Then there’s this – a lot of people still love what they do professionally. I’m one of them. Work still fulfills me. So, I might retire in five years when I’m 65, or I might not. But when I do, my retirement will have a purpose.

It’s important you take a hard look at retirement. Because I’ll tell you what retirement isn’t. Retirement isn’t 20+ years of vacation where you golf, garden, paint canvases and frolic with grandkids. You can only do that for so long before that greater, inborn need for personal fulfillment enters the picture.

That’s a truth I’ve learned while helping hundreds of clients prepare for and ultimately enjoy their retirement. Along the way, I’ve discovered the happiest retirees are consistently those “to something” rather than those who retire “from something”.

DON’T RETIRE “FROM”. RETIRE “TO”.

Let me explain what I mean. Right now, I’m employed by Scotiabank. When I retire, I could say, “I can’t wait to retire from Scotiabank!” Or I could say, “I can’t wait to retire to my new job of mentoring the next generation of financial planners, volunteering at Princess Margaret Hospital, and cycling in every province and state in Canada and the U.S.

From or to. Which sounds better?

“Retiring from” sounds like I’m leaving my job without specifying what comes after that. And from what I’ve seen, pre-retirees who retire with a vague retirement dream are often dissatisfied with the reality retirement ultimately brings. Some, sadly, even die sooner.

Too many retirees plan to re-organize their basement, paint the house, play golf, or finally learn to play the ukulele. Don’t get me wrong, those are great goals, but they’re short-term. But once the house is fixed up and you’ve achieved that par 4, then what?

Dan Sullivan of “The Strategic Coach” offers this wisdom: “Always make your future bigger than your past”. And he believes this to be true even during retirement.

HOW DOES A RETIREE MAKE THEIR FUTURE BIGGER THAN THEIR PAST?

A lot of retirees think their best days are behind them. That from now on it’s all about simply trying to stay healthy and live as long as possible.

Personally, I prefer a long life and a fulfilled one. I can’t imagine year after year going by that doesn’t bring some form of personal improvement, whether it’s in the field of education, fitness and activity, philanthropy or family wealth, anything that means growth.

As a financial planner for the past 30 years, I believe I excel at doing what financial planners do: helping their clients:

A) Calculate the amount of money they’ll need to retire comfortably

https://richarddri.ca/retirement-planning-for-widows-and-widowers/
https://richarddri.ca/8-retirement-income-sources-for-widows/

B) Determine an appropriate investment strategy for their funds.

https://richarddri.ca/richard-dri-canadian-dividend-growth-model/
https://richarddri.ca/what-is-the-dri-dividend-investment-strategy/

C) Adjust their investment portfolio as life changes.

https://richarddri.ca/how-does-your-risk-tolerance-impact-your-investment-success/
https://richarddri.ca/why-you-need-to-keep-rebalancing-in-mind-at-all-times-and-how-to-do-it/

But many advisors are uncomfortable helping pre-retirees shape their personal vision of retirement. Who are we to make their life plans for them? And they’re even more uneasy helping recent widows and widowers reshape an entirely new retirement plan once their original vision ceased to be. Can you blame them?

MY PERSONAL EXPERIENCE AND HOW I APPROACH RETIREMENT AS A WIDOWER

As you know, I’m a recent widower myself. Before Mary died, I was petrified to ask a new widow or widower about their retirement goals. I expected a sad and hopeless discussion, and somehow it just felt… insensitive.

Now that I’m a widower, I find myself constantly rethinking my retirement vision. When Mary was here, I thought we had it all planned… together. Now seeing a future that’s “bigger than my past” seems (at times) unbearably daunting. But I owe it to myself, my children and, yes, to Mary, to really make the most of this next phase of my life… solo.

Here’s how I see my solo retirement phase:

Let’s assume I retire from Scotiabank at 65 (remember, I’m now 60) and, fate willing, I die at 90. That means I have 25 years ahead of me. Almost a full 1/3rd of my life. That’s going to require a plan.

The Plan. Step 1: Ask yourself, “What activities am I most passionate about?” Some retirees might say travelling, cooking, babysitting grandchildren, maybe even starting a new business. Others might say volunteering, mentoring, and cycling to keep fit and explore new areas.

When I asked myself, I found I have three passions:

helping widows and widowers with their finances;
staying in peak fitness by cycling every province and state in North America; and
where possible, helping find a cure for cancer.

The Plan. Step 2. Now, how do I turn these passions into activities?

I have extensive financial planning knowledge and know what it’s like to be a widower, so I feel I can apply my professional and personal skills to build a consulting firm that offers financial planning assistance to widows and widowers.
I love cycling and I figure I can ride in Canada during the summer months and move to warmer climates in the southern U.S. and cycle down there in the winter.
As readers know, Mary died of ovarian cancer and it’s become my mission to help, where I can with the cure for cancer, Of course, I’m not going to find the cure myself, but I can participate in fundraising campaigns and start my own charitable trust aimed at providing financial assistance to cancer research projects

The Plan. Step 3. You’ve established the activities. Now put them in a calendar. My former 40 hours of the “work week” are now freed up. I think I’d spend about 15 hours per week cycling and weight training, 20 hours working on my consulting business and the remaining 5 hours devoted to my cancer passion (volunteering and raising money).

That leaves me with about 56 “personal“ hours in the week (giving myself a full 8 hours of sleep a night). Here’s what I’d do with them:

I’ll nourish my brain by reading, listening to podcasts and attending workshops,
I will strengthen my friendship by arranging lunch dates and dinner parties
Finally, and the most important, I’ll stay involved in the lives of my three children who now live in Toronto, New York, and Denver.

