Janet Gray, CFP

also @JanetGrayJG - Financial Planner working with Professionals and Business Owners to help them take control of their financial well-being and future.

[MoneySense @MoneySense]

It’s #FindAnAdvisorFriday!

This week we are featuring @MoneyCoachJanet with @MoneyCoachCA in #Ottawa.

Find out more about her services in The MoneySense Find a Qualified Advisor Tool https://t.co/FXQjB8NvJf

[Money Coaches Canada @MoneyCoachCA]

https://t.co/v7rIin5PZW

[Janet Gray, CFP @MoneyCoachJanet]

@MoneyCoachJanet

[Money Coaches Canada @MoneyCoachCA]

https://t.co/v7rIin5PZW

[Satire Squad HQ @SatireSquadHQ]

🇨🇦Canada I give you the Greatest Debate in Canadian History!

Chrystia Freeland VS Carbon Tax Carney!

Let’s get it on! 👊🏻👊🏻👊🏻

Make sure to watch last 4 seconds it’s the best part! @PierrePoilievre

[Money Coaches Canada @MoneyCoachCA]

With retirement a decade (or less!) away, it's time to check your "glide path" to ensure you'll have a smooth landing in this next exciting phase of life.

Here are 5 things you can do now!

https://t.co/H3YltDV2yV

[Janet Gray, CFP @MoneyCoachJanet]

3 Most Common Investment Mistakes to Avoid | Morningstar https://t.co/O0cmp8r6ja Increased financial literacy is so important to offset our investing missteps. @MoneyCoachJanet

[Janet Gray, CFP @MoneyCoachJanet]

https://t.co/xT5zSpgUkx. A great post from my colleague.

[Janet Gray, CFP @MoneyCoachJanet]

https://t.co/IAhzAMbe6d great conference with my Money Coaches Canada colleagues. @ moneycoachjanet

[Bank of Canada @bankofcanada]

Bank of Canada reduces policy rate by 25 basis points

https://t.co/vh3hq6sEA4

#economy #cdnecon

[Janet Gray, CFP @MoneyCoachJanet]

Currently reading: https://t.co/6GnSBoN14S

[Janet Gray, CFP @MoneyCoachJanet]

https://t.co/uE74Gl3zKb Read this helpful info from my colleague at @MoneyCoachCA . @MoneyCoachJanet

[David Chilton @wealthy_barber]

Hey! Here is a sample video from our new initiative. Hundreds more to come. All free. And no sponsor either as we want you to know info is unbiased. No lead gen or affiliate marketing. Not selling anything. No revenue. Dumbest biz ever--don't invest in it.

[Jason Evans, CFP® @Jason_A_Evans]

Starting Old Age Security (OAS) at 65 could be a mistake.

3 Reasons Why Deferring OAS is More Valuable Than Ever:

Benefits of Deferral

The default start age for Old Age Security (OAS) is 65, but did you know you can get a bigger pension if you wait?

Many people aren't even aware that this is an option.

You'll get a 7.2% increase in your OAS for each year you wait to start your benefits.

The boost tops out at a 36% increase if you wait until 70.

The current monthly OAS payment for starting at 65 is $713.34.

Waiting until 70 would increase the payment to $970.14

That works out to an extra $3,081 each year for the rest of your life.

Note: This assumes living in Canada for 40+ years before age 65 to get the full benefit. Living in Canada for fewer years changes these numbers.

This option has been available since 2013, but there are now even more reasons to consider deferral:

1. The New Boost at 75

Starting in 2022, seniors age 75 and older receive an extra 10% increase to their OAS.

Crucially, this 10% increase also boosts the deferral amount.

Let's look at some numbers:

Monthly OAS starting at 65: $713.34, which increases to $784.67 at 75.

OR

Monthly OAS starting at 70: $970.14, which increases to $1,067.15 at 75.

