The author is a director at a leading wealth management firm in Toronto and is in contact with retiring and/or retired individuals constantly.
This, her second book, in an expanded an updated version of the first edition. I reviewed the first edition for magazine.winesworld.com last year.
I like the second edition better simply because it deals with changes that have occurred since the first one was published.
The government in Ottawa has changed, and so have several policies, i.e tax free savings amounts are lowered, as well pension plan timing, taxes for high-income individuals have increased, while for low income people have been decreased, and no doubt many other policies will change as well.
In the USA, several rules have changed and which affect dual Canadian and American citizens, as well as those spend a lot of time in the Untied States.
Taxation rules are now more complicated, so much so that you must now consult a specialized accountant to file your American taxes with teh IRS (Internal Revenue Services), and possibly also file with Canadian authorities.
This book displays all required forms that are now required when you file with the IRS.
The author accomplishes the task in 11 chapters, and one conclusion.
First, she deals with the subject of retirement decisions, and then discusses whether or not you want to be active as a part time worker, or volunteer, or simply continue to work.
In at least three provinces, and individuals cannot be forced to retire after he/she reaches 65 years of age.
Then she goes on to discuss how much you would need during retirement while maintaining your life style and achieving your goals, i.e travelling, condominium abroad, hobbies etc. in addition to both government and private pensions.
An important chapter informs retired or those planning to retire, people, about investment forms from GIC (guaranteed investment certificate), to annuities, equities, and mutual funds.
In all of the above, the costs are also discussed in detail to guide you in your decisions.
One chapter is devoted to estate planning which anyone with a big family must consider carefully.
The concluding chapter starts with a quote by Winston Churchill
“To improve is to change. To be perfect is to change often”.
This chapter will help you to get a handle on your expenses once you retire, pending on your life style, and plans you have in mind upon retirement.
If you want to fully enjoy your retirement invest in this well-written, informative and well documented book.