Will that keep me occupied and fulfilled for 25 years? I think so, but 82-year-old me might not agree down the line. That’s okay, I’ll make new plans… because I know what steps to take.

IS IT TIME YOU BEGAN ENVISIONING YOUR RETIREMENT?

Determining what you need to save for a comfortable retirement is a relatively simple calculation. But planning your retirement vision is a much bigger project. I suggest pre-retirees start envisioning their retirement 3-5 years prior and ensure that they’re retiring to something… not from something.

Should tragedy hit and your partner dies before or during retirement, throw away the old retirement vision and begin planning a new vision for one. If you find you need help, please give me a call. I will personally help you move forward on your own.

Think of it… the possibility of 25 years ahead to do whatever you want. So… what do you want to do?

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.

If you are ready to dive deeper into your financial literacy journey, we have a wide range of free tools and educational resources available.

- Subscribe to our Never Retire Newsletter
- Contact us to order a complimentary e-book
- Check-out our latest Wealth Navigator Podcast
- Follow me on LinkedIn

source https://richarddri.ca/retiring-to-vs-retiring-from/

U.S. Treasury Yields Keep Climbing as Fed Contemplates Aggressive Hikes

May 19, 2022 drifinancialLeave a comment

U.S. stocks registered minimal losses on Monday, while 10-year U.S. Treasurys continued their climb after the long holiday weekend, hitting 2.861%.

In Canada, the TSX ended with a slight 23-point gain, buoyed by rallying energy stocks, as natural gas prices in the U.S. hit a 13-year high.

Major U.S. stock indexes had their best day in a month on Tuesday as investors parsed the latest round of earnings reports and how inflation is impacting corporate profits. The Dow was up 500 points, the S&P 500 climbed 70 points, while the tech-heavy Nasdaq jumped 287 points. In bond markets, 10-year U.S. Treasury yields rose yet again to 2.911%. The TSX also ended in positive territory, adding 140 points, although declining energy shares weighed on the index.

Statistics Canada reported Wednesday that the country’s inflation rate climbed to 6.7% in March, a full percentage point higher than February’s previous 30-year high. The loonie surged above the US80-cent mark after the inflation report, up about three-quarters of a cent on the day. Meanwhile, in the U.S., data last week indicated that the CPI rose to 8.5% in March year-over-year, the fastest annual pace since December 1981. It was a mixed day for U.S. markets on Wednesday. The Dow climbed 249 points, the S&P 500 was essentially flat, while the Nasdaq dropped 166 points, weighed down by tumbling Netflix shares, which plunged 35% after the streaming giant reported a drop in subscribers. In Canada, the TSX shed 20 points.

After being up for much of the day, U.S. stocks fell late Thursday, as a selloff in government bonds accelerated, with 10-year U.S. Treasurys reaching 2.939% Thursday, up nearly 100 basis points from Wednesday. Much of the selling pressure came in response to Fed Chair Jerome Powell’s remarks that a 50-basis-point hike will be “on the table” when the Fed meets in early May. Powell’s comments were made Thursday afternoon, speaking during a meeting of the International Monetary Fund. By Thursday’s close, the Nasdaq had dropped 278 points, while the Dow and S&P 500 lost 368 and 66, respectively. In Canada, the TSX tumbled 347 points, thanks to declining shares in the energy and materials sectors.

Dow Gains Ground; Nasdaq, TSX Decline

For the four trading days covered in this report, the Dow gained 342 points to close at 34,793, the S&P 500 added 2 points to settle at 4,394, while the tech-heavy Nasdaq sunk 176 points to close at 13,175. In Canada, the TSX lost 205 points to end at 21,650.

source https://richarddri.ca/u-s-treasury-yields-keep-climbing-as-fed-contemplates-aggressive-hikes/

Tech Stocks Decline as Investors Weigh Fed Plans

May 19, 2022 drifinancialLeave a comment

U.S. equity markets climbed Monday as investors went bargain shopping in the beaten-down tech sector, which has come under pressure this year as the Fed continues to unveil its ongoing strategy for raising interest rates.

It was a strong day for the Nasdaq, which climbed 271 points, while the TSX added 132 points, as oil prices rose over speculation that European nations could shift away from Russian energy sooner than expected.

Wall Street indexes fell Tuesday after Fed governor Lael Brainard’s comments that the central bank is strongly committed to cutting inflation this year, a sign that the Fed may raise rates by 50 basis points at its next meeting. Following Brainard’s remarks, Wall Street’s selloff accelerated, and government bond yields jumped. The TSX also ended in the red, dragged down by the energy and materials sectors.

Bond yields hit their highest level in three years, and the Nasdaq logged a decline of over 2% for a second straight day on Wednesday. Government bonds sold off for a fourth straight session after minutes from the Fed’s March meeting further detailed the central bank’s plans to fight inflation. After falling 2.3% on Tuesday, the Nasdaq shed an additional 2.2% Wednesday, as tech stocks continue to fall in the wake of the Fed’s plans. Canada’s TSX also closed lower Wednesday, with the tech sector posting a 3.3% drop for the day.

After being down for much of the day, North American markets staged a late rally Thursday to secure nominal gains, breaking a two-day losing streak. Finally, in yield curve news, the U.S. yield curve remained slightly inverted between 2- and 10-year Treasurys on Monday, but steepened slightly later in the week.