While it may not be a huge increase, it will also grow over time with inflation:

2. Inflation

We’ve recently experienced a period of high inflation that has startled many retirees.

While inflation has started to cool somewhat, this shock has caused people to look for ways to guard against future cost of living increases.

A key benefit of OAS is that payments increase along with inflation.

Every 3 months, the change in the cost of living is measured and compared to the previous year. If inflation has gone up, as measured by the Consumer Price Index (CPI), your OAS will go up too.

This indexing makes OAS (and CPP) a retiree's first line of defence against inflation.

3. Lack of Work Pensions

I’ve created retirement plans for hundreds of Canadians with traditional (Defined-Benefit) workplace pensions.

These pensions provide a foundation of guaranteed lifetime income for retirees.

Sadly, these true pensions are much less common than they once were.

(Defined-Contribution plans are NOT real pensions)

Employees also change jobs more often now, making it less likely that they will build up a decent work pension.

Increasing your guaranteed lifetime income from OAS (and CPP) can help fill this shortfall.

Don't Miss This Opportunity

Making a deliberate choice about when to start OAS (and CPP) is one of the best things you can do to secure your retirement.

This decision can be complex.

Seek help from a qualified financial planner if you need help weighing the pros and cons of deferral for your unique situation.

[CTV News @CTVNews]

Grocery inflation to fall below two per cent this spring, report predicts https://t.co/cZz9se9ckX

[André Picard @picardonhealth]

Hundreds of thousands of seniors will get subsidized dental care next month, federal health minister vows, by ⁦@CBCMarina⁩ via @cbcnews https://t.co/GKLmepVcFd

[National Post @nationalpost]

Freeland won't rule out new taxes on wealthy Canadians and corporations in upcoming budget https://t.co/4lFdZsCm1G

[jamie golombek @JamieGolombek]

Ensure your client reports all RRSP contributions https://t.co/WjbEhWx606

[CBC News @CBCNews]

More than 140 Bank of Montreal customers from across the country plan to sue the bank after, they say, cybercriminals stole a total of $1.5 million from their accounts. https://t.co/7OpL0Oz8Wr .

[Janet Gray, CFP @MoneyCoachJanet]

https://t.co/qn7DpU24Zp With @Stefan_Keyes on @CTVOttMornLive @MoneyCoachJanet

[Financial Planning Association of Canada @fpacanada]

When our president @JuliaChungFP teams up with @DanHallett, Harold Geller, Ken Kivenko, and Harvey Naglie you know it's a strong message about what the right thing to do is. Check out this excerpt from the @globeandmail.

"In a statement released Thursday, the group asks the Financial Services Regulatory Authority of Ontario (FSRA) to reverse its decision to approve the chartered financial planner designation as a qualifying credential for the “financial planner” title under Ontario’s regime.

The credential is offered by the Canadian Institute of Financial Planning (CIFP), which maintains the designation fits within a regulated framework that provides a choice of credentials for financial planners.

The statement is signed by Julia Chung, president of the Financial Planning Association of Canada; Lenore Davis, past chair of the Institute of Advanced Financial Planners (IAFP); investor advocate Ken Kivenko, president of Kenmar Associates; lawyer Harold Geller at Geller Law; lawyer Harvey Naglie and Dan Hallett, vice-president, research and principal at HighView Financial Group.

The coalition says the name chartered financial planner is “virtually identical” to the certified financial planner (CFP), an internationally recognized designation with around 9,000 holders in Ontario. The chartered financial planner designation, held by a few hundred people, “indirectly benefits from CFP’s brand recognition among consumers and will cause them confusion,” the statement says.

“We fail to understand the appropriateness of the approval of [the chartered financial planner] that, to our knowledge, has not been in use in the Canadian marketplace in more than 20 years. In our view, this credential’s recognition by FSRA will undermine the Ontario government’s legislative intent and is highly likely to contribute to consumer confusion in Ontario,” the statement notes."

(Link in comments)