When it comes to aging and  retirement , we all confront the same basic choice: we can either let events control us or we can take control of events. At William D. Jack, we help clients to anticipate and prepare for the opportunities and challenges that retirement and aging will bring for themselves and for their families. The following recent examples illustrate the type of services we provide, which are tailored to the specific needs of individual clients:

“Can We Do It Now?”

A professional couple in their late 50’s approached us to help develop a financial plan for their retirement. They had been contributing to their RRSP’s, paid off their home and saved for their child’s university education. They were uncertain about when they could realistically start to down-shift in their careers and focus more on community and personal interests. Our work together showed that they had already saved more than enough to fund their planned lifestyle. Just as importantly, during our work together we were able to provide them with support and insight into the care options available for one of the spouse’s parents.

“Can our parents move someplace closer?”

The adult children of an elderly couple approached me for help locating a retirement home for their parents closer to Toronto. Their parents lived some distance from where the children lived in Toronto and their father’s health was failing. The siblings provided me with information on their parents’ assets, income and expenses and we developed a financial plan which showed what range of services they could afford. I also provided information on a series of different retirement home options and their monthly costs to help their parents make a good decision.

“How can we get out of the rat race?”

Two busy professionals came to see me for help considering an early retirement offer. They led very busy career lives, so busy that one had developed a stress-related illness. In the end, it turned out that they had been too busy to spend their income and they had accumulated significant assets and could afford to leave their careers behind…but what next? They had a place in the country but didn’t know how the lifestyle would suit them on a full-time basis. Or in their case: take 12-18 months to try out the options before committing fully to a new life style.

“What are my options?”

A senior executive in a high-stress occupation was concerned about the toll this was taking on his health, but worried that his finances could not absorb the impact of a move to a less demanding position. By creating a financial model of the executive’s future, we were able to demonstrate that there were a wide variety of options available to the individual which were consistent with his need to be challenged and engaged, but which would also give him more opportunities to relax and become involved with his community. The executive now feels in control of his own destiny and is enjoying life, with a new perspective on his future.

“Is this the time to start my own business?”

A defined benefit pension plan member had received an inheritance and decided it was his opportunity to take early retirement and start his own business in a completely different field. He came to see us to obtain a second opinion on his plan before he committed himself completely by resigning from his employment. By working with him and studying the detailed rules of his pension plan, we were able to advise him that he was one year short of a major increase in his pension entitlement, which would happen when he satisfied a particular age and service combination. The individual was happy to work the additional year when he appreciated the impact that this would have on his future income.