North American Markets Lose Ground

For the four trading days covered in this report, the Dow lost 235 points to close at 34,583, the S&P 500 dropped 46 points to settle at 4,500, while the tech-heavy Nasdaq sunk 364 points to close at 13,897. In Canada, the TSX lost 118 points to end at 21,835.

source https://richarddri.ca/tech-stocks-decline-as-investors-weigh-fed-plans/

U.S. Stocks Close Out Q1 on a Down Note as War in Ukraine Continues

May 19, 2022 drifinancialLeave a comment

U.S. stocks closed slightly higher following a volatile session Monday, while bond yields remained near three- year highs, as investors braced themselves for a new period of rising rates from the Fed. By Monday’s close, the Nasdaq was up 185 points, while the Dow and S&P 500 recorded more modest gains. In Canada, the TSX fell 28 points, with the energy sector retreating from recent highs as concerns over demand from China weighed on oil prices.

North American markets registered solid gains, and oil prices recorded their largest declines in more than a week on Tuesday, as Brent crude fell about 2% to settle around $110 a barrel. In Canada, the TSX was up 109 points, buoyed by Shopify, which rose 5.8%.

Major North American markets were slightly in the red on Wednesday, as rising commodity prices and a lack of progress in cease-fire talks between Russia and Ukraine weighed on investors. Meanwhile, the loonie on Wednesday strengthened to its highest level in nearly five months against the greenback, hitting 80.4 US cents. U.S. stocks finished the first quarter on a down note Thursday, with their biggest quarterly decline in two years, as investors grapple with rising rates, inflation and the war in Ukraine. For Q1, the S&P 500 fell nearly 5%, while the Nasdaq and Dow lost 9.1% and 4.6%, respectively. The TSX also closed lower on Thursday, with the energy, financials and materials sectors all losing ground.

Finally, the closely watched yield curve between 2-year and 10-year U.S. Treasuries was around 4 basis points Thursday, after briefly inverting on Tuesday. An inversion is generally viewed as a reliable signal of a recession within the next 12 to 24 months.

source https://richarddri.ca/u-s-stocks-close-out-q1-on-a-down-note-as-war-in-ukraine-continues/

How can a widow reduce tax impact on their estate?

May 19, 2022 drifinancialLeave a comment

Transferring a deceased spouse’s RRSP balance into your own can impact what your loved ones receive on your own death. Let’s fix that.

As you know I’m a conservative investor; I believe one of the foundations of any personal or family investment plan is an RRSP.

From practically the day we married until she passed, my late wife Mary and I diligently put every dime possible into individual RRSPs. When she died, the Canadian Revenue Agency (CRA) allowed me to transfer Mary’s RRSP, tax-free, into my own.

Today, that leaves me with a sizeable RRSP balance – which puts me in a comfortable financial situation but, like so much involving Mary’s death and the pursuant financials, has a tinge and sadness and guilt.

The comforting thing is, thanks to Mary, I have a financial buffer I may never use up in my lifetime. Together we agreed to postpone today’s spending for future security. I’m good.

Which leads back to the sadness and guilt. Our frugal ways during her lifetime meant Mary undoubtedly sacrificed some of the better things of life in order to invest in, for her, a day that wouldn’t come.

As the survivor, I put inordinate thought into what to do with that money we saved together. I discussed “life insurance guilt” in a previous blog; that feeling exists here as well. I felt awful thinking about using that money for myself, versus the long retirement together we planned.

In my blog about “life insurance guilt”, I talked about how to deal with the guilt and grief of financially benefitting from a spouse’s death – and how I finally understood that Mary would want (or knowing her, demand!) I use the money as I see fit. She’d trust me.

MARY’S VOICE SAID, “USE THAT MONEY WISELY”. SO, I DID.

I decided to use the RRSP to achieve three objectives:

Keep the money conservatively invested (because that’s who I am)
Use what I need to live a comfortable life (because that’s what Mary would want)
Offset the tax paid on my own passing by buying a life insurance policy (because that’s a prudent thing to do – and I’ll tell you why):

As in my situation, when the first spouse of a married couple dies, the deceased spouse’s RRSP/RRIF balance may be transferred – on a tax-free basis – to the surviving spouse’s RRSP/RRIF. This is what that looks like:

Prior to Mary’s death	Mary’s $500,000 RRSP + Richard’s $500,000 RRSP = $1,000,000
After Mary’s death	Richard’s post-transfer RRSP = $1,000,000

This sets up a dual problem: Because I’m widowed, while I’m alive I can’t pension-split my RRSP withdrawals with my spouse. What’s more, when I die the entire remaining RRSP/RRIP balance is included in my final year’s tax return. I’m seeing myself pushed into the highest tax bracket.

Fast forward to the future. Now I’m dead. Any tax on the remaining RRSP/RRIF balance post-transfer (assuming there is some) is due on the death of the second spouse. Let’s assume my balance remains at that level when I die (these are made-up numbers, by the way):

At Richard’s death	Richard’s final RRSP balance = $1,000,000
50% marginal tax rate	Tax due on Richard’s passing = $500,000

Wow, half a million dollars – that’s a huge cheque for my estate to write to CRA. And I’d rather see my kids and their kids get that money.

So how do I minimize this tax on my estate? Life insurance might just be the answer.

DON’T BELIEVE IN LIFE INSURANCE? LET ME TALK YOU OUT OF THAT.

