So you want to put on Retirement Planning Workshops

Transcription

1 So you want to put on Retirement Planning Workshops

2 INTERACTIVE ROLE PLAY

3 WHY

4 Welcome to Retirement Sit where ever you want. There is one book for each couple. Employees can take the book home. Complete an id card using the thick dark pen provided. Print your first name; on the left your pensionable service as of today, on the right the number of years until you plan to retire. Guests first name only. 30 Frank 2

5 Foreplay Tent cards

6 Neil Sharpham Halifax, Nova Scotia, Jan 22, 1945 Neil 70 Cathy 64 Married 32 years Laura 29 Michael 28

7 Michael Cathy Neil Laura

8 Retirement Plan, Neil & Cathy Neil age 55 with 30.4 years, Jan 29, 2000 from Federal Govt. age 80 from Nova Retirement Planning Group Cathy age 56 with 34 years, June 2007, teacher

9 Bachelor of Commerce Certified Financial Planner CFP Professional Retirement Planner PRP Certified teacher Public Service Pension Plan Past Director, Retirement Planning Association of Canada, B.C., Past Director of the Canadian Public Personnel Management Association, Member of the Canadian Pension and Benefits Institute, Canadian Institute of Financial Planners, Toastmasters and the Canadian Association of Professional Speakers

10 What is he selling? Is Neil objective?

11 Neil does not work for a Bank, Insurance or Investment Company. He does not sell or make any commissions on any financial product.

12 He is an educator, paid to teach Retirement Planning; usually to large organizations and unions like Canada Post, Health Canada, Langley City, National Defense, National Research Council, Fisheries Canada, I.B.E.W., Justice Canada and P.I.P.S.C He has conducted over 600 workshops across Canada to over 10,000 participants.

13 My Brand

14 To Improve Learning Have fun Neil case studies Your case studies, respect & privacy If you can t hear, please put your hand up Cell phones Workshop outline Times - start - stop - lunch - break 10:00 & 2:00, bathrooms, coffee Roles Director Pension Director C.P.P. Tax person Average Canadian Timer, parking lot, heat, etc Reader

15 Training Method Stories Case studies

16 Canada Pension Plan servicecanada.gc.ca

17 CPP Benefits Mother starts work age 55, stops and collects CPP on 60 th birthday, 6 children Mother age 80, collected CPP at 60

18 My Brand

19 Will CPP and Old Age Security be there for me?

20 Let s ask the C.I.A.

21 My Brand

22 Income Tax Planning

23 Pension splitting Higher-income spouse will be able to designate up to half of their retirement income to lower-income spouse. Legislation is applicable to all RPP pension recipients, regardless of age, as of 2007 (i.e. April 30, 2008 tax return) CPP/QPP can already be shared, and those who have not applied to share cannot use the pension splitting legislation to share. OAS cannot be shared RRIF income can be split, but only as of age 65. Periodic RRSP withdrawals do not qualify. LIF income can also only be split as of age 65.

24 Split Pension with spouse to save taxes Mary Bob $30,000 Pension $0 $30,000 $15,000 $15,000

25 Split Pension with spouse to save taxes Mary Mary Bob $30,000 $15,000 $15,000 -$13,100-13,100-13,100 16,900 1,900 1,900 Taxes 25% $4,225 $475 $475 Total $950

26 Case Study

27 Defer Property Tax at 55 or child under 18 B.C. only; At least 25% equity in home $60 set up fee, $10 each year after Interest is simple not compound and is always 2% below prime. Now 1% simple interest www,sbr.gov.bc.ca individuals, property taxes, property tax deferment Alberta age 65 3% Loan must be paid back at sale of home or death of last spouse. $500,000 Home $3,000 Property Tax Year 1 owe $3, % + fee = $3,180 Year 20 owe Principal $60,000 Interest + fees 25,450 Total $85,450 In 20 years home sells for $750,000 Pay back taxes of 85,450 For estate $664,550

28 Too much Insurance? Single mom, Health Canada $100,000 line of credit 4.25% mortgage Payments $700 per month $273 per month life & disability

29 Lifestyle

30 Plan for your next career

31 Wal-Mart Senior Greeter Charley, a new retiree-greeter at Wal-Mart, just couldn t seen to get to work on time. One day his boss called him in to the office for a talk. Charley, I have to tell you I like your work ethic, you do a bang up job when you finally get here but your being late so often is quite bothersome. Yes I know boss I am working on it. That s good. You used to work in the Armed Forces. What did they say to you if you showed up so late and so often?

32 Wal-Mart Senior Greeter The old man looked down at the floor, then smiled. He chuckled quietly, then said with a grin, They usually saluted and said, Good morning Admiral. May I fetch your coffee, sir?

33 ???

34 Retirement Lifestyle Planning Five Stages of Retirement Pre-retirement Honeymoon Disenchantment Reorientation Stability Exercises Value You Receive from Working Your Adaptability to Change Your Fears or Concerns Your Identity Your Activities Your Relationships Your Partner (if applicable)

35 Retirement Lifestyle Planning Exercise # 7: Your Partner (if applicable) Brainstorm: If you have a partner, what are some of the changes, activities, expectations, etc., that might impact on your relationship, once one or both of you retires? Put an * beside the 3 items which have the most potential for conflict in your relationship, or which you feel you most need to discuss with your partner.

36 Retirement Lifestyle Planning Exercise # 7: Your Partner (if applicable) Risk Assessment: Overall, how significant are these potential conflicts? Very Not at all significant significant Moving Forward: What might you do to prevent or resolve such potential conflicts, or to reduce their impact? (Can you create any win-win situations?)

37 Life Style

38 Four actions that I am going to complete in the next month that will help my future to be everything that I want it to be. Action Date Completed 1) 2) 3) 4)

39 How have you done?

40 The best is yet to come

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42 ???

43 Neil Sharpham (778)