Jeannie thought withdrawing her full RRSP and moving the money to the states made the most sense. Her U.S. financial advisor even told her it was a good idea. However, when she finally received the money, she realized that she…
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Retirement Withdrawal Strategy: Which Accounts First?
Your withdrawal strategy in retirement shouldn’t just focus on maximizing your income. It should maximize the amount of income that ends up in your pocket. This can be tricky when considering many people have a combination of pre-tax, Roth, and…
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Video: The Secret of Financial Advisor Fees
Does it make sense that most financial advisors charge more just because you have saved more? It doesn't to me, so I did something about it.
Self Employed in Michigan? Comparing a SEP IRA vs. a Solo 401(k)
For years, the SEP IRA was the gold standard retirement plan for the self employed. High contribution rates? Check. Easy to open? Check. Flexible investments? Check. However, the SEP IRA is getting some competition, from the solo 401(k) (a.k.a an…
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Social Security Benefits for Widows in Michigan
When Anne’s husband passed, her social security benefit was the last of her concerns. Finding the right cemetery, breaking the news to friends and family, and grief dominated her thoughts. Who can blame her? The man that she had been…
Can I roll my RRSP into an IRA?
It would be too easy. Taking your Canadian retirement assets, like RRSP (Registered Retirement Savings Plan), and roll into your U.S. accounts like an IRA. However, like most cross-border retirement issues, nothing is easy. For this reason, most people who…
Tax Hacks: The Backdoor Roth 401(k)
Can I interest you in saving over $50,000 a year in your 401(k), all of which is tax-free income? Sure, you may be familiar with a backdoor Roth IRA, but have you heard about it’s bigger and much better brother,…
Qualifying For U.S. Social Security, Canada CPP and OAS (Totalization Agreement)
In 1984, the U.S. and Canada finalized an agreement that allows a person to qualify for both U.S. Social Security and Canadian retirement benefits. This made it easier for people who worked in both countries to qualify for retirement benefits…
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Disagreeing with Dave Ramsey Regarding the Lump Sum Pension
A client recently told me that he was planning on taking the lump sum pension because he heard from Dave Ramsey this is the best option. Are you kidding me?! You are making one of the biggest financial decisions of…
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Should I Take the Lump Sum or Monthly Pension?
$4,000 per month for the rest of their life or $745,000 now in the form of a lump sum. This was the decision that Dan and Sharon had to make as they approached retirement. The truth is that Dan and…