I’ve been a financial advisor for 25+ years and, when the conversation turns to life insurance, people have… opinions. People say, “I don’t believe in insurance!”, to which I reply, “Insurance isn’t a religion.” I’ve heard, “I’ll self-insure” and my only answer is, “So you have enough money saved up if you die tomorrow?”

I’ve heard more, but I like to keep this blog family-friendly.

When I discuss the tax due on a second death, I’ll often get, “The kids will inherit whatever’s left after the taxes are paid. If that’s zero, that’s what they get.” But do you really want to do that to your kids?

I wouldn’t. Mary wouldn’t.

We worked hard to become financially independent, and I see it as my responsibility to minimize the tax impact on my estate – and its beneficiaries.

Now let’s look at how life insurance can work to mitigate taxes:

As shown earlier, let’s assume that when I die, the tax liability from my RRSP/RRIF is $500,000. Let’s also assume I’ve taken out a 25-year term policy for $500,000, at $500 per month.

Final assumption: I’m going to die in 22 years, or when I’m 82. (Again, for demonstration purposes only.) I’ll use the actuarial tables as my guide.

I’m now 60 years old – and estimating I’ll live until 82
The cost of the policy over 22 years is $132,000 ($500 x 12 months x 22 years)
If I don’t buy life insurance, my estate receives $500,000 after tax
If I DO buy this policy, my estate receives $868,000

$1,000,000 balance
– $500,000 tax
– $132,000 premiums
+ $500,000 life insurance
= $868,000 to my kids

Or, in simplest terms:

NO insurance: Estate = $500,000
WITH insurance: Estate = $868,000

My estate (only considering my RRSP) is larger by a massive $368,000 because the insurance payout replenishes the portion lost to taxes.

SO, IS THERE A CATCH? SHORT ANSWER: “NO”

There must be a catch, right? Not that I can see. I’m 60 years young and in good health, so my life insurance premiums are still relatively inexpensive. So, I can only advise that you buy insurance sooner than later, and keep fit.

But the biggest advantage is that life insurance death benefits are tax-free. The only drawback is that $6,000 worth of lifestyle expenses each year go to pay the premiums. To me, that’s a small price to pay.

I know life insurance isn’t for everybody (did I mention my non-family-friendly client conversations?), but I see it as the perfect way to replenish some if not all of the hole taxes incur on an RRSP/RRIF balance when a second spouse dies.

If you’re wondering how much your assets might be taxed on second death, or are looking for other ways to ensure your loved ones receive as much of an inheritance as possible, give me a call. I’ll personally work with you to help you replenish your estate.

This one simple move can help see that a widow or widower can live a rich retirement while looking out for their kids as well.

We owe that much to our late spouses.

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.

If you are ready to dive deeper into your financial literacy journey, we have a wide range of free tools and educational resources available.

- Subscribe to our Never Retire Newsletter
- Contact us to order a complimentary e-book
- Check-out our latest Wealth Navigator Podcast
- Follow me on LinkedIn

source https://richarddri.ca/how-can-a-widow-reduce-tax-impact-on-their-estate/

What would your letter to the future say?

May 11, 2022 drifinancialLeave a comment

Reading the journals Mary had written in the months leading to her death reinforced what’s important to leave behind.

If you follow my blogs (and I hope you do!) you’ll see that I write a lot about legacies – the things we do to ensure our kids have comfortable and promising futures, or stuff that should be taken care of when we’re no longer there.

Much of that conversation centres around financial concerns. Last week I wrote about living inheritances, and in the past, I’ve discussed how we can ensure our children’s education is paid for, how to support the purchase of a first home, and many other such pressing topics.

Of course, those are the practicalities of financial concerns. That’s why a Last Will and Testament is so very important. If you haven’t prepared a Will, it’s critical that you do. Nobody knows what tomorrow might bring.

But the document I want to talk about today is a legacy letter. This isn’t a document that replaces a Will or Powers of Attorney document, but one that complements those legal papers with your own personal message.

A legacy letter is a document in which you record – in your own words, and as deep from within as possible – your personal hopes and lessons you’d like to pass forward to your surviving loved ones. This is your opportunity to state, in a lasting way, your values, memories, stories and thank you’s to those who mean so much to you.

Of course, this “letter” doesn’t have to be a physical piece of paper. It can be an audio or video recording; whatever method allows you to best express yourself. You could write one main letter, or individual messages to your children, grandchildren, and friends.

The thoughts left behind last forever.

My late wife Mary didn’t write a legacy letter. I doubt she’d even heard of such a thing. But she did put her thoughts into writing – and in her words I saw the power and importance of leaving behind a legacy letter.

During the last three years of her life, Mary kept a journal. Every single day she detailed what exactly she did, how she was feeling, and what her journey was teaching her. They’re raw and reveal her emotional state stripped bare, as she dealt with cancer, chemo treatments and saying goodbye to her family.

Every day for three years, she wrote. That’s more than 1,000 entries, each in her own hand (she had truly lovely penmanship!). I visit that journal often, and as hard as it is for me to read it, I can only imagine how difficult it was for her to write it.

Jottings from Mary’s journals:

Here’s a bit from Mary’s journal, written on January 1st, 2016:
“The start of a new and promising year, Happy New Year! I hope this year will be filled with good news of my recovery. I must remain positive to ensure positive results in January. I have the backing of my family and friends which means I can do this through their love and support. I’m grateful to have them.”

That positivity was difficult for her to hold onto. A year and a half later, on May 20th, 2017, Mary confided:
“I’m depressed because I can’t cope anymore. It seems like I don’t have any fight within me. I just can’t cope. I don’t know what to do, how can I continue? I am losing my drive. I cried myself to sleep after taking a sleeping pill.”

Another 17 months flew by and a quieter, introspective Mary marked our wedding anniversary. On October 11th, 2018, she wrote:
“We celebrate our marriage of 32 years. Rick has been by my side for all of these years and his love and support have been comforting. He is a great husband and individual who has respected and loved me throughout this diagnosis. I love him very much.”

Going through these journals is, of course, heartbreaking. But it’s comforting too. Flipping through the pages, I can hear her voice. When she’s happy, when she’s frightened, when she’s feeling loved and contentment. She’s there with me. And I’m with her.

So, while Mary’s journals technically aren’t a “legacy letter”, they were ultimately her way of sharing her thoughts, fears and wishes for the future with her family and, hopefully, for generations to follow.

Pen. Paper. Thoughts. How to write a legacy letter.

There’s no right or wrong way to write a legacy letter, no rules to follow. Believe me, this is about as personal a document – or series of documents – as you can imagine. But I’ve reviewed many legacy letters online, and they all have a similar thread running through them.

With that, I’d like to offer up a framework, something to guide you as you prepare your own legacy letter(s):

Think of who you are writing to. Is it a child, your spouse, or a dear friend?
Thank them for what they’ve brought to your life. (“Thank you for the endless miles we cycled together, and for the countless espressos and laughs we shared along the way.”)
Spell out two to five things that life has taught you. For me, I found that self-employment allowed me to create my own destiny.
Share what’s most important to you in life. My family is the most important asset I have. What’s yours?

Finally, if I could go back in time and advise Mary on the letters she never wrote, I would have suggested ones focused on each major life event yet to come for our children: major life events to come: graduation, first job, marriage, children, all the things she’d never witness herself.

Again, this is just a guide. All that matters is that you write from the heart. And rewrite it and rewrite it until it’s as honest as you can make it.

A legacy letter is a fluid document.

Once a legacy letter is written, that doesn’t mean it’s set in stone. Feel free to change it as your life changes. When I was younger, getting a good education and the perfect job was everything to me. Today, being an attentive parent and a good friend is what I value. (Btw, it’s always eye-opening to read what “younger you” has written – never throw out an “expired” legacy letter!)

If this blog, has you thinking about writing a legacy letter (or maybe it was already on your mind) and you’d like further guidance or some constructive feedback, I’d happily assist. Feel free to book an appointment with us and I’ll personally sit down with you to discuss it.

A letter may seem to be a small thing to leave behind, but its worth can be immeasurable. These are your words. Your thoughts. Your dreams and beliefs. Your hopes for your loved ones’ futures.

This is your true legacy.

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.

If you are ready to dive deeper into your financial literacy journey, we have a wide range of free tools and educational resources available.

- Subscribe to our Never Retire Newsletter
- Contact us to order a complimentary e-book
- Check-out our latest Wealth Navigator Podcast
- Follow me on LinkedIn

source https://richarddri.ca/what-would-your-letter-to-the-future-say/

The wisdom and worry of “living inheritances”

May 6, 2022 drifinancialLeave a comment

My late wife didn’t see how our kids invested their inheritances. But I have, and all three have done Mom and me proud.

“Living inheritance”. It’s a bit of an oxymoron… like “jumbo shrimp” or “virtual reality”. But it’s a real thing; something I personally believe in and something that’s growing in popularity for a number of reasons.

A living inheritance is exactly what it sounds like. A plan where parents can provide their kids some or all of the financial legacy intended for them, but during their lifetime. After all, why wait until you’re gone to have your children benefit from the wealth you’ve accumulated that you can comfortably (emphasis on “comfortably”) share with them now… when you’re here to enjoy it?

This is something I did with my own children. Each of my three children received $50,000 to do what they wish, as long as it provided long term returns. My oldest put a down payment on a house. Middle child paid for most of his graduate degree. The youngest – still living at home and going to school – banked hers for the future.

My late wife Mary and I arranged this before her (unexpected) passing, and I know that she would take great pride in seeing her kids be so practical with this pretty substantial chunk of cash. It was proof that we taught our kids to be respectful and responsible with money.

That’s why I emphasized the word “comfortably” earlier. If you’re considering a living inheritance, you have to ask the hard questions of whether your own children would spend the money wisely, sit on it, or squander it. Did you bring up financially savvy kids who could handle what they might see as “free money”?

What would your kids do if they were suddenly handed $50,000?

Let me start with what I see as one of the fundamental principles of raising children; one that guided Mary and I before we decided to hand $150,000 of our hard-earned cash to our three kids.

To me, it’s a parent’s job to see that their offspring are financially literate. That’s not because I’m a financial advisor; it’s because I’m a Dad who wants his kids to be smart with their money (or mine, if I give some to them). The subject of money was never taboo in the Dri household; Mary and I created teaching opportunities whenever we could from the time our kids were very young.

The result? Young people who’ve always known the value of a dollar, and made fewer requests from the Bank of Mom and Dad – whether it was to buy a new pair of kicks or a first home.

It’s the old proverb: “Give a man a fish and you feed him for a day. Teach a man to fish and you feed him for a lifetime.”

Investing that living inheritance into a place to live

I mentioned about my oldest child putting his living inheritance towards a home. That’s a great use (smart kid!), and there’s a new investment tool that can provide a lesson in how to do it right:

If you have been training your kids about money since birth and agree with concept of using a living inheritance as a financial lesson, then you’ll be very interested in the new First Home Savings Account.

What’s a First Home Savings Account (FHSA)

A First Home Savings Account is an investment vehicle proposed by the federal government in the 2022 budget. As of this writing, the FHSA has not yet come into law. Once it launches it means tax-free growth for funds put toward buying a first home.

Here are the basics behind an FHSA:

Any resident of Canada between the ages of 18 and 40 can open a plan
They can’t have owned a home in the year the plan was opened or during the past four years
Contributions are $8,000 per year to a maximum of $40,000 and grow tax-free
Contributions are tax deductible
Unused contribution room is not accumulated or carried forward
Withdraws of contributions and investment gains are tax-free when used to buy a first home
The plan can remain open for fifteen years
Any remaining funds can be transferred to a RRSP or a RRIF on a tax-free rollover basis.

What would I recommend your kids do with a living inheritance?

I’m a fairly conservative investor, I like to do things pragmatically in ways that maximize my money. So, assuming your kids aren’t financial mavens, here’s what I’d recommend you do:

A) Offer to put funds into a First Home Savings Account

Once your children (or grandkids) turn 18, make them this offer:

YOU WILL (as the Bank of Mom and Dad or Grandma/Grandpa) give them $8,000 a year for five years to invest in a FHSA to buy a home before they turn 33 years old.
THEY WILL (as responsible adults) manage the funds – BUT all buys and sells must be fully researched and given the thumbs up by the Bank of Mom and Dad before any investment can be made.

By contributing to your child’s FHSA, you…

teach your kids how to invest
transfer up to $40,000 to the next generation with the funds growing tax free for up to 15 years
see your kids save up for their first home purchase.

B) Open or top up a Tax Free Savings Account (TFSA)

Beyond a first home, your living inheritance can also be used to top up the children’s Tax free Savings Account. As of 2022, the cumulative limit for TFSA is $81,500 and the annual limit is currently $6,000 per year.

The key difference between a TFSA and FHSA are…

TFSA contributions are not tax deductible
the plan may remain in the plan for life.

Just like a FHSA, the TFSA teaches kids about money, transfers money to the next generation, and provides funds for future use – for a down payment for a house, or as part of a retirement plan.

Let’s teach your kids to fish — together

I can’t emphasize enough how important it is to have money-smart children – at any age. As they approach adulthood, or even if they’ve been “adulting” for some time, financial education becomes more critical, especially if you’re looking to provide them with a living inheritance or some other form or financial support that requires wise investing.

I suggest a family conversation, one I’d be happy to arrange and conduct. A frank but comfortable discussion (something we’d done countless times at the Dri dinner table) can ultimately put everyone at ease, and send your kids on the right path.

Here’s what my team and I can offer your family:

We will remove our minimum investment balance so children and grandchildren can open a TFSA and FHSA with any amount.
We will charge the kids the same low wealth management fee we charge Mom and Dad regardless of how much they invest
We will provide your children with a financial plan that includes a review of:
- Their employer health benefits and savings plans
- Tax minimization strategies
- Debt reduction strategies
- Methods of savings for education expenses
- Their life and disability plans
- Their wills and Powers of Attorney
We will start a family discussion to ensure a successful transition from one generation to the next.

We can also discuss the merits of a living inheritance, and establish the reasons for and the expectations of the gift. Yes, ‘living inheritance” might seem like an oxymoron. But what should never be an oxymoron is the phrase “financially literate kids”.

Let’s talk!

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.

If you are ready to dive deeper into your financial literacy journey, we have a wide range of free tools and educational resources available.

- Subscribe to our Never Retire Newsletter
- Contact us to order a complimentary e-book
- Check-out our latest Wealth Navigator Podcast
- Follow me on LinkedIn

source https://richarddri.ca/the-wisdom-and-worry-of-living-inheritances/

When the reality of life insurance sinks in

April 27, 2022 drifinancialLeave a comment

You and your spouse both knew that life insurance made perfect sense. Now as a widow or widower, why do you feel so guilty?

I don’t think there’s a person reading this who doesn’t understand that life insurance is one of the most practical purchases anyone could make. It’s our nature to ensure our families are well taken care of, even once we’re gone. Maybe especially after we’re gone.

But what if we’re not the one to go? Most of us don’t even think about the emotional impact that can come with a receiving life insurance payout – especially if one spouse should predecease the other far too early.

What follows is based on my experiences – both professionally as a financial advisor, and personally as someone who lost his spouse of 30 years when we had so much future ahead of us.

Let’s start with my professional perspective. I see life insurance as a must-have. Many of my clients are couples who’ve incurred some level of debt as they’ve built their lives. Often, they have children or are planning to. That’s why I make life insurance square one in the financial planning process.

How much insurance is the right amount of insurance?

When calculating life insurance needs, I start by removing all emotion. That might sound cold and clinical, but it’s basic math.

I use an insurance calculator to determine how much life insurance coverage Spouse A will need if Spouse B dies – then I reverse the calculations to decide the needs of Spouse B if Spouse A dies first.

My objective is simple and rational: to ensure that either spouse has enough money to maintain their lifestyle should the unthinkable occur.

That’s my professional position as a financial advisor. But as a recent widower, it never occurred to me until my wife Mary’s death to think of how it actually feels to receive a life insurance death benefit.

That taught me a lot about the human hurt of being paid when somebody you love dies.

A phrase that was new to me: “Life insurance guilt”

You won’t find the term “life insurance guilt” in a medical journal. But I find it’s a very common issue. And here’s how I came to know it, personally.

My wife of 33 years died of cancer. Not long after that, I receive a life insurance benefit. How big or how small that benefit was, that doesn’t matter. I was wracked with guilt.

Why?

I know it’s irrational, but it felt like (and this is a horrible phrase) “blood money”. Mary had to die for me to be given that cash. I stared at the cheque for months, unable to find the strength to cash it.

I’m a financial advisor. I’ve gone through the clinical steps of discussing life insurance countless times. But still, I was paralyzed by my emotions. I couldn’t think objectively. All I could think of was that the life insurance policy was supposed to help Mary when I died – not the other way around.

I actually thought about returning the cheque to the insurance company or donating the money to Princess Margaret Hospital, where they took such good care of Mary throughout her illness. I talked to my grief counsellor, who wisely advised me to deposit the cheque into my bank account. But I couldn’t bring myself to spend the money.

It was a full year after depositing the money that I spent a dime of it, using that cash in the way Mary and I had both originally envisioned it.

What should you do with a life insurance payout?

First of all, any widow or widower receiving a death benefit should deal with the psychological effects before making plans for the money. I can’t stress that enough.

When you’re ready, this is what I’d recommend – this is advice I use across the board, fulfilling the purpose of getting life insurance in the first place. I’ve divided the next steps into four buckets:

Replace lost incomeThe loss of a spouse often means a loss of incoming salary – potentially half or more of your household income. Yet monthly expenses don’t drop all that much. That results in negative monthly cash flow (clinical financial advisor talk) into your home.
Because of this, I suggest investing the proceeds into a conservative investment strategy where, each month, the necessary amount of money is automatically redeemed from the investment pool and deposited into a chequing account. This amount can represent the cash flow deficiency caused by the loss of one salary.
Get out of debtAs a conservative financial planner, I hate (yes, hate) non-deductible debt such as lines of credit, credit card balances and outstanding mortgages. So, get rid of those best you can.
Start with the debt with the highest interest rate. Then work yourself down the list until the life insurance proceeds are depleted or the debt has disappeared.
Save and invest
Once you’ve eliminated non-deductible debts, and still have life insurance funds left over, consider topping up your unused Registered Retirement Savings Plan (RRSP) and Tax-Free Savings Account (TFSA) contribution room. RRSP contributions can also help reduce your taxable income, which may bring you a tax refund for the year of the contributions.If you have school-aged kids, consider saving up for their education by investing in a Registered Education Savings Plan (RESP).
Give good gifts
So, you’ve completed 1, 2 and 3 of the above. And you still have some payout left. What now? Why not consider sharing some of the money with your kids (maybe planning a big family adventure with them and their families), or donating to a favourite charity. Ask yourself, “What would my spouse do with the money if the situation was reversed?” They’d probably do something thoughtful that would honour you and your life. Do what they’d do.

A payout is not a cheque. It’s a testament to a life lived.

Mary’s passing fundamentally changed how I view life insurance. Yes, I still see it as a practical financial necessity – I always have and always will. But having experienced the emotional gut punch that can come with that cheque, I can see far more clearly that any conversation with my clients requires empathy and guidance well beyond logic and numbers.

If you’ve received a life insurance payout and find yourself paralyzed with guilt, I get it. I’ve been there. And I’m here if you want to talk about it. I’ll work with you personally to help you overcome your guilt and to guide you in seeing that it is spent in all the good ways you and your spouse had originally intended.

Believe me, that money exists because your spouse wanted you protected and secure – just as you would’ve for them if you were gone.

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.

If you are ready to dive deeper into your financial literacy journey, we have a wide range of free tools and educational resources available.

- Subscribe to our Never Retire Newsletter
- Contact us to order a complimentary e-book
- Check-out our latest Wealth Navigator Podcast
- Follow me on LinkedIn

source https://richarddri.ca/when-the-reality-of-life-insurance-sinks-in/

Dental. Prescriptions. Who covers that when a spouse dies?

April 20, 2022 drifinancialLeave a comment

When a spouse passes, life goes on – and one of the biggest considerations is a future financial safety net for you, and your family’s, health.

I’d like to talk about a couple close to my heart: Audrey and Fred. (Audrey and Fred, btw, aren’t their real names.)

Sadly, Audrey lost Fred to COVID-19 last year.

Audrey called me the other day; we’ve had many, many conversations over the last little while about funeral arrangements, the purchase of a cemetery plot, donations in Fred’s memory, that sort of thing. Since I had also recently lost a spouse, she knew I had been through all this before… I was an empathetic voice of experience.

I assumed this would be a call much like the others; Audrey needing an ear to bend or a shoulder to cry on.

But not this time.

Audrey didn’t want to discuss Fred or his death, she needed medical advice. It might be odd to call a financial advisor for that, but what she was really concerned about was the cost of her prescription drugs.

Since Fred’s passing, Audrey’s doctor prescribed anti-anxiety medication. The costs were piling up which leads to… you guessed it… further anxiety.

Wait, there’s more. Her eldest daughter had four impacted wisdom teeth that demanded removal. Was she covered for dental surgery?

Anxiety on top of anxiety.

With so much happening when a spouse passes away, medical coverage that once existed – but may not any longer – isn’t your first worry. But as with Audrey, it will ultimately come up and you don’t want to be uninformed and ill-prepared.

Where does employer health care coverage begin and end?

Employers generally provide employees and their families with specific health care coverage. It can vary from employer to employer, but that usually entails vision, dental, and a certain level of health care.

In my experience, most of my clients know they have some form of coverage, but too often have no idea of exactly what – and how much – they’re covered for.

In my financial planning practice, I encourage my clients to thoroughly review each section of their employer health care plan, know exactly what it’s saying, and select benefits deliberately. Personally, I appreciate the importance of dental and vision care, but consider health care coverage most important.

So, let’s start there.

The two ways most Canadians are covered for health care.

Health care coverage in Canada has two components: Public-funded universal health care through the government, and employer-provided health benefits.

1) Universal Basic Health Care

The Canadian government provides basic health coverage through its publicly-funded universal health care system. This covers basic healthcare such as hospital and emergency room care, doctor visits, and medical services such as X-Rays or MRIs. It doesn’t cover the cost of prescription drugs or dental expenses.

Provinces and territories administer and deliver health care services according to the Canada Health Act.

2) Employer health benefits

Employers usually supplement our universal health care by providing (often limited) coverage for drugs, upgraded hospital room, and specific health care professionals such as psychologists, naturopaths, chiropractors, etc. They may also provide coverage for certain dental procedures.

When combined with Canada’s universal health care program, most of our typical health care costs (including prescription and dental care) are covered.

Back to Audrey and her family – what are they covered for?

Since Audrey and her kids are Canadian citizens residing in Canada, they’re covered by Canada’s Universal health care program. But what about Fred’s employer health care plan? Is it still active?

There’s no set rule, but most policies I’ve reviewed cover the deceased employer’s family for a certain period of time. I reviewed Audrey’s plan and, because Fred died more than a year ago, the plan had lapsed. This means Audrey, herself, must pay for her prescription medication and her daughter’s dental surgery.

So, where did this leave Audrey (once the shock subsided)?

Private health care coverage: Once the reality of these sudden and massive expenses set in, I sat down with Audrey to discuss the future. I presented the option of private health insurance through one of the major insurance companies (i.e.: Manulife, Sunlife, Canada Life) to cover some of her out-of-pocket medical expenses going forward.

Once we compared coverage, exclusions, annual limits, premiums, etc., Audrey applied for a policy providing limited coverage for prescription drugs and dental. Because of the policy’s limits, Audrey added a standalone policy to cover catastrophic expenses.

Catastrophic health coverage: My late wife Mary fought ovarian cancer for almost five years. After completing her first round of chemo, her oncologist recommended a special cancer treatment. The cost? $50,000 a month. Yes, you read that right.

That is the very definition of catastrophic.

Yes, we wanted this treatment. Dearly. Desperately. But how could we ever afford it? Would my health care plan cover so much money? What about my annual limits? I worried that we faced not just a massive medical concern, but a financial one as well.

The cost of Mary’s treatment was initially rejected by the insurance company because it was not approved by Health Canada. We were in a quandary, Mary’s oncologist recommended the drug because research studies suggested that the drug (officially approved for another cancer treatment) could also be effective for patients with Ovarian cancer yet Health Canada had not approve the drug for the use recommended by the oncologist.

We didn’t give up. We wrote a letter and asked the oncologist to also explain his reasoning and we submitted a rebuttal to the insurance company. Fortunately, it was approved. Mary and I were thrilled, and the drug worked… it gave Mary a period of 1 and half years when the cancer didn’t spread or progress.

In hindsight, almost all of Mary’s treatments were covered by our public and my private health insurance and I don’t know the full cost of her treatments but I’m guessing it was a huge bill. It included 26 rounds of chemo, three major surgeries and numerous follow-up appointments with her family doctor, a nutritionist, a therapist and many other medical professionals.

In Audrey’s case, given the policy she selected, it’s reasonable that the cost of drugs or health care professionals due to a serious illness or accident could exceed her plan maximums. Putting Audrey right back where she started.

So, what does catastrophic health insurance do? It protects against expenses that may not be covered by our government health insurance or that exceed insurance plan maximum limits. Audrey needed the plan to be affordable, so she chose a high deductible – $10,000, in her case. This means she pays the first $10,000 in expenses; after that any out-of-pocket medical costs are covered by the insurance plan.

Yes, $10,000 is a lot of money. But Audrey had the comfort of knowing her expenses end there.

When it comes to health coverage, make no assumptions

If you’re widowed, no matter how recently, don’t assume your late spouse’s employee health plan will still cover your medical expenses. Be sure to set time aside to read the plan details – every single word.

If. Like Audrey, you and your family find you’re no longer covered, consider private health insurance – and add the peace of mind that catastrophic coverage can provide beyond the stand-alone policy.

It’s all very complex, especially at a time when you might still be grieving, so if you have any questions feel free to call me and I’ll do all I can to guide you through your decisions.

I’d like to think I did something to alleviate Audrey’s anxiety, both as a friend and as a financial advisor.

Yes, medication can be wonderful. But can’t do it all.

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.

If you are ready to dive deeper into your financial literacy journey, we have a wide range of free tools and educational resources available.

Subscribe to our Never Retire Newsletter
Contact us to order a complimentary e-book
Check-out our latest Wealth Navigator Podcast
Follow me on LinkedIn

source https://richarddri.ca/dental-prescriptions-who-covers-that-when-a-spouse-